topic Re: PenFed Second Card Application in Credit Card Applications

PenFed Second Card Application

garagebandking — Tue, 07 Feb 2017 21:53:31 GMT

I've googled this to no end and have found some relevant posts but ultimately it was a lot of YMMV stuff...which is always going to be the case...I get that...I'd just like some more opinions on a specific circumstance.

I'm 2 weeks into a PenFed relationship...was approved for 25k VS, turned down for a 15k PLOC (citing they want to see repayment history before extending too much unsecured credit but they would be happy to give me an auto loan if I liked), thought about it and took out a 15k auto loan and 1k checking overdraft.

In looking to consolidate cards but keep utilization low...I'd like to eventually open another card with NFCU or PenFed...I don't see NFCU giving me much more for a year or so I'd imagine...so that leaves PenFed for sometime this year.

When would be a good time to apply for a 2nd credit card with them?

Danke!

Re: PenFed Second Card Application

padme — Wed, 08 Feb 2017 00:23:11 GMT

i got a 2nd one after just a few weeks, but amt was small, you probably wont want that.

Re: PenFed Second Card Application

Anonymous — Wed, 08 Feb 2017 01:57:35 GMT

I like what you said in German. Ok, since the relationship is new, give it six to twelve month before applying for another card. These CUs can be generous but you want to show them you can pay them back also. So don't do anything in haste.

Patience and strategy wins in credit in the long run.

Re: PenFed Second Card Application

Anonymous — Wed, 08 Feb 2017 20:36:32 GMT

I was told by a penfed LO that their per-person credit card limit cap is $50k total. No more than that. Im sure they make special exceptions for members with huge income, but this is what she told me that should apply to everyone. I have one card thats $35k limit and the other thats $15k limit. They wont budge on either one past that.

Re: PenFed Second Card Application

garagebandking — Wed, 08 Feb 2017 20:39:56 GMT

Hmm...I'd rather have 1 50k card than 2 25k cards...so maybe I'll focus on CLI with PenFed and try to grab another high CLI card at NFCU later this year.

Thanks!