Hello myFICO,
As I build my credit, one of my financial goals is to join a credit union to diversify. I currently do all of my banking with BofA. With its open membership and high popularity among myFICOers, Pentagon Federal Credit Union is one that I have been considering joining. It just so happens that I got a pre-approval mailer for a PCR with a $100 SUB and a solid 16.99% APR (not a range). With that, I have a few questions:
1. If I decide to join PenFed, I plan to open checking and savings accounts and move over some money from BofA so I could get the 2% on the PCR. Would it be okay to also app for the PCR at the same time or would I have better success letting my relationship marinate with them? Would moving my DD to PenFed help this?
2. I have seen DPs that PenFed will ask for a utility bill as a part of their ID verification process. I moved back to my parents house a little over a year ago and don't have a utility bill in my name. Could this be an issue?
3. How likely would PenFed ask for POI? My annual income is $33.6K and I am self employed.
4. I was recently approved for a Chase card in March and that approval put me right at 5/24. How long should I wait just to be on the safe side so I don't potentially face AA from Chase?
5. In speaking of Chase, I am currently gardening for the Amazon card. I have this app tentatively planned in December since I would drop to 2/24 and my oldest inquiries would age off. Would the Amazon card still be achievable in December (at 3/24 but with another recent account) with the PCR added to my profile before then?
The scores and DPs in my siggy are current. I would love to hear your thoughts on if the PenFed PCR would be an achievable card with my profile.
Mods - Feel free to move this to a different board if you think it would be more appropriate elsewhere. Thanks!
@CreditAggie wrote:Hello myFICO,
As I build my credit, one of my financial goals is to join a credit union to diversify. I currently do all of my banking with BofA. With its open membership and high popularity among myFICOers, Pentagon Federal Credit Union is one that I have been considering joining. It just so happens that I got a pre-approval mailer for a PCR with a $100 SUB and a solid 16.99% APR (not a range). With that, I have a few questions:
1. If I decide to join PenFed, I plan to open checking and savings accounts and move over some money from BofA so I could get the 2% on the PCR. Would it be okay to also app for the PCR at the same time or would I have better success letting my relationship marinate with them?
It's ok to do it now. But be wary of PenFed's checking account. It has a $10 monthly maintenance fee unless you keep $500 minimum balance or make $500 monthly direct deposits.
Would moving my DD to PenFed help this?
I don't think it would make a difference. BTW they do have 1-day early direct deposit.
2. I have seen DPs that PenFed will ask for a utility bill as a part of their ID verification process. I moved back to my parents house a little over a year ago and don't have a utility bill in my name. Could this be an issue?
I don't know. I don't remember them asking for a utility bill.
3. How likely would PenFed ask for POI? My annual income is $33.6K and I am self employed.
I don't know. Since you're self employed they might ask for a tax return.
4. I was recently approved for a Chase card in March and that approval put me right at 5/24. How long should I wait just to be on the safe side so I don't potentially face AA from Chase?
I don't think your getting one new card would bother Chase.
5. In speaking of Chase, I am currently gardening for the Amazon card. I have this app tentatively planned in December since I would drop to 2/24 and my oldest inquiries would age off. Would the Amazon card still be achievable in December (at 3/24 but with another recent account) with the PCR added to my profile before then?
Yes
The scores and DPs in my siggy are current. I would love to hear your thoughts on if the PenFed PCR would be an achievable card with my profile.
Mods - Feel free to move this to a different board if you think it would be more appropriate elsewhere. Thanks!
Thank you all for the wonderful advice! I just joined PenFed and opened checking and savings accounts. I will garden until June before applying for the PCR.
@Mr_Mojo_Risin wrote:
@CreditAggie wrote:Thank you all for the wonderful advice! I just joined PenFed and opened checking and savings accounts. I will garden until June before applying for the PCR.
Lot of great input here. I joined PenFed back in mid March, I'm gonna wait awhile before I app for any credit products.
Congratulations on your new membership!
@CreditMagic7 wrote:
@CreditAggie wrote:Thank you all for the wonderful advice! I just joined PenFed and opened checking and savings accounts. I will garden until June before applying for the PCR.
Big Congratulations @CreditAggie on your new CU PenFed membership.
I started with them from 2016 and on a more recent note they have stepped up to the carpet for me even where NFCU put me in the doghouse for awhile. I wish you complete satisfaction and am confident you will do well with PenFed.
Thanks for sharing.
Thank you for the kind words @Mr_Mojo_Risin and @CreditMagic7! PenFed has been incredible to work with so far. As soon as I clicked the button, I was able to fund and start using my new PenFed deposit accounts immediately and the debit card is already on its way. When I last applied for a new deposit account at BofA, it took them three weeks to approve and open the account! I very well might move my direct deposit over to PenFed.
Congratulations on your PedFed membership!
