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Welcome to the forums!
You may not want to move your primary banking relationship to Penfed under those terms, but whatever you do DON'T CLOSE IT - Penfed will be really good to you once you get yourself up above 650 or so, so keep them in your back pocket.
Have you looked any of your local CU's? depending on where you live, some of the local players just might be good options to get out from under WF
Good Luck!
@Anonymous wrote:
Thanks for the welcome, been lurking for a while... Nice to finally contribute.
Most of our local credit unions are pretty small operations and don't have many products to offer at all. If anything most would only have the benefit of lower interest rates for auto, and mortgage. They usually have only 1 or 2 card options with no rewards.
PenFed, NFCU, and USAA seem to have the best of all worlds going for them, but I have been unable to convince my father to get an account with USAA before in the past. (He's retired Navy) so I felt PenFed was my best option at the moment with their donate to become a member option.
At this point in your journey, I wouldn't care in the slightest what credit products they offer - I'd look for the best checking and or savings offer. There are several for example that give a greatly enhanced interest rate on your first $500 or so deposited. At the very least you should be able to find a completely free account. Anything has to be better than Wells' mandated debit transactions, or Direct Deposit, or fees
@Anonymous wrote:
Thanks for the welcome, been lurking for a while... Nice to finally contribute.
Most of our local credit unions are pretty small operations and don't have many products to offer at all. If anything most would only have the benefit of lower interest rates for auto, and mortgage. They usually have only 1 or 2 card options with no rewards.
PenFed, NFCU, and USAA seem to have the best of all worlds going for them, but I have been unable to convince my father to get an account with USAA before in the past. (He's retired Navy) so I felt PenFed was my best option at the moment with their donate to become a member option.
At this point in your journey, I wouldn't care in the slightest what credit products they offer - I'd look for the best checking and or savings offer. There are several for example that give a greatly enhanced interest rate on your first $500 or so deposited. At the very least you should be able to find a completely free account. Anything has to be better than Wells' mandated debit transactions, or Direct Deposit, or fees
I totally agree with Tygerhawke. I would get out from under Wells Fargo's fees asap. I was with Chase for years and I'm finally free of them nickel and diming me for everything. There is a great Credit Union thread that baller4life started, maybe there is a good match for you there. Here's a link. http://bit.ly/2iy8uiA
I understand that you were hoping for more from PenFed right now but you are in the door, congrats! If it were me, I would go ahead and get set up with NLSD ( Navy League San Diego) and then join Navy Federal and see what they can offer as well. I know a lot of people have had great success with Navy while they are building/re-building and I am one of them. If you join now, you can season those new credit union relationships while you are working on paying down the debt.
You have a great plan in place for getting things in order over the next few months and congrats again, a plan is more than half the battle. Keep us in the loop with your questions and progress. I know you'll be amazed at what a difference a year makes. We're all here for you!
Chapter 7: Discharged November 2015
Total Revolving Credit Lines January 2016: $2600
Total Revolving Credit Lines January 2017: $148K
11/15 Fico 8: EQ-585, TU-550, EX- 551
01/17 Fico 8: EQ-695, TU-703, EX-673
Advantis CU Siggy Visa $25K, NFCU Cash Rewards Visa $4600> $22K, NFCU CLOC $15K, NFCU Go Rewards Visa $5,500, PenFed Promise Visa $10,500, PenFed Platinum Rewards Siggy Visa $5500, Redi+ Siggy Visa $5K, SPGVisa $4,500, Cap One Platinum $2K>$4K, Cap One Quicksilver $3K, Good Sam Visa $1800, Discover $1800>$2K>$2300, Lowes $6K>$17K, Overstock $7K>$7300>$7700, Evine $1K>$5K, HSN $3750, PenFed Thrifty $500, That's right...Credit One Visa is G-O-N-E!
Welcome to this site!
There are many "on-line" Credit Unions available, one doesn't need to be restricted to their local area..
I use Alliant CU for "checking", I have a secured card with State Department CU, and also have cards with Pen Fed, Navy, Wells Fargo, BofA & Capital One.
Also use Ally for banking & checking.
Below are three easy to access links, with LOTz of info. While some of it may not be applicable, there is great info and situations which are totally "transferable" to other situations you may encounter down the road.
Best Wishes.
HOW TO: From BK7 discharge to 700 in 24 months or less!
http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/m-p...
Official Credit Unions Guide
http://ficoforums.myfico.com/t5/Credit-Card-Applications/Official-Credit-Unions-Guide/td-p/4768788
Pentagon Federal Credit Union Data Share
http://ficoforums.myfico.com/t5/Credit-Card-Applications/Pentagon-Federal-Credit-Union-Data-Share/m-...
You might also check to see if your employer has any affinity for CU membership. Some CUs have affinity programs that offer memberships if you work in a certain city, county, or even industry.
@Anonymous wrote:Welcome to the forums!
You may not want to move your primary banking relationship to Penfed under those terms, but whatever you do DON'T CLOSE IT - Penfed will be really good to you once you get yourself up above 650 or so, so keep them in your back pocket.
Have you looked any of your local CU's? depending on where you live, some of the local players just might be good options to get out from under WF
Good Luck!
+1
I was in the same boat with PenFed in April when I joined. (my scores were a little better than yours but still..)
2 weeks ago, I apped for a Promise Visa (after being declined in August), instant approved $11500, then reconned to $15000