CSP or Penfed first?

[Marcos8]

Looking to take the plunge on a CSP as well as try to get in on some Penfed action with a card and then a PLOC if possible. 5/24 is not an issue as I've had only one new account in the last 2 years and that's my auto lease.  What's the best order to do this?

[AverageJoesCredit]

Id imagine Chase first as even though you are 1/24 , its probably best to get that Monkey off your back first though it probably doesnt matter. Just my thougjts

[Anonymous]

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@AverageJoesCredit wrote:
Id imagine Chase first as even though you are 1/24 , its probably best to get that Monkey off your back first though it probably doesnt matter. Just my thougjts

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I agrree with AJC.

[Anonymous]

PenFed can be more sensitive to new accounts and inq, but doesn't look like you should have much trouble there. I'd go with whichever you want more first

[Anonymous]

Depends on your overall plan...

Chase needs to be a top priority since you will be locked out of most of their cards once you meet/exceed 5/24, where everyone else has more wiggle room.

with PenFed, you could always get your Chase cards squared away first, and then pick up PenFed before the Chase cards report - or just wait ~ 6 months from when the new Chase cards hit your reports and then get in with PenFed.

I took the former approach and it worked out just fine. Even since joining PenFed I've opened up another half dozen or so personal cards and they approved me for the new Power Cash Rewards thing a few months ago.

[Marcos8]

Who is more sensitive to seeing a new account or two that is less than 6 months old?

[Anonymous]

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@Marcos8 wrote:

Who is more sensitive to seeing a new account or two that is less than 6 months old?

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neither should care about only 1 or 2 new accounts, but again if you are wanting to get into Chase's cards you need to get them done before you have 5 or more credit cards and/or lines of credit opened in the past 24 months on your reports.

I would advise figuring out your goal, and make a plan accordingly. IMO PenFed isn't going anywhere so you really should get Chase out of the way first even if it means needing to wait for 6 months for an easy PenFed approval. They are known to deny people with too many new accounts reporting, but a good 6 month app break should eliminate the risk of that happening to you.

[Marcos8]

For those that have both a CSP and a card/PLOC with Penfed how long did each take to report?

[Anonymous]

Cards from PenFed took about 2-3 weeks for me to generate a statement and report. No lag time from them

[Anonymous]

About a month for me in both cases. I opened a PLOC with PenFed at the same time as my first card with them last year.