topic Re: Penfed or Alliant (or another) for growth potential? in Credit Cards

Penfed or Alliant (or another) for growth potential?

JNA1 — Sun, 19 Jan 2020 20:29:44 GMT

After I’m done gardening, I’ve decided that I want to get in with a big CU, and since NFCU is unobtainable for me, it seems Alliant, Penfed, BECU, and maybe DCU are the most popular ones to go with around here not named NFCU. When I do that, I’d like to pick up a flat 2% card to become my DD at the same time. I’m going to make do with the PPMC for now, but the lack of notifications for transactions is a bigger deal to me than I thought it would be. I have long had the Alliant Signature 2.5% card as my ultimate goal card, but my expansion of cards with higher categories will now make my spend lower than the $20K required to justify the AF, and that number will only decrease when I get the US Bank Cash + or/Freedom later on. It seems better for me to stick with a non AF 2% card at this point. The Alliant Rewards 2% and the Penfed Power Cash at this point seem to be my leaders, but I was wondering which had the potential to grow higher. Also I’d like to hear first hand experiences from people who have these cards, and what you like or don’t like about them. I’m fortunate to have income a little over $100K, and it seems that is good thing in the eyes of these particular CU’s according to what I’ve read here.

Re: Penfed or Alliant (or another) for growth potential?

Jnbmom — Sun, 19 Jan 2020 20:33:08 GMT

Since Alliant only allows one credit card , penfed has more potential.

Re: Penfed or Alliant (or another) for growth potential?

VanderSnoot — Sun, 19 Jan 2020 20:38:32 GMT

Agreed. I've been happy with Alliant, but PenFed has better offerings over a range of products.

Re: Penfed or Alliant (or another) for growth potential?

tussking — Sun, 19 Jan 2020 20:42:18 GMT

I am in with all four.

1.NFCU

2. BECU

3.PENFED

4.ALLIANT - I would pass on them all together.

Re: Penfed or Alliant (or another) for growth potential?

AllZero — Sun, 19 Jan 2020 21:00:05 GMT

PenFed. $50K in total exposure, $25K cap per card (unless grandfathered in). $10K CC limit for new members; however, I think they might be relaxing that requirement. I'm not sure on the number of cards cap. I've seen a member here with 4 cards. Hard Pull CLI available. Soft Pull offers can be scarce.

PCR is a great 2% cash back card. Keep $500 in your checking account or have DD Direct Deposits. Rewards redemption is quick and easy.

Your profile looks good. However, PenFed is adverse to pyramiding debt and very conservative. I would recommend waiting at least 6 months if not longer from last account open to apply.

Re: Penfed or Alliant (or another) for growth potential?

tussking — Sun, 19 Jan 2020 21:08:56 GMT

Allzero could you please explain pyramiding debt?

Re: Penfed or Alliant (or another) for growth potential?

AllZero — Sun, 19 Jan 2020 21:13:20 GMT

@tussking wrote:
Allzero could you please explain pyramiding debt?

Source info.com "lenders scan cc apps for pyramiding debt. The term pyramiding debt means two things: Too many credit cards/too much credit available. Lenders see pyramiding debt as a potential scheme to spread credit over all the credit cards, keeping specific balances low, but spending more than their incomes."

Re: Penfed or Alliant (or another) for growth potential?

AllZero — Sun, 19 Jan 2020 21:17:40 GMT

@tussking wrote:
Allzero could you please explain pyramiding debt?

Penfed Egyptian denial

Re: Penfed or Alliant (or another) for growth potential?

Gmood1 — Sun, 19 Jan 2020 21:39:46 GMT

I'd put Alliant at the bottom of the pile. Lol

Penfed at #1 in this group.
Once you've built payment history with these guys. They'll approve you for loans without any hassle.
The last couple of auto loans. I called and told them how much I needed and gave them the VIN. That was it.
Approved instantly, and asked me where and when to send the check!
No extra paperwork. They send the promissory note to you later for signature.
Easy to join, and a large variety of products to choose from.
I'd join DCU regardless, just because of the little high rate savings account.
DCU may offer you a CC on a SP during the membership onboarding process.
BECU if you live in their state.
If not, you could be locked out of your accounts. After you've already transferred funds and approved for credit products.
IMHO, they aren't quite ready to accept nationwide membership.

