topic Re: Penfed or BB&T? in Credit Card Applications

Penfed or BB&T...or another lender to consider?

growthadvocate — Sat, 19 Jun 2021 22:41:32 GMT

Looking for some guidance/feedback from the community.

I recently went on a mini app spree:

App'd for my 2nd Navy (Platinum-Approved: 25K!)
Also jumped on the FNBO train hoping for a positive outcome after a $15k and pre-qual, but no instant there unfortunately--still working it.

That said, thinking this would be a good time to use a EQ inquiry (or not in BB&T's case--soft pull) before some gardening.

Prior to the recent NFCU approval, my highest CL is with BofA at 20k. I've been attempting to build a diverse lineup of cards that I can grow without taking hard inquiry hits. Unfortunately, I'm not aware of any other solid cards/banks that pull EQ, aside from US Bank-- unfortuanately I'm not within their footprint.

The advantage with BB&T is that there is no hard pull at all, but from what I've gathered, Penfed is the better bank to do business with and may be easier to grow. A CSR from Penfed mentioned that it's a hard pull for any CLI, but I beleive that a member here mentioned a soft pull...while it seems the collective of the community confirmed a hard inquiry..? I also read that another community member here recently was able to convert a 35k pre-approval into a CLI to their first card, which would be fantastic to replicate down the road...but I'm aware of how challenging that may be.

It's also important to point out that I've been a member with Penfed for 2 years, but without much banking activity. I opened my account and app'd for a card. At the time I had a thin file and fresh inquiries, TD'd. Which left me discouraged, so I didn't utilize the accounts nor try to develop the relationship further.

My fico EQ bankcard 9 score is now 793 and fico EQ bankcard 8 is 803. 1 EQ inq in the last 12 months (Oct. 2020). 1 new CC account that was opened in Nov. 2020 and a personal loan that was opened in March 2021 (Lightstream by Truist).

So, community and current BB&T and Penfed cardholders, which bank would you suggest I app with based upon customer service, card growth, relationship growth, and potential of first card approval? Both banks have cards that I could use in my lineup. I look forward to hearing your feedback!

Re: Penfed or BB&T?

Jnbmom — Sat, 19 Jun 2021 21:36:48 GMT

I prefer penfed.

They grant higher SLs

Their mobile and online banking site is way better.

You can pay from an external account with no problems.

You can request a CLI online.

Their CSR are always helpful

Re: Penfed or BB&T?

Anonymous — Sat, 19 Jun 2021 21:56:58 GMT

@growthadvocate wrote:
Looking for some guidance/feedback from the community ...

So, community and current BB&T and Penfed cardholders, which bank would you suggest I app with based upon customer service, card growth, relationship growth, and potential of first card approval?

I'd do both.

But if compelled to choose, I'd take Penfed. They didn't want to give me credit at first -- I had to recon, for a measly $2000 SL. Yet in a little more than two years after: they bumped my card to $20,000; offered several 0% BTs; offered a preapproved personal loan for $25,000; preapproved me for a $50,000 auto loan (since about October 2020).

I've also been preapproved for a couple of the BB&T cards. But it seemed like the variety of products Penfed offered was better than getting a handful of SP BB&T cards. They are still new accounts and so affect 5/24 and AAoA, for those concerned about such.

Now, scoring your criteria:

1) I've no idea;

2) Penfed

3) Penfed

4) Normally I'd guess BB&T, but with your scores I'd suppose it's not a matter of "if", but "how much"?

Re: Penfed or BB&T?

NoMoreE46 — Sat, 19 Jun 2021 22:16:41 GMT

How does one request a CLI from PF online?

@Jnbmom wrote:
I prefer penfed.

They grant higher SLs

Their mobile and online banking site is way better.

You can pay from an external account with no problems.

You can request a CLI online.

Their CSR are always helpful

Re: Penfed or BB&T?

growthadvocate — Sat, 19 Jun 2021 23:15:36 GMT

Thank you for the feedback @Jnbmom

Re: Penfed or BB&T?

growthadvocate — Sat, 19 Jun 2021 23:26:35 GMT

Thanks for the feedback and DP's @Anonymous

I did consider both for a moment, but don't want to over do it. I don't want the potential of 4 new cards to potentially create an issue for me. I'm hopeful that if I app with Penfed I'm able to get a solid SL.

