Closing PenFed Account

[drkaje]

What's the furthest back PenFed will accept someone with old mistakes? I haven't had an issue in over 5 years but don't want to waste another pull.

[Jazzzy]

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@wollepopolle wrote:

I'd be happy having the 5% on gas year round. That would be the only reason to get the Penfed card.

I wonder how long the 5% on gas will last, though, after they started culling the rewards.

Currently, not worth the inquiry and paperwork for me. But if I already had one, I'd keep it open and use it for gas only.

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We use ours mostly just for gas, and the cash back buys us a tank of gas each month. To us it's the best, most immediate reward we get. Well worth it.

[Jazzzy]

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@drkaje wrote:

What's the furthest back PenFed will accept someone with old mistakes? I haven't had an issue in over 5 years but don't want to waste another pull.

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I had some old 30-day lates when I applied. Mine were probably about 4-5 yrs old at the time of app. I didn't have any judgments or collections though....just a couple of old 30-day lates.

[DI]

I won't be closing this account since I have to watch my back with AMEX.    You never no when they may pull a F/R and freeze the account. 

[Anonymous]

DI.  Okay - so you've decided to keep it open.  What's your thinking on RockinRay's comment:

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@RockinRay wrote:

DI -

You have the Visa with a $1k line and you have an LOC with an $18k line right? The last time I spoke with them I was told that the max unsecured they will loan is $20k. This is for the first two years of membership. Then they will give more. So it looks like you are close at $19k - if I read right?

Maybe split up and put $10k on the card and leave the rest for the LOC? I know they will do that for you. We split the Visa in to two cards with different CL's.

I think at this point, you should hang with them! JMO!

Ray

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 It appears that would satisfy any CL concerns.

[DI]

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@Anonymous wrote:

DI.  Okay - so you've decided to keep it open.  What's your thinking on RockinRay's comment:

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@RockinRay wrote:

DI -

You have the Visa with a $1k line and you have an LOC with an $18k line right? The last time I spoke with them I was told that the max unsecured they will loan is $20k. This is for the first two years of membership. Then they will give more. So it looks like you are close at $19k - if I read right?

Maybe split up and put $10k on the card and leave the rest for the LOC? I know they will do that for you. We split the Visa in to two cards with different CL's.

I think at this point, you should hang with them! JMO!

Ray

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 It appears that would satisfy any CL concerns.

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Since I don't mind closing credit card accounts when they no longer work for me, I rather maintain my LOC.  To me, having a LOC is better than a CC.  I think one will be under less scrutiny with a LOC. 

[score_building]

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@DI wrote:

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@Anonymous wrote:

DI.  Okay - so you've decided to keep it open.  What's your thinking on RockinRay's comment:

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@RockinRay wrote:

DI -

You have the Visa with a $1k line and you have an LOC with an $18k line right? The last time I spoke with them I was told that the max unsecured they will loan is $20k. This is for the first two years of membership. Then they will give more. So it looks like you are close at $19k - if I read right?

Maybe split up and put $10k on the card and leave the rest for the LOC? I know they will do that for you. We split the Visa in to two cards with different CL's.

I think at this point, you should hang with them! JMO!

Ray

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 It appears that would satisfy any CL concerns.

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Since I don't mind closing credit card accounts when they no longer work for me, I rather maintain my LOC.  To me, having a LOC is better than a CC.  I think one will be under less scrutiny with a LOC. 

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By who?

[drkaje]

I have some old (5 years+) lates but very high utilization.

It's probably best to wait another year before reapplying.

[smallfry]

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@DI wrote:

I won't be closing this account since I have to watch my back with AMEX.    You never no when they may pull a F/R and freeze the account. 

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You never know when the supermodel will freak out on ya. Now Penfed doesn't look so bad does it?

[tiger67]

Ray,

My experience with PenFed doesn't match those numbers (maybe they've changed their policy).

PenFed issued me a Visa with 10K. Seven months later approved a LOC with 25k. Five months later increased Visa to 30k.

So after one year, total unsecured credit = 55k. I'll reach the two year mark in September.