@followgreatness wrote:
I've been contemplating a Penfed account for a a week or so now. I'm primarily interested in an auto loan with them for their low APR since I have a baby on the way!
I figured since the HP for membership can be used for an autoloan and CC, I might as well get a credit card also!
My Fico 9 is 811 with only one HP in the last 12 months and over 70k income.
No derog's or bankruptcy, 1% utilization, 8 CC's, %100 payments.
Should I feel confident to get autoloan and CC or just autoloan? Also, what CC's would you recommend?
First, Congrats on the new baby!
I think you might be good to go for both an autoloan and a credit card.
You only have 1 inquiry on your EQ. That's excellent. What about new accounts? How many have you gotten in the past 6 months/12 months, etc. The less you've gotten in the past year or so, the better. Although others are approved with a few new accounts. It depends on the profile.
I was just approved for the Pathfinder for $15K with 5 inquiries on EQ, 3-4% utilitiy, 8 credit cards reporting. But no new accounts since January 2018. BK7 reporting, along with negatives from the BK7.
As to the type of card, that would depend on your spending habits. I switched from the PowerCash Rewards card to the Pathfinder AmEx because I already had two other 2% cards that don't require me to keep a balance of $500 in my checking account. Also, I can make use of the $100 airline incidental credits and Global Entry/Precheck credit of the Pathfinder. You might find the 5/2/1 Platinum Rewards card more to your liking.
Take a look at the cards they offer and see which one fits your spend pattern the best.
Good luck!