Re: Penfed or BB&T?

nccarguy1 — Sun, 20 Jun 2021 02:24:22 GMT

BB&T may have the worst website I've encountered. Is you pay through an external account there is a limit on payments and they require you to enter your routing number/account number each time. BB&T does soft pulls but SL limits are relatively low.

PenFed does not SP but there is a trick. You can check personal loans with a SP that will give you a max credit limit and APR which will give you an indication of cc approval, limit and APR.

Re: Penfed or BB&T?

AverageJoesCredit — Sun, 20 Jun 2021 14:15:08 GMT

@nccarguy1 wrote:
BB&T may have the worst website I've encountered. Is you pay through an external account there is a limit on payments and they require you to enter your routing number/account number each time. BB&T does soft pulls but SL limits are relatively low.

PenFed does not SP but there is a trick. You can check personal loans with a SP that will give you a max credit limit and APR which will give you an indication of cc approval, limit and APR.

Their loan preapproval trick is ridiculous in my opinion. It comes off like an application and not everyone will see loan amounts. I do not believe this gives someone an idea on cc approval limit or apr. It has absolutely nothing to do with credit cards which are notoriously harder to get with PF than a personal loan . Most people end up getting PFs highest apr on a cc anyway and you can verify that just by looking at all the PF cc approvals . An occasional low apr but most get 16 or 17.99 apr, which is crazy when you consider many of us have good scores.

Re: Penfed or BB&T...or another lender to consider?

Heatt99 — Sun, 20 Jun 2021 16:04:28 GMT

Get both. BB&T is a prequal SP, plus they will upgrade their system to Truist within months. They are adding improved features, and maybe upgrade their card line up.

Penned is great, card will grow after time, and PenFed loves to give out BTs from time to time.

Re: Penfed or BB&T?

growthadvocate — Sun, 20 Jun 2021 17:49:22 GMT

Thanks for the feedback @nccarguy1 and @AverageJoesCredit it's helpful!

Re: Penfed or BB&T...or another lender to consider?

growthadvocate — Sun, 20 Jun 2021 17:58:43 GMT

Thank you for the input @Heatt99

You're not alone with the suggestion of getting both, which I've considered, but 4 cards in 1 spree makes me nervous. I don't want to create any other issues. However, I agree with you and do believe the merger will create a better experience for current BB&T members, as well as better products. I have some experience with Suntrust, specifically their Lightstream division, and that has been an exceptional experience--from customer service to their technology. That said, it is tempting to further my relationship with them and grab a card, but I'm not sure that's a great idea. Maybe that's worth another post on it's own: "How many cards in 1 app spree is too many?"

Re: Penfed or BB&T?

nccarguy1 — Sun, 20 Jun 2021 20:44:37 GMT

Respectfully disagree. I would never post something in this forum that was not factual and mislead anyone trying to improve their situation. A situation that often makes folks vulnerable to anything in writing. Wish I could elaborate further but in my position I cannot.

@AverageJoesCredit wrote:
@nccarguy1 wrote:
BB&T may have the worst website I've encountered. Is you pay through an external account there is a limit on payments and they require you to enter your routing number/account number each time. BB&T does soft pulls but SL limits are relatively low.

PenFed does not SP but there is a trick. You can check personal loans with a SP that will give you a max credit limit and APR which will give you an indication of cc approval, limit and APR.
Their loan preapproval trick is ridiculous in my opinion. It comes off like an application and not everyone will see loan amounts. I do not believe this gives someone an idea on cc approval limit or apr. It has absolutely nothing to do with credit cards which are notoriously harder to get with PF than a personal loan . Most people end up getting PFs highest apr on a cc anyway and you can verify that just by looking at all the PF cc approvals . An occasional low apr but most get 16 or 17.99 apr, which is crazy when you consider many of us have good scores.