NAVY OR PENFED?? Need help!!

[Anonymous]

So here is my breakdown.
I’m about to get a auto loan and I’m unsure as to who I should apply. I have a 3 month relationship with Navy and 2 months with PENFED. Now I’m pretty sure I could get the loan from either one. My dilemma is, I have two CC with PENFED, one for 9K and the other is 1K, now I’m hoping within the next couple months I can get a nice CLI on the 1K card, but would an auto loan throw that away for awhile? Same dilemma with Navy, I have a CLOC that I just got yesterday for 7.5k and a CC that is only 500 and less than a month old, I’m hoping after my 90+ days and 3 statements I can get a second card and a nice CLI. Would a auto loan hinder that?

[marty56]

You can apply with both since your INQs will only count as one.  I would not ask for any CLIs any of those cards.  Just wait and garden.  If you really need more credit, then after a year you could apply for another CC somewhere else.  As a rule I would never ask for a CLI.

[enjoimorenow]

I would apply for both and go with the lower interest rate.  I did the same and PenFed had slightly better terms so I decided to go with them.

I would disagree on not ever asking for CLIs.  PenFed and Navy in particular are known for handing out huge CLIs when you ask for them.  IMO having additional loans with these banks will not hurt your chance of CLI.  As long as you are responsible with the credit they extend to you, then you are building a good relationship with them and they will give you higher limits and better rates.

[Anonymous]

@enjoi

took your advice and applied both. Got approved by both and Navy offered a bit of a better rate and actually approved me for 22k when I only asked for 20k. And here is the best part... No HP. They used the same pull from my CLOC I was approved for last week..