Re: Penfed or Alliant (or another) for growth potential?

Traveler101 — Sun, 19 Jan 2020 21:33:16 GMT

@JNA1..Penfed has been great with me as far as potential. Your scores are better than mine, however, I am very conservative when it comes to applying for cc. I have opened 6 in a little over 4 years. 1 with Penfed a year ago, 10k sl and Navy just over 5 months. A week ago, I apped for cli, at Penfed. Approved for 7500 increase. Considering I got hurt pretty bad and was off work 3 months and insurance paid my car payment, they were very understanding, and still raised my limit. I have been happy with them, and growth potential is there. Best of luck with whomever you choose.

Re: Penfed or Alliant (or another) for growth potential?

JNA1 — Sun, 19 Jan 2020 23:29:56 GMT

Thanks for the replies!
I won’t apply for either of them until August,?if not December. I have 1 HP coming off on Mar, 1 in May, and 3 coming off in August. All of my cards will be one year old + in December.

@Allzero
I’ve always done AZEO since I’ve had CCs up until this month. I’m currently letting my cards report and then PIF afterwards. I’m doing that in hopes of getting CLIs on my current cards. I’m primarily trying to grow my BCP, the PPMC, and the PNC card. It would be great if the Disco would grow too, but I spent $45K+ through that card last last year, it just won’t grow, so it may or may not.🤷‍♂️

Should I go back to AZEO before applying for anything to avoid the appearance of pyramiding debt? Even with all of my cards reporting, I’m still only going to be around 7% utilization.

Re: Penfed or Alliant (or another) for growth potential?

AllZero — Sun, 19 Jan 2020 23:43:48 GMT

@JNA1It's recommended to dress up your credit report as best as possible before seeking credit. I think AZEO may be beneficial before applying with PenFed. It may not be the debt load but new accounts that may give PenFed pause for concern.

Re: Penfed or Alliant (or another) for growth potential?

JNA1 — Sun, 19 Jan 2020 23:52:51 GMT

@Allzero

Would you wait until all of the new cards are at least 1 year old?

Re: Penfed or Alliant (or another) for growth potential?

AllZero — Sun, 19 Jan 2020 23:58:02 GMT

@JNA1 wrote:
@Allzero

Would you wait until all of the new cards are at least 1 year old?

Hard to say. How many cards did you get within 12 months, 5?

Re: Penfed or Alliant (or another) for growth potential?

Green456 — Mon, 20 Jan 2020 00:59:45 GMT

@JNA1 wrote:
After I’m done gardening, I’ve decided that I want to get in with a big CU, and since NFCU is unobtainable for me, it seems Alliant, Penfed, BECU, and maybe DCU are the most popular ones to go with around here not named NFCU. When I do that, I’d like to pick up a flat 2% card to become my DD at the same time. I’m going to make do with the PPMC for now, but the lack of notifications for transactions is a bigger deal to me than I thought it would be. I have long had the Alliant Signature 2.5% card as my ultimate goal card, but my expansion of cards with higher categories will now make my spend lower than the $20K required to justify the AF, and that number will only decrease when I get the US Bank Cash + or/Freedom later on. It seems better for me to stick with a non AF 2% card at this point. The Alliant Rewards 2% and the Penfed Power Cash at this point seem to be my leaders, but I was wondering which had the potential to grow higher. Also I’d like to hear first hand experiences from people who have these cards, and what you like or don’t like about them. I’m fortunate to have income a little over $100K, and it seems that is good thing in the eyes of these particular CU’s according to what I’ve read here.

Why not PSECU? They actually have 2% card and seem to accept out of state applicants.

Re: Penfed or Alliant (or another) for growth potential?

