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Chase or PenFed

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Member

Chase or PenFed


Gardening for 3 more months then opening first checking account with hopes of getting a CC too. I use Amazon quite a bit, so considering the Amazon Prime Card, but I do like the appealing interest rates that may be available to me when it comes time to apply for an auto loan.

A little about me...

Oldest credit line/account about 11 months
Discover $2000, Two Capital One with $500 and $1000, and Walmart MasterCard $1100, utilization of about 30-35%.
FICO in April ranges between 690-710. Thoughts on the next card (even if you feel I can do better than Chase or PenFed, I'm all ears).
Message 1 of 10
9 REPLIES 9
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Community Leader
Super Contributor

Re: Chase or PenFed

You're good on CCs , if you really want to give your file a boost. Get a shared secured loan. After a 8/12 months with it and your current cards, getting an auto loan with the best rate will be child's play.


My most prized tradeline.
Message 2 of 10
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Valued Contributor

Re: Chase or PenFed

PenFed I believe will give you a better overall banking/loan experience but Chase has some of the best credit cards available!
Message 3 of 10
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Valued Contributor

Re: Chase or PenFed

Chase has a good checking sign up, but you honestly don't need a banking relayltionship with them for their CC.
PenFed may have better rates for other things; I've moved most of my banking to them
State Farm Rewards (3,000) ~ Marvel MC (8,000) ~ PenFed Power Cash (10,000) ~ PenFed Promise (1,000) ~ PenFed OLOC (500) ~ Discover ($1,100) ~ Citi DC (2,200) ~ NFCU cashRewards (6,200) ~ NFCU Platinum (2,700) ~ NFCU CLOC (15,000) ~ Venture (10,300) ~ DCU Visa (5,000) ~ Chase Freedom (3,000) ~ Amex Hilton Honors (5,000) ~ Amex SPG (1,000) ~ Amex BCE (1,000) ~ Care Credit (15,000)
Current Scores (6/6/18): 697 Transunion, 659 Equifax, 674 Experian
Message 4 of 10
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Member

Re: Chase or PenFed

@Gmood1, I never even thought of that, thanks! I can certainly wait 9 months for another vehicle. I still need a bank though, I'll research more on where to get the secured loan. Any suggestions on where or how much? Thanks a million!
Message 5 of 10
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Member

Re: Chase or PenFed


@Tigers09 wrote:
Chase has a good checking sign up, but you honestly don't need a banking relayltionship with them for their CC.
PenFed may have better rates for other things; I've moved most of my banking to them

@Tigers09, with what you said, I think PenFed may be the better choice. I was moreso consider banking with Chase in order to have best chances with getting the card, but since I still do need a bank period, it's probably best to go PenFed for long term benefits. Thank yoU!

Message 6 of 10
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Valued Contributor

Re: Chase or PenFed

I have seen people getting around Chase's 5/24 rule by having a banking relationship with them, but outside of that you should be fine getting their cards without it
State Farm Rewards (3,000) ~ Marvel MC (8,000) ~ PenFed Power Cash (10,000) ~ PenFed Promise (1,000) ~ PenFed OLOC (500) ~ Discover ($1,100) ~ Citi DC (2,200) ~ NFCU cashRewards (6,200) ~ NFCU Platinum (2,700) ~ NFCU CLOC (15,000) ~ Venture (10,300) ~ DCU Visa (5,000) ~ Chase Freedom (3,000) ~ Amex Hilton Honors (5,000) ~ Amex SPG (1,000) ~ Amex BCE (1,000) ~ Care Credit (15,000)
Current Scores (6/6/18): 697 Transunion, 659 Equifax, 674 Experian
Message 7 of 10
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Valued Contributor

Re: Chase or PenFed

For the shared secured loan, search here on myFico. There is help in how to get it set up, benefits of it, etc. Everythibg explained in detail for you
State Farm Rewards (3,000) ~ Marvel MC (8,000) ~ PenFed Power Cash (10,000) ~ PenFed Promise (1,000) ~ PenFed OLOC (500) ~ Discover ($1,100) ~ Citi DC (2,200) ~ NFCU cashRewards (6,200) ~ NFCU Platinum (2,700) ~ NFCU CLOC (15,000) ~ Venture (10,300) ~ DCU Visa (5,000) ~ Chase Freedom (3,000) ~ Amex Hilton Honors (5,000) ~ Amex SPG (1,000) ~ Amex BCE (1,000) ~ Care Credit (15,000)
Current Scores (6/6/18): 697 Transunion, 659 Equifax, 674 Experian
Message 8 of 10
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Super Contributor

Re: Chase or PenFed


@rygotit wrote:

Gardening for 3 more months then opening first checking account with hopes of getting a CC too. I use Amazon quite a bit, so considering the Amazon Prime Card, but I do like the appealing interest rates that may be available to me when it comes time to apply for an auto loan.

A little about me...

Oldest credit line/account about 11 months
Discover $2000, Two Capital One with $500 and $1000, and Walmart MasterCard $1100, utilization of about 30-35%.
FICO in April ranges between 690-710. Thoughts on the next card (even if you feel I can do better than Chase or PenFed, I'm all ears).

You should have a checking account. That's not going out of the garden.

 

You might want to consider getting a savings account and checking account with a credit union.

 

Then when it comes time to apply for a credit card, you''ll be in position to get something with more favorable terms than what banks offer.

 

 Since you're talking about PenFed, I should warn you about something: their only checking account comes with a $10 monthly service charge unless you (a) maintain a minimum balance of $500 or (b) make direct deposits of $500 monthly.


Total revolving limits 653000 (575000 reporting)

Message 9 of 10
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Member

Re: Chase or PenFed

Gathered a little over $500 and made a donation to the Foster Care Organization. Went to open the Alliant savings and got a notification that a manual review was needed (likely because I had no idea where my ID was and used my passport info). I'll update if anything worthy comes about.

Oh yes, question...do funds get released as payments are made? I believe I read on the forum it does. Appreciate anyone that can confirm 🙂
Message 10 of 10
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