PENFED

[sihmud]

Ok, im tired of PenFed. Have been trying with them for a CC and no luck. Have account with good balances. I literally just submitted an app for a personal loan since it doesn't pull credit if you don't accept the offer and they approved me for 20k but won't give me a credit card!? Like **bleep**?

[FireMedic1]

When did you file BK?

[sihmud]

10/2021. I just don't see how PenFed is offering me a 20k loan but not a lousy credit card.

[GZG]

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@sihmud wrote:

10/2021. I just don't see how PenFed is offering me a 20k loan but not a lousy credit card.

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if it makes you feel better, they'll likely deny your loan application once you submit it, their pre-qualification is notoriously unreliable

[RSX]

i know the path i followed with PenFed was to first setup a checking and savings acct

ran some deposits through it for a couple of months - parked some in saving (not a lot = hundreds, not thousands)

then i app'd for a CC about 3 months later

6 months later on i app'd for an LOC - got the max amount of $20k

2 years later i used them for a car loan

[sihmud]

It was a pre approval not a prequal. I know their prequal sucks because it tells me I qualify for a 10k cc and I never get it lmao. Maybe their pre approval is BS too 

[sihmud]

I've had up to 50k parked in their and still get denied. Took all my money out and out it with capital one where they do give me credit cards and they give me 4.25% APY

[RSX]

^^ i think that was the right plan

something is on your report that they do not 'like'

i would forget about them and focus on another CU - or stick with Cap1 if they have what you need

i wouldn't waste any more time working with them

[sihmud]

Yea F these guys. I've paid off an auto loan with them too and still not good enough for them. But hey they want to give me 20k unsecured cash..makes no sense. 

[Guyatthebeach]

@sihmud ,

From my point of view, I think this has to do with PenFed's underwriting. I personally think this CU isn't as bankruptcy friendly as they were in the past. When I applied for a CLI on my Power Cash Rewards, it was instantly denied.  The only reason listed too much credit.

There are other credit unions and banks out there with better credit cards and interest rates.

I would keep them on the back burner and move on to another CU.

Guyatthebeach