Anonymous — Mon, 20 Jan 2020 01:20:51 GMT

@Green456 wrote:
@JNA1 wrote:
After I’m done gardening, I’ve decided that I want to get in with a big CU, and since NFCU is unobtainable for me, it seems Alliant, Penfed, BECU, and maybe DCU are the most popular ones to go with around here not named NFCU. When I do that, I’d like to pick up a flat 2% card to become my DD at the same time. I’m going to make do with the PPMC for now, but the lack of notifications for transactions is a bigger deal to me than I thought it would be. I have long had the Alliant Signature 2.5% card as my ultimate goal card, but my expansion of cards with higher categories will now make my spend lower than the $20K required to justify the AF, and that number will only decrease when I get the US Bank Cash + or/Freedom later on. It seems better for me to stick with a non AF 2% card at this point. The Alliant Rewards 2% and the Penfed Power Cash at this point seem to be my leaders, but I was wondering which had the potential to grow higher. Also I’d like to hear first hand experiences from people who have these cards, and what you like or don’t like about them. I’m fortunate to have income a little over $100K, and it seems that is good thing in the eyes of these particular CU’s according to what I’ve read here.
Why not PSECU? They actually have 2% card and seem to accept out of state applicants.

Requires direct deposit of $500 to get 2% otherwise it's 1.5%. Too much hassle.

Re: Penfed or Alliant (or another) for growth potential?

JNA1 — Mon, 20 Jan 2020 01:45:09 GMT

@Allzero

Yes, I got 5 cards in 2019. I inadvertently applied for the BB&T card trying to see if I could see what the SL would be. I hit continue one too many times!🙈
The other 4 cards are cards I’m using regularly, but I do use the BB&T card sparingly (enough to keep it open). I’m going to wait to see what happens with Truist, since I already have it will a decent SL.

Re: Penfed or Alliant (or another) for growth potential?

AllZero — Mon, 20 Jan 2020 01:57:27 GMT

6 month in between apps would be bare minimum. 1 year could give you better approval odds.

Not sure on current PenFed hard pull protocol. IIRC, they will hard pull for membership and do another hard pull for credit application. Perhaps, you can take a hard pull now for membership and let your account marinate until you're ready for the credit product(s)? I believe under 6 months one is considered a new member and will have account restrictions/limitations.

Re: Penfed or Alliant (or another) for growth potential?

TSlop — Mon, 20 Jan 2020 04:55:52 GMT

I heard PSECU doubled everyone's 2018 cashback last year for a year-end bonus. I joined at the end of 2018, so I missed out, and didn't have their CC until mid-August 2019. They haven't handed out any bonus yet this year from 2019 so I don't know if it is something that can be counted on.

Re: Penfed or Alliant (or another) for growth potential?

Green456 — Mon, 20 Jan 2020 12:40:02 GMT

@Anonymous wrote:
@Green456 wrote:
@JNA1 wrote:
After I’m done gardening, I’ve decided that I want to get in with a big CU, and since NFCU is unobtainable for me, it seems Alliant, Penfed, BECU, and maybe DCU are the most popular ones to go with around here not named NFCU. When I do that, I’d like to pick up a flat 2% card to become my DD at the same time. I’m going to make do with the PPMC for now, but the lack of notifications for transactions is a bigger deal to me than I thought it would be. I have long had the Alliant Signature 2.5% card as my ultimate goal card, but my expansion of cards with higher categories will now make my spend lower than the $20K required to justify the AF, and that number will only decrease when I get the US Bank Cash + or/Freedom later on. It seems better for me to stick with a non AF 2% card at this point. The Alliant Rewards 2% and the Penfed Power Cash at this point seem to be my leaders, but I was wondering which had the potential to grow higher. Also I’d like to hear first hand experiences from people who have these cards, and what you like or don’t like about them. I’m fortunate to have income a little over $100K, and it seems that is good thing in the eyes of these particular CU’s according to what I’ve read here.
Why not PSECU? They actually have 2% card and seem to accept out of state applicants.
Requires direct deposit of $500 to get 2% otherwise it's 1.5%. Too much hassle.

True but none of the other credit unions offer truely free checking and 2% cashback card.

BECU has 1.5% card

PenFed does not have free checking

Alliant has 2.5% card you have to pay for or 2% card that's based on points which sometimes can be devaluated.

IMO, if OP will use CU as his or her main financial institution then PSECU would work fine. Otherwise I would go with Alliant/point system.