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^ this
@AverageJoesCredit wrote:
No
Thank you.
Paying for checking accoutns is so 90's.
Move the funds into your savings share and close it already.
While most CU's could care less about a relationship to get a CC there are a few that won't move on the CLI scale if you don't have additional accounts open with them. Some of them let you apply for a CC before even being a member but, then if you don't meet membership req's you've wasted an app.
I do think they care about time spent.
I was approved for cc for $10k when I opened new membership then denied during paperwork period (long story)
I was told I had too much credit, etc.
I have $5 in my original savings account.
Then I was approved for $15k instantly with lower Fico, less income, more debt, and more credit like 9-12 months later with NO required paperwork.
I think membership length matters.
Same story with Navy.
First card was $1k.
91 days later the Second card was $20k.
GL!
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
@Green456 wrote:
So this fall it will be 1 year since opening PenFed Access America Checking, High Yield Savings account. I want to apply for their CC later this year or early next year. I do not like PF for their poorly implemented mobile app and non free checking and I would prefer to do checking with US Bank which is better in both aspects. I am willing to keep my $500 in checking account with PF if it helps me get their credit cards. Otherwise I see no reason to keep my checking with them.
Long story short. Does having Access America Checking improve my chances of getting CC with PenFed?
1. I don't know whether it helps your chances or not. I'm guessing that it does, because having the account does increase your benefits on several of the rewards cards, putting you in a higher tier. My Power Cash Back card gets 2% cash back instead of 1.5% because I have the Access America account. There are similar benefits with one or more of the other rewards cards. So they seem oriented towards getting people to package the Access America account with other products.
2. As you know, the $10 monthly maintenance fee can be avoided by making direct deposits of $500 per month. I was advised on this forum that just pulling ACH transfers from other accounts of yours can satisfy this requirement. I have been testing this for 3 or 4 months and it seems to be true.
Alternative to DD or transfers, PenFed allows a running balance in the Access America checking of $500 to avoid the $10 maintenance fee per month.
@AverageJoesCredit wrote:
... Only way to find out where one stands with PF is to apply and find out
Inspirational words, Joe!
Or, at least, they were to me. I thought I heard marching music in the background -- 'twas glorious!
So I apped. Waiting out the review. Dang you, Joe!