Hello my name is... and PNC is not my favorite.

[yakboyslim]

Hi everyone,

I guess I should introduce myself since I'm new and haven't set up a signature yet:

I'm a college student in a pre-commissioning program for the U.S. Navy and my scores are 722 for EX and 703 for the other two.

I have a car loan, student loans (one unsubsidized), co-signed on my brothers car (he's the only person on earth I would do that for), and have several revolving credit accounts.

$4200 with Kay jewelers - never used

$2500 with Ashcroft and Oak Jewelers - Using all of it, paying down though. 0% apr for 2 years I think

$2400 USAA Platinum MC

$800 Paypal Buyer Credit (not the MC, just the GEMB credit line)

and two others, but there is a story on those two.

My credit util has been high since I took time off from working to finish my Navy application. Once I was in I started making money, but for the first time in my life I carried cc balances. This took my scores down a bit. I knew that I was eligible for more credit, so I wanted to get another card or a decent CLI so that my util would go down.

Then National City became PNC. The next day I got a letter saying that the $2600 Visa I had with them was reduced to a $600 cl. This was a few days after I was accepted for the $2400 USAA card. Thanks PNC, I love you too.

Since the card was my first card ever it has a high APR and an annual fee, as well as no real rewards. So now with no real CL it is a paperweight, and it undid all the work I had done to lower my util by paying down my balances.

So yesterday I did some research and read somewhere that PNC does a softpull for CLI below $1500. Now for the life of me I can't find that bit of info, but I found it yesterday. So I ask for a CLI from $600 to $2000.

Then I get on the phone and talk to someone at NFCU about pre-commissioning loans. I'm not eligible since I am not Academy, but the lady does talk me into going ahead and applying for a card. The fact that they start you off at what you ask for and then lower you CL and type of card until you are qualified seemed nice.

I was approved for and am getting a Flagship Rewards Visa with $3500 cl 12% apr and 2% rewards. The $49 annual fee is worth it with how much I plan to use the card, especially with my wedding coming up. Also this card supposedly (need to call and ask for details) goes up to $5000 cl quickly.

PNC got back to me not much later. Denied. And a hard pull on TU.

I don't get it. Within the last few months I have been able to refinance my car, cosign my brothers, and start 3 revolving accounts worth $8500. But PNC will only give me a $600 paperweight.

My question is: The PNC card is old for me at 2 years. My average account history is only 1.5 years on 18 accounts. Is it going to hurt me to close this account or is the $49 annual fee worth it. I only make rewards on interest (thanks PNC). I guess I could use the card more often, I have stopped since they CLD'd me. Only put $20 or so on it, then pay it off. Maybe they will warm up to me if I go and spend a couple more bucks on it. I really hate the company at this point.

Anyway, sorry about the novel. I'm excited to be on this forum, I've been lurking for a long time.

[Anonymous]

Welcome!

First:  thank you for your service!

Second: sorry about PNC - you can do better (I have them, like them fine, but!  --- see "third" below)

Third:  get thee to the link below and join NavyFed asap!   Oh, how I wish I were eligible. 

  hint:  https://www.navyfcu.org/

All best!

[Anonymous]

Hi!

The biggest thing you need to understand is that every bank, and every credit union has different standards for lending. What factors make you a great customer at one bank may make you ineligible for products at another (hello Penfed).

its up to you to shop around and make intelligent decisions and put your money where it will work for you.

You have NFCU which is an outstanding option and a great bank. 

But guess what -even they have drawbacks.

I found out the hardway that NFCU takes into account time left on your contract for loans as they figure it is not a problem lending you money if they know you are getting a paycheck from Uncle Sam they can attach.  But guess what if you have under 12 months on your enlisted contract  they in general will NOT qualify you for a car loan or new line of credit, and then you have to wait till you have 12 months employment at your new job before they will qualify you.

Every bank has their own standards. Some are easier on you then others.

USAA is a great institution but their lending standards are somehwat strict.

You have to shop around and not hold anything against them as personal.

[yakboyslim]

I know every lender is different, It's just upsetting I guess. Especially since they were the first bank to give me anything (ok Nat City was...) and they were where I had all my accounts for the longest time.

They are just not winning me over lately. I don't take it personally. I think they liked me less as a customer after I refinanced my car loan I had with them with USAA. As far as I'm concerned, like you said, I just need to shop around. I know I am good credit, just need to find the banks that agree (looks like USAA and NFCU both do).

I have 8 years from the time I graduate college (NFO designator) for sure and more if I stay in, so not gonna need to worry about how NFCU handles the end of my career for awhile, but definitely good to know.

I see USMC, what did you do while you were in? If you don't mind. My brother is USMC at New River MCAS doing aviation electronics on the Ospreys. Cool stuff. It's weird before I talked to the recruiter a year ago I never felt like I saw anyone in the military, now it feels like everyone I come in contact with is in the military.

I'm just wondering if everyone has any advice, heck not even advice just random thoughts, about how closing the PNC account will affect me. I'm thinking right now to figure out when the annual fee is applied, and keep it open until a few weeks before the next annual fee. That way I get the most credit score boost out of it before closing it without paying another fee.