@Anonymous wrote:
I applied for membership with PenFed a couple of weeks ago in attempt to get a CC, was denied twice through original application and tried to recon but the lady on the phone told me to try again in 6 months.
Anywho, when I applied for membership I obviously had to open the Share Saving's account. I decided why not open a checking account with PenFed to build up a little history with them for when I decide to re-apply. I opened an Access America checking account, then looked at the online banking the other day to realize that I was given an Overdraft LOC without requesting it. I checked the limit on it and it's $500.
How does these report to the CR's? I have a LOC with NFCU so I know how that one works, how does it differ from the NFCU LOC? and what's the difference between their Fixed Rate LOC vs Overdraft LOC? Are they not stingy with the CL's like NFCU? Should I apply for it too?
I thought it was so random that they gave it to me without even applying for it. The limit on it is extremely low, while I have a $5k with NFCU.
It's been awhile since I opened my PenFed account but somewhere in the fine print when you open the checking account, you give them permission to open the Thrifty LOC, which is typically $500 though you can ask for credit limit increases down the road. It reports the exact same way your NFCU LOC reports, as a revolving credit account, just like a credit card.
I have the fixed rate LOC for $25K and my impression is that that LOC is a bit harder to be approved for. Can't really answer your question though about rate differences but do know that the regular LOC is designed for higher limits.
