topic Re: Penfed vs my existing credit unions in Credit Cards

Penfed vs my existing credit unions

Anonymous — Sat, 07 Nov 2015 18:58:11 GMT

I currently belong to Justice and Hughes. FICO scores below...looking to add some large limit cards and a PLOC for low rate to pay off another loan. Util is 10% and still dropping. Over 80k in available credit. Clean thick file.

Discover 19k

Cap1 QS1 6k

Venture 15k

Amex Delta 15k

Walmart MC 10k

Citi AA 6.6K

Citi DP 4k

Lowes 12k

Chase IHG 6k

BOA 3.5

Should I explore the products with my existing Credit Unions or go for the big boy and go with PenFed? I'm a federal civillian employee, but don't qualify for NFCU.

Thoughts? Ideas? Suggestions?

Re: Penfed vs my existing credit unions

Anonymous — Sat, 07 Nov 2015 19:05:08 GMT

@Anonymous wrote:
I currently belong to Justice and Hughes. FICO scores below...looking to add some large limit cards and a PLOC for low rate to pay off another loan. Util is 10% and still dropping. Over 80k in available credit. Clean thick file.

Discover 19k
Cap1 QS1 6k
Venture 15k
Amex Delta 15k
Walmart MC 10k
Citi AA 6.6K
Citi DP 4k
Lowes 12k
Chase IHG 6k
BOA 3.5

Should I explore the products with my existing Credit Unions or go for the big boy and go with PenFed? I'm a federal civillian employee, but don't qualify for NFCU.

Thoughts? Ideas? Suggestions?

I would definitely go for PenFed. Just my take.

Re: Penfed vs my existing credit unions

Anonymous — Sat, 07 Nov 2015 19:16:22 GMT

Also considering moving my banking to them as well...tired of Chase.

Re: Penfed vs my existing credit unions

Anonymous — Sat, 07 Nov 2015 19:25:48 GMT

Done, joined...should I go for their products now or wait a bit?

Re: Penfed vs my existing credit unions

Anonymous — Sat, 07 Nov 2015 19:31:29 GMT

When I joined I immediately applied for the Rewards card and was approved. The next day I applied for the Promise card and was approved. Good luck!

Re: Penfed vs my existing credit unions

Anonymous — Sat, 07 Nov 2015 19:38:39 GMT

Which are their best cards?

Re: Penfed vs my existing credit unions

Anonymous — Sat, 07 Nov 2015 19:41:38 GMT

I have gone nuts during my rebuilding and have joined DCU, Penfed, NFCU, NASA and USAA. We made NFCU our primary bank and have had a great experience with them. Since they are not an option for you I would consider Penfed the next best choice. I have never read a single negative comment about them so that is a pretty good sign.

Re: Penfed vs my existing credit unions

Anonymous — Sat, 07 Nov 2015 19:56:37 GMT

Credit cards or PLOC or all at same time? I'll check NFCU again...all my wife's brothers were mil....

Re: Penfed vs my existing credit unions

baller4life — Sat, 07 Nov 2015 20:06:35 GMT

All their cards are great. Promise is low apr. Platinum Cash Rewards is 5% gas. Just see which one fits your needs. If approved for a cc, go for ploc. Hp is good for 90 days.

Re: Penfed vs my existing credit unions

Anonymous — Sat, 07 Nov 2015 20:16:49 GMT

Deciding between their Amex, Rewards and Visa Signature

Re: Penfed vs my existing credit unions

Anonymous — Sat, 07 Nov 2015 20:57:27 GMT

so this is weird...I didn't submit a PLOC app...just looked at it and now I have a thrifty line of credit for $500? Where did that come from? I just opened a checking with them. Also, Cash rewards card says 5% on product description but only 3% on actual app.

Re: Penfed vs my existing credit unions

Anonymous — Sat, 07 Nov 2015 21:10:39 GMT

Instant approval for 9k for Cash Rewards...Apped Travel Amex got sent to loan officer for review....hmm

Re: Penfed vs my existing credit unions

baller4life — Sat, 07 Nov 2015 21:46:50 GMT

Congratulations!!! The $500 thrifty line came from the checking account. It's automatically checked when you signed up and you have to uncheck it if you didn't want it. To get the 5% on cash rewards there's a list of qualifying products in the description. I think the thrifty line qualifies you. But I know you can open a Money Market Account with $25.

Re: Penfed vs my existing credit unions

Anonymous — Sat, 07 Nov 2015 21:49:54 GMT

@Anonymous wrote:
Instant approval for 9k for Cash Rewards...Apped Travel Amex got sent to loan officer for review....hmm

Excellent! Same happened to me with a review. You should be fine.

Re: Penfed vs my existing credit unions

Anonymous — Sat, 07 Nov 2015 21:53:26 GMT

Ok good..got worried. I want to move my banking, do a PLOC, refi a car loan and open new credit with them

Re: Penfed vs my existing credit unions

Anonymous — Sat, 07 Nov 2015 21:56:50 GMT

Should I app for the PLOC or wait for the "review"?

Re: Penfed vs my existing credit unions

baller4life — Sat, 07 Nov 2015 22:04:14 GMT

Probably should have apped it before the 2nd cc. But no harm no foul. Go for it!! All the same hp.

Re: Penfed vs my existing credit unions

Anonymous — Sat, 07 Nov 2015 22:06:06 GMT

Lol, spoke too soon...approved amex for 9k also just now.

Re: Penfed vs my existing credit unions

Anonymous — Sat, 07 Nov 2015 22:20:48 GMT

What magic number to ask for on PLOC? Do they combine trade lines? What should I do with that thrifty line of credit? Leave it? Increase it? Does it report or just an internal thing with PenFed?

Re: Penfed vs my existing credit unions

manyquestions — Sat, 07 Nov 2015 22:31:00 GMT

@Anonymous wrote:
What magic number to ask for on PLOC? Do they combine trade lines? What should I do with that thrifty line of credit? Leave it? Increase it? Does it report or just an internal thing with PenFed?

The PLOC goes up to 25k so might as well ask for that. I'd leave the thrifty line of credit alone for now if you want the PLOC. Thrifty has a high interest rate and is overdraft for the checking account. It reports. The PLOC has a lower APR so put your efforts there.