topic Re: Member of Penfed or NFCU? in Credit Cards

Member of Penfed or NFCU?

Anonymous — Wed, 31 Oct 2018 04:55:00 GMT

Hi Guys,

Need your advice on my next CC with a high SL...
So, right now according to Ck my score is somewhere around 750s from all 3 Bureaus

Hard inquiries:
Transunion 10 and 6 will be out in next three days
Equifax 8 and 3 out in next three days
Experian 7 and 2 will be out in next 3 days

Accounts:
1 Auto loan (no late payement)
2 citi cards (11k & 4,500)
2 chase cards (csp 12k & freedom Unlimited 5k)
18% utilization (planning on app for new Cc as soon as UTI goes down to 4-5%)

I been advided so many things but I am not able to make my mind & I am not interested in aap spree...
Become a member of PENFED or NFCU and app for CC? Not sure which one is so generous and which one uses a single Hp for membership & Cc both?
App chase CIP?
App Amex? It will be my first card with them so, I am not sure which card would have a HL
App Cap Venture?

Please help me making a right decision on my next app, the last app was done a year ago and that was CSP.

Please advise

Thank you in advance!

Re: Member of Penfed or NFCU?

Anonymous — Wed, 31 Oct 2018 05:42:50 GMT

PenFed member here.... I'd say wait until the next 3 days for your inq's to clear then apply. Better if you get that utilization down before applying for best results. PenFed uses the same pull from Equifax for membership for 90 days if you're going to apply for any of their credit/loan products. Though I can't speak which product/s you are highly to get approved or possible CL but you are most likely to get approved than me. I've heard that Navy Federal is generous based on what I've read from DP's.

Re: Member of Penfed or NFCU?

Nayola — Wed, 31 Oct 2018 05:35:40 GMT

What's your idea of a high SL? Penfed gives new members no more than $10,000 on a new credit card. My husband applied for both Penfed and NFCU. He got $10,000 from Penfed and $8,200 from NFCU. Of course, everyone's credit situation is different.

Re: Member of Penfed or NFCU?

Anonymous — Wed, 31 Oct 2018 06:30:27 GMT

Will be watching this thread to see my options 😉

Thank you Kwulfe

Re: Member of Penfed or NFCU?

Anonymous — Wed, 31 Oct 2018 12:52:06 GMT

If you're considering Amex, have a look at cardmatch to see if you are targeted for the Amex Platinum 100k SUB offer. It's more often available to people who aren't preexisting members with Amex and is probably the biggest SUB you'll be able to get for that card. Although it is a charge card so it won't have a traditional limit. A lot of people lament about the annual fee of the Amex Platinum, but if you value the credits at a 1:1 rate, you actually get $750+ in credits in year 1 so since every subsequent year is a $550 fee with $500 in credits, the card effectively pays for itself for like 4 years before even accounting for the actual benefits and the SUB.

Re: Member of Penfed or NFCU?

Anonymous — Wed, 31 Oct 2018 12:57:17 GMT

NFCU is the better Credit Union and has better products. I got a $7800 limit with a 580 FICO. Limit went to 23k at 6 months and 30k at one year. And a 25k limit on a new card when I applied with a 720 FICO.

I don't have any utilization so I am not sure what that effect that will have on you but NFCU is very generous.

Re: Member of Penfed or NFCU?

Anonymous — Wed, 31 Oct 2018 13:03:23 GMT

I heard NFCU does 2 hp's one while becoming member and one @ the time of Cc app?

Re: Member of Penfed or NFCU?

JustBPatient — Wed, 31 Oct 2018 14:52:50 GMT

Member of both, and both have advantages. Penfed anyone can join, Navy you have to have military way in (served, relative etc).

Good luck!

Re: Member of Penfed or NFCU?

Anonymous — Wed, 31 Oct 2018 16:07:47 GMT

@Anonymous wrote:
@I heard NFCU does 2 hp's one while becoming member and one @ the time of Cc app?

I'm a member of both. 1st applied for credit with both in July 2018. Results to date:

NFCU: 7.8K Cash rewards (pending CLI) CC;

15K CLOC;

20K Visa Signature Flagship (just approved);

Penfed: 2K Gold Visa;

$20 off TurboTax;

I spent 1 EQ HP to join Penfed & then 0 HP to app the CC.

I spent 0 HP to join Navy. I spent 1 HP EQ to app the CLOC & 1 HP TU to app the CC.

I spent 1HP TU to app the 2nd CC. I spent 1 HP EQ to request the CLI (pending result).

Granted it's early in the game but I much prefer my results with Navy to those with Penfed. YMMV.

Re: Member of Penfed or NFCU?

Jnbmom — Wed, 31 Oct 2018 15:53:02 GMT

I have both, I prefer navy more generous in my opinion.

Re: Member of Penfed or NFCU?

shiftomnimega — Wed, 31 Oct 2018 16:52:22 GMT

I know there are advantages to Penfed short term, but I would say the long term benefits are with NFCU. They are the biggest credit union for a reason. They gave me huge limits when Penfed has only given me around $5k. I also get lower rates for installment loans with NFCU. I do my main banking with them.

