PenFed Overkill?

[Unfaithful]

Hey all, just want some advice. I checked my rate for a personal loan with PenFed and was pre-approved for a personal loan for 35K. I did the full app and was instantly approved for the full 35K. I then called them to see if they can use the same credit pull for a CLI on my 2 existing cards. The CSR over the phone stated that she can definitely do that and submitted both CLI. For the first card I was instantly approved for 7K CLI. Went from $500 to $7,500 and the other card went to review. She said I should apply for the Gold Visa card since it has their best rate but I expressed to her that I thought it would be overkill considering they gave me a 35k loan, and 7k CLI and she assured me that it wasn't. I did not apply. I then call the next day to get the status on the other  CLI and she said they approved it for 5K. Went from $5,000 to $10,000. I asked her about the Gold card and my concern about the overkill and she stated that it may be, she recommended I apply for a car loan instead or try to refinance an existing car loan. What do you guys think? Should I apply for the Gold card? The CSR stated its most likely going to be the same credit pull as they are good for 30 days. Even if they do another HP, I'm ok with that but I don't want to make it seem like it's overkill/greedy. I've been with PenFed since 2016 and have only had those 2 credit cards. I have never applied for anything else with them since getting those 2 cards and have Never been late. Thoughts?

[blindambition]

I think you should apply for what may have a purpose and use for you. If you're questioning if it's overkill, it may very well be at the moment. Be strategic with card choices.

[Unfaithful]

Thank you. You are absolutely right 👍

[spiritcraft1]

---

@Unfaithful wrote:

Hey all, just want some advice. I checked my rate for a personal loan with PenFed and was pre-approved for a personal loan for 35K. I did the full app and was instantly approved for the full 35K. I then called them to see if they can use the same credit pull for a CLI on my 2 existing cards. The CSR over the phone stated that she can definitely do that and submitted both CLI. For the first card I was instantly approved for 7K CLI. Went from $500 to $7,500 and the other card went to review. She said I should apply for the Gold Visa card since it has their best rate but I expressed to her that I thought it would be overkill considering they gave me a 35k loan, and 7k CLI and she assured me that it wasn't. I did not apply. I then call the next day to get the status on the other  CLI and she said they approved it for 5K. Went from $5,000 to $10,000. I asked her about the Gold card and my concern about the overkill and she stated that it may be, she recommended I apply for a car loan instead or try to refinance an existing car loan. What do you guys think? Should I apply for the Gold card? The CSR stated its most likely going to be the same credit pull as they are good for 30 days. Even if they do another HP, I'm ok with that but I don't want to make it seem like it's overkill/greedy. I've been with PenFed since 2016 and have only had those 2 credit cards. I have never applied for anything else with them since getting those 2 cards and have Never been late. Thoughts?

---

Man, they have sure changed their ways.  They are actively turning people into Egyptians!  (Pyramiding debt was their favorite term) 

It is great to have them rival NFCU that way and to open up membership.  Congrats on your success!

If you can end up paying less interest on the car loan, do it.

[Fated4Credit]

So Penfed is not doing a pull for every product if its under 30 days? When I joined with them last October I got a pull for membership, PCR, & personal loan each all in a ten day span. Also the kicker was I was denied the card & loan. I'm hoping that my SSL that I opened almost 3 weeks ago will finally pay off in me getting the PCR in the future🤞

[Unfaithful]

---

@Fated4Credit wrote:
So Penfed is not doing a pull for every product if its under 30 days? When I joined with them last October I got a pull for membership, PCR, & personal loan each all in a ten day span. Also the kicker was I was denied the card & loan. I'm hoping that my SSL that I opened almost 3 weeks ago will finally pay off in me getting the PCR in the future🤞

---

When I called them they stated they'll use the same pull for 30 days. I got a personal loan and 2 credit limit increases all on the same pull. They recommend I apply for their Gold Visa using the same pull however I opted not to apply. 

[Fated4Credit]

---

@Unfaithful wrote:

---

@Fated4Credit wrote:
So Penfed is not doing a pull for every product if its under 30 days? When I joined with them last October I got a pull for membership, PCR, & personal loan each all in a ten day span. Also the kicker was I was denied the card & loan. I'm hoping that my SSL that I opened almost 3 weeks ago will finally pay off in me getting the PCR in the future🤞

---

When I called them they stated they'll use the same pull for 30 days. I got a personal loan and 2 credit limit increases all on the same pull. They recommend I apply for their Gold Visa using the same pull however I opted not to apply. 

---

 Okay, not sure if they recently changed their policy again on that because when I did call in October to ask about using the same pull, at the time they said there was an old & new system (I guess the new system was not suppose to give u a HP if less than 30 days) that they were in the process of integrating. Maybe it was bad timing on my part. Anyways congrats on your triple success 🤗

[babygirl1256]

Congrats with your PenFed success as I wasn't able to accomplish any approval (within almost two weeks); so I pulled the plug and closed my account. If the Gold is what you want, I'd say go for it . . . for me; I think applying for the PenFed Visa Platinum Rewards Signature was an overkill because I really didn't need it . . . I just got caught-up in the moment and applied. Best wishes and continued success with PenFed.