topic Re: Joined PenFed yesterday!! in Credit Cards

Joined PenFed yesterday!!

Anonymous — Thu, 03 Jan 2013 15:04:32 GMT

I was in the garden after getting my BCE, CSP, and Paypal Extras MC. I decided to join PenFed after reading about it in this forum. I also apped for their Cash Rewards credit card for the 5% back on gas. I was approved with a $20,000 dollar limit!!!!!!

Summary

Congratulations, your application has been approved.

Credit Limit: $20,000

Re: Joined PenFed yesterday!!

jsickz32 — Thu, 03 Jan 2013 15:05:40 GMT

Congrats! How many inqs did you have when you applied?

Re: Joined PenFed yesterday!!

Anonymous — Thu, 03 Jan 2013 15:07:39 GMT

@jsickz32 wrote:
Congrats! How many inqs did you have when you applied?

8 inquiries, but only 5 in the last 6 months.

Re: Joined PenFed yesterday!!

jsickz32 — Thu, 03 Jan 2013 15:08:29 GMT

They pulled eq?

Re: Joined PenFed yesterday!!

Anonymous — Thu, 03 Jan 2013 15:12:14 GMT

@jsickz32 wrote:
They pulled eq?

Yes they did pull Equifax. I was a little worried because I've opened a lot of accounts in the last 6 months. They didn't ask me for any pay stubs, although I was prepared to send them. It wasn't an instant approval because I have a fraud alert on my reports. After speaking with a CSR this morning, it was approved 5 minutes after. I logged in and had to electronically sign documents and that was it. The computer originally selected the $20,000 number, not me.

Re: Joined PenFed yesterday!!

jsickz32 — Thu, 03 Jan 2013 15:16:34 GMT

Congrats again. I was denied with 4 inqs when i applied back in july.

Re: Joined PenFed yesterday!!

Anonymous — Thu, 03 Jan 2013 15:17:50 GMT

Congratulations. Why cash rewards rather than Plat Rewards though? That gives 3% on groceries as well as the 5% on gas. (And unlike BCE, is uncapped)

Re: Joined PenFed yesterday!!

Anonymous — Thu, 03 Jan 2013 15:18:03 GMT

@jsickz32 wrote:
Congrats again. I was denied with 4 inqs when i applied back in july.

What was the reason they gave?

Re: Joined PenFed yesterday!!

Anonymous — Thu, 03 Jan 2013 15:19:12 GMT

@Anonymous wrote:
Congratulations. Why cash rewards rather than Plat Rewards though? That gives 3% on groceries as well as the 5% on gas. (And unlike BCE, is uncapped)

Hmmmm....good question. Do they let you switch? Since I just got the official approval it's not like they made the card already.

Re: Joined PenFed yesterday!!

webhopper — Thu, 03 Jan 2013 15:20:59 GMT

That's a nice approval congratulations!

Re: Joined PenFed yesterday!!

rtw — Thu, 03 Jan 2013 15:21:08 GMT

Congrats! Awesome CL. I hope to join PenFed in the next 6 months.

Re: Joined PenFed yesterday!!

Anonymous — Thu, 03 Jan 2013 15:21:36 GMT

@Anonymous wrote:
Congratulations. Why cash rewards rather than Plat Rewards though? That gives 3% on groceries as well as the 5% on gas. (And unlike BCE, is uncapped)

I just went back and looked and I'm sure that when I saw 5 points back on Plat Rewards I didn't equate that to cash back...

Re: Joined PenFed yesterday!!

Anonymous — Thu, 03 Jan 2013 15:22:48 GMT

Call and ask I guess.

The one advantage of the Cash Rewards is that you get automatic statement credit at the end of month. With Platinum Rewards you get points which you then have to redeem. But against 5% gas/3% groceries/1% other vs 5% gas/0.25 % other it seems a small price to pay.

Re: Joined PenFed yesterday!!

Anonymous — Thu, 03 Jan 2013 15:24:05 GMT

@webhopper wrote:
That's a nice approval congratulations!

Webhopper, I am seriously in the garden now! I updated my signature to reflect yesterday's HP on equifax.

Re: Joined PenFed yesterday!!

Anonymous — Thu, 03 Jan 2013 15:25:13 GMT

@Anonymous wrote:
@Anonymous wrote:
Congratulations. Why cash rewards rather than Plat Rewards though? That gives 3% on groceries as well as the 5% on gas. (And unlike BCE, is uncapped)
I just went back and looked and I'm sure that when I saw 5 points back on Plat Rewards I didn't equate that to cash back...

Right, not quite the same, but when you get 5,000 points you can get a $50 visa card, so (with a bit more work) it is pretty equivalent.

Re: Joined PenFed yesterday!!

webhopper — Thu, 03 Jan 2013 15:25:21 GMT

haha I was going to suggest that you head back to the garden, but that card is a decent reason to leave in my opinion...

Congrats, at least your inquiries will age together

Re: Joined PenFed yesterday!!

Anonymous — Thu, 03 Jan 2013 15:29:12 GMT

@webhopper wrote:
haha I was going to suggest that you head back to the garden, but that card is a decent reason to leave in my opinion...
Congrats, at least your inquiries will age together

Yes they will! I'm still in shock with that initial CL!! I thought only NFCU did things like that!!

Re: Joined PenFed yesterday!!

jsickz32 — Thu, 03 Jan 2013 15:31:15 GMT

Too many inqs.

Re: Joined PenFed yesterday!!

Anonymous — Thu, 03 Jan 2013 15:34:43 GMT

@jsickz32 wrote:
Too many inqs.

Seriously???? I had more than you!!

Re: Joined PenFed yesterday!!

chnceit — Thu, 03 Jan 2013 15:37:01 GMT

WOW! Now that's a nice CL, congrats!