Sidenote, if you want an actual brick and mortar branch, then NFCU has more locations. Outside DC I've only seen one other Penfed branch in Honolulu.

Re: Member of Penfed or NFCU?

UpperNwGuy — Thu, 01 Nov 2018 03:06:22 GMT

I've been a member of both credit unions for more than 25 years and have checking, savings, and two credit cards with both. My combined credit limits are approximately $40,000 at each credit union. All my APRs are very low.

If you want high credit limits and low APRs, go with Navy credit cards. If you want good rewards, go with PenFed's Power Cash Rewards Visa. It's better than any credit card offered by Navy. (However, the rest of the PenFed cards have mediocre rewards.) Both credit unions have no foreign transaction fees across all their cards.

Navy has better mortgage loans. PenFed has better car loans. Neither of them has a lot of easily accesible branch offices. Most of the branches are within military installations, but Navy seems to be making more of an effort in recent years to open up branches in commercial strip malls so the non-military members can access them.

The organization that rates the financial health of credit unions gives PenFed a higher score than Navy. That reflects Navy's lower underwriting standards. Not sure that should make a difference in your choice as both are solid institutions.

Re: Member of Penfed or NFCU?

Anonymous — Sat, 03 Nov 2018 17:43:38 GMT

@ Upernwguy Thank you so much, I will definitely go with PenFed as I love rewards 😄

Thanks again

Re: Member of Penfed or NFCU?

Anonymous — Sat, 03 Nov 2018 19:02:02 GMT

@Nayola wrote:
What's your idea of a high SL? Penfed gives new members no more than $10,000 on a new credit card. My husband applied for both Penfed and NFCU. He got $10,000 from Penfed and $8,200 from NFCU. Of course, everyone's credit situation is different.

Is this new? Around 2012, I joined Penfed and got a $20K card straight away (and then another $20K card because they messed up)

Re: Member of Penfed or NFCU?

Anonymous — Sat, 03 Nov 2018 19:08:44 GMT

Wow...so which card would you recommend me to apply with PenFed for high Sl? It will be my first one if it goes through...my score is around 760s on all of my reports, last card applied was CSp 12,000 and it has been 11 months. 😊

Re: Member of Penfed or NFCU?

Gmood1 — Sat, 03 Nov 2018 20:13:08 GMT

As mentioned several times already, join both! They each have strengths and weaknesses. By having both, it gives you more choices. More choices is where having great credit pays off.
Great credit does you no good, if you limit your ability to shop around.

There's absolutely no reason to limit yourself.
The last thing you should want to do is tie yourself to one lender. We do that, when we don't have choices and bad credit. Been there done that.
Lastly, joining two of the largest CUs in the country isn't an app spree.😂

Re: Member of Penfed or NFCU?

Anonymous — Sat, 03 Nov 2018 20:16:19 GMT

@Gmood1 wrote:
As mentioned several times already, join both! They each have strengths and weaknesses. By having both, it gives you more choices. More choices is where having great credit pays off.
Great credit does you no good, if you limit your ability to shop around.

There's absolutely no reason to limit yourself.
The last thing you should want to do is tie yourself to one lender. We do that, when we don't have choices and bad credit. Been there done that.
Lastly, joining two of the largest CUs in the country isn't an app spree.😂

I agree. Where have you been son?

Re: Member of Penfed or NFCU?

Gmood1 — Sat, 03 Nov 2018 20:24:21 GMT

@Anonymous wrote:
@Gmood1 wrote:
As mentioned several times already, join both! They each have strengths and weaknesses. By having both, it gives you more choices. More choices is where having great credit pays off.
Great credit does you no good, if you limit your ability to shop around.

There's absolutely no reason to limit yourself.
The last thing you should want to do is tie yourself to one lender. We do that, when we don't have choices and bad credit. Been there done that.
Lastly, joining two of the largest CUs in the country isn't an app spree.😂
I agree. Where have you been son?

Hey illegitimate father,

I've been gallivanting around Guatemala. 😂

Back in the States now.

Re: Member of Penfed or NFCU?

Anonymous — Sat, 03 Nov 2018 20:29:52 GMT

@Anonymous wrote:
@Nayola wrote:
What's your idea of a high SL? Penfed gives new members no more than $10,000 on a new credit card. My husband applied for both Penfed and NFCU. He got $10,000 from Penfed and $8,200 from NFCU. Of course, everyone's credit situation is different.
Is this new? Around 2012, I joined Penfed and got a $20K card straight away (and then another $20K card because they messed up)

Effective January 1, 2018 the maximum credit limit for new PenFed members is $10,000.

Re: Member of Penfed or NFCU?

Anonymous — Sat, 03 Nov 2018 20:29:54 GMT

I wish I could do both but unfortunately I am not eligible for NFCU, just now I realized that. Anyways, I will do some research finding out which card to go for with PenFed.

Thank you so much 😊