topic Re: Penfed....Almost hit the submit button.... in Credit Cards

Penfed....Almost hit the submit button....

greeneman21 — Sun, 29 Jul 2012 20:10:41 GMT

So I gotten 5 credit cards in the last 3 months and after seeing Penfed on Amazon's website for $50 amazon GC upon approval. 5,000 bonus points after first purchase AND 20,000 if $1,000 within first 3 months, I was so tempted, I filled out the app. Fate intervene, I had a sudden urge to take a quick wiz, stepped back from my laptop and quickly closed my browser right before hitting the submit button....I think those CC approvals get addicting. I need to go back to the garden but its so damn hard....

I'm cancelling my membership with Penfed tomorrow as USAA is my bank, dont think I have te willpower to hold off on that too much longer without doing that.

Re: Penfed....Almost hit the submit button....

Anonymous — Sun, 29 Jul 2012 20:37:22 GMT

Sure you want to cancel?

When PenFed loves, they love you long time! A painfully conservative lender. If you weren't essentially pre-approved, the yellow bar wouldn't have shown up on your account.

Re: Penfed....Almost hit the submit button....

greeneman21 — Sun, 29 Jul 2012 20:43:25 GMT

yeah, I really don't need the temptation, 6 cards is too many for me.

Re: Penfed....Almost hit the submit button....

Anonymous — Sun, 29 Jul 2012 20:49:00 GMT

If a gold bar showed up on your account, take the offer. PenFed's gas card and Nordstrom's Signature Visa are prety much the credit world's white whales, LOL!

Read the post again and saw it was an Amazon link, not the same thing.

Before cancelling..... remind yourself that PenFed's limits can go to $50K.

Re: Penfed....Almost hit the submit button....

Repo-ed — Sun, 29 Jul 2012 21:42:22 GMT

Just want to jump in and say; ya, don't close it.

Re: Penfed....Almost hit the submit button....

Anonymous — Sun, 29 Jul 2012 22:16:38 GMT

USAA is a great bank, I bank with them too but I would recommend getting the Penfed card and closing one of the 3 you have with USAA if you don't want more than 5 cards. Spending $1,000 in the first 3 months will produce $250 in cash plus the rewards on the spend, which in my case was an additional $50. USAA doesn't have a great rewards program so I think 2 USAA cards and 1 from Penfed would serve you better as 5% on gas during the quarters it isn't offered by Discover or Freedom and 3% on groceries easily trumps any of the USAA reward possibilities.

Re: Penfed....Almost hit the submit button....

ztnjpv — Sun, 29 Jul 2012 22:33:32 GMT

Greenman21,

Did you just join PenFed? Because if you did, they HP anyway when you join with a checking or savings and the HP is valid for some 60-90 days on any credit apps with PenFed. So, if you just joined recently, you won't get another inquiry for apping. IOW, a denial would change nothing.

Re: Penfed....Almost hit the submit button....

ztnjpv — Sun, 29 Jul 2012 23:16:35 GMT

drkaje,

Where would the gold bar appear? I don't see one. Not that I'm apping for anything since I already have the Platinum Rewards Visa. Just curious.

Re: Penfed....Almost hit the submit button....

Anonymous — Mon, 30 Jul 2012 00:02:01 GMT

@zt,

My account doesn't have one, LOL!!

Allegedly; if there's an offer, you can't miss it.

Re: Penfed....Almost hit the submit button....

greeneman21 — Mon, 30 Jul 2012 01:47:48 GMT

@ztnjpv wrote:
Greenman21,

Did you just join PenFed? Because if you did, they HP anyway when you join with a checking or savings and the HP is valid for some 60-90 days on any credit apps with PenFed. So, if you just joined recently, you won't get another inquiry for apping. IOW, a denial would change nothing.

Yes I joined 2 weeks ago after hearing so many good things about them. Hmm good to know about the inquiry.

Re: Penfed....Almost hit the submit button....

bettercreditguy1 — Mon, 30 Jul 2012 01:48:08 GMT

Pen Fed takes the 5% discount off of your statement before they mail it. No hastle, no forms, no sign ups! Just plain routine and their customer service is like a four star resort!

