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Do you guys recommend this account ? Im been a member of penfed for about 1 to 2 month and I was approved for a car loan about 3 weeks ago.
Does the line of credit appear on your credit? it is useful
If you have other info it will be welcomed
For scoring purposes since you have the car loan reporting I don't think it would make any significant impact.
@Isacking97 wrote:Do you guys recommend this account ? Im been a member of penfed for about 1 to 2 month and I was approved for a car loan about 3 weeks ago.
Does the line of credit appear on your credit? it is useful
If you have other info it will be welcomed
The checking account is hateful in my book; just the kind I detest. You will get hit with a $10 monthly maintenance fee unless you (a) maintain a minimum $500 balance at all times, or (b) make $500 or more in direct deposits each month. (Note: some MyFICO'ers report being able to satisfy the direct deposit requirement by pulling ACH transfers from other banks).
The