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Should I apply for PenFed or NFCU?

fatcomic
Regular Contributor

Should I apply for PenFed or NFCU?

Ok, yes I know I should be sitting in the garden.   However I am contemplating if I should apply for a card(s) with PenFed or NFCU.  I  just joined both after finding out I was actually eligible.  

2020 was the year I got bored and opened accounts and couldn't say no.   

 

I opened several cards in 2020:

  1. Feb 2020 - Discover Card 
  2. April 2020 - Apple Card .  DW's iphone messed up, took the card to get 24 months 0%
  3. April 2020 - local credit union Visa -  DW bought a car, checked with credit union for car loan, they offered a high SL Visa during the application process, I said SURE!   It actually became my largest credit line.  No cash back or rewards, just a low interest vanilla Visa card.  No additional HP other than the car loan.  
  4. July 2020 - Verizon Visa  - I got this card with intentions to take everyday spending for gas, groceries and dining off of my Citi Double Cash card, that is still what it is used for.   
  5. Sept 2020 - Chase CSP - I got a pre-approval offer from Chase, took it because of the 80k point sub.  It is my 2nd highest limit.   Met the sub in 2 months.  I still use it as my daily driver most of the time.   
  6. Dec 2020 doh! - BB&T Bright Visa - I had been debating this card and I finally took the plunge to get it with the thinking that BB&T and Suntrust merger might nerf the SP approval.   I have transferred a balance to it for the 15 months 0%.   

After the BB&T card, I had plans to go sit in the garden at least through 2021 unless AmEx came out with an offer that I would benefit from.

 

With 6 new accounts, I know better than to app for another card but the itch has started.   However I could replace the Citi DC with the PenFed PCR or NFCU Flagship Rewards (or even the Platinum).    Should I jump or come back off of the ledge?

 

Current overall utilization is 7-8%.    Most of that is on 0% promotions.   

Fico 8 scores 765-775 depending on which bureau you ask.  

TU inq's: 2/24

Eq inq's: 7/24 -doh! however 3 were from the car buying process in April, approved through the CU but dealer beat their rate with Acura Financial.  

Ex inq's: 5 /24

 

 

 


Message 1 of 8
7 REPLIES 7
PicoFico
Frequent Contributor

Re: Should I apply for PenFed or NFCU?

I vote walk it back.

 

If you HAVE to apply, I'd say nfcu. You have less inquiries on TU (which they pulled for my accounts) and their CLI's are SP.

 

I think PenFed is EQ and HP?

 

Again, just let it marinate is my invaluable 2 cents.


Rebuild start: 5/15/19

Financial Institutions:
Wells Fargo | NFCU | Penfed
Products:
Discover It CB $2.1k | WF Propel $15k | PenFed PCR $20k | NFCU Platinum $10k | NFCU More Rewards $22k | NFCU Flagship $27k | NFCU CLOC $500 | NFCU SSL 60mo | NFCU Auto loan

Message 2 of 8
AllZero
Mega Contributor

Re: Should I apply for PenFed or NFCU?

You'll probably be okay with NFCU.

PenFed may deny with escalating debt, e.g. Egyptian, pyramiding debt.

I'll vote to enter the garden.
Message 3 of 8
FinStar
Moderator

Re: Should I apply for PenFed or NFCU?

I would agree with the others as far as PenFed.  It would be a nail in the coffin with that many new accounts/inquiries in the past 6-12 months.  While NFCU may be everyone's lover, you may end up with a very low SL, if approved (maybe I'm wrong), but it's not like NFCU will pretend those new accounts don't exist either.

 

You can try your luck and see 🤷‍♂️

Message 4 of 8
fatcomic
Regular Contributor

Re: Should I apply for PenFed or NFCU?

RE: No one else is doing a good job of it, so I am talking myself off the  ledge

Alright, I'm coming down and heading back into the garden.   I really don't need either card, or any new cards.  It wouldn't benefit me to get a low SL card and waste a HP, that is not the goal at all.   .  


Message 5 of 8
Mr_Mojo_Risin
Senior Contributor

Re: Should I apply for PenFed or NFCU?


@fatcomic wrote:

RE: No one else is doing a good job of it, so I am talking myself off the  ledge

Alright, I'm coming down and heading back into the garden.   I really don't need either card, or any new cards.  It wouldn't benefit me to get a low SL card and waste a HP, that is not the goal at all.   .  


There you go, come on down now.

Love the GIF, have that song in my head now! Lol 

NFCU More Rewards 28K CL
AODFCU Visa Signature 5K CL
Citi Custom Cash 4.5K
NFCU Cash Rewards 8K
Discover IT 2K
Cap 1 600
NFCU auto loan
Message 6 of 8
fatcomic
Regular Contributor

Re: Should I apply for PenFed or NFCU?

***UPDATE***

I couldnt' stand it and I jumped, sometimes I am my own worst enemy.   I went for NFCU Platinum, approved, $23,100 SL 5.99%, I'm happy.   Now I'm grabbing a hoe and going to lock myself in the garden.   


Message 7 of 8
FinStar
Moderator

Re: Should I apply for PenFed or NFCU?

As the OP has provided an update and indicated they've been approved, this thread is now locked to new messages.

Message 8 of 8
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