Re: Penfed....Almost hit the submit button....

greeneman21 — Mon, 30 Jul 2012 02:02:47 GMT

Since I took a HP on 7/16 when I joined, I just applied here's what I got....

Decision

Your application has been referred to a Loan Officer to be considered for a loan amount of $5500.00.

Not sure if this is an approval or not, but I guess i'll find out soon enough.

Re: Penfed....Almost hit the submit button....

greeneman21 — Mon, 30 Jul 2012 02:03:16 GMT

Thank you guys for the advice.

Re: Penfed....Almost hit the submit button....

bettercreditguy1 — Mon, 30 Jul 2012 03:03:11 GMT

p.s. I became a member last year. They did a hard pull to open account and gave me a Visa Cash Back rewards card. About two months later, I apped for and was pre approved for $ X. limit towards a new vehicle purchase. No additional HP, mostly all completed via internet and snail mail. Just very organized and professional organization. Kinda like the difference of using a handyman and a real tradesperson. Good luck!

Re: Penfed....Almost hit the submit button....

ztnjpv — Mon, 30 Jul 2012 03:17:58 GMT

07-29-2012 07:02 PM

Since I took a HP on 7/16 when I joined, I just applied here's what I got....

Decision

Your application has been referred to a Loan Officer to be considered for a loan amount of $5500.00.

Not sure if this is an approval or not, but I guess i'll find out soon enough.

....................................................................................................................................................

Good Luck. Like I said, you had a HP anyway when you joined so you did no more damage in terms of inquiries if you are denied. Next time you look at your report (they look at Equifax), check out the date of your PenFed inquiry. I'm sure it'll be the date you joined and not the date you apped for the card.

Re: Penfed....Almost hit the submit button....

wreith — Mon, 30 Jul 2012 03:36:12 GMT

Since I joined late last month, and you all say the HP is good for like 60-90 days I bit the bullet. I got the "your loan application has been forwarded to loan officer for the amount of 6500. If I get it that will be my biggest CL and I may just forget all about amex cause I don't need it, I just want it . Wonder how long it will take to find out.

Re: Penfed....Almost hit the submit button....

bettercreditguy1 — Mon, 30 Jul 2012 10:08:56 GMT

Allow about ten business days.

Re: Penfed....Almost hit the submit button....

ztnjpv — Mon, 30 Jul 2012 14:17:00 GMT

You can follow the progress of the application on your PenFed account page. It also doesn't hurt to call to see if there is anything they need from you to complete the app.

When it says "transferred" , I beleieve that means it's approved. Not sure. At least it means a decision has been reached.

Re: Penfed....Almost hit the submit button....

iMacDrew — Mon, 30 Jul 2012 16:15:34 GMT

@greeneman21 wrote:
So I gotten 5 credit cards in the last 3 months and after seeing Penfed on Amazon's website for $50 amazon GC upon approval. 5,000 bonus points after first purchase AND 20,000 if $1,000 within first 3 months, I was so tempted, I filled out the app. Fate intervene, I had a sudden urge to take a quick wiz, stepped back from my laptop and quickly closed my browser right before hitting the submit button....I think those CC approvals get addicting. I need to go back to the garden but its so damn hard....

I'm cancelling my membership with Penfed tomorrow as USAA is my bank, dont think I have te willpower to hold off on that too much longer without doing that.

I actually appd after reading this thread and I was in fact denied, but i did not recon, i may do that now or just be humbled by defeat.. THey do it fact seem very conservative, idk if its because the new credit cards i got or if they are just plain conservative, im very doubtful they would accept my app, but i am making it a personal mission of mine to get this card!!

Re: Penfed....Almost hit the submit button....

Anonymous — Mon, 30 Jul 2012 17:02:48 GMT

@ iMD,

Don't get sucked into PenFed's evil game, LOL!

They're not for rebuilders, hate inquiries, and loathe high utilization.

If you're determined to get their gas card, don't waste another inquiry until your credit is perfect and utilization is relatively low. By "perfect" I pretty much mean 0 recent negatives. Only PenFed knows what's considered recent but I was denied with a few years back with negatives more than 4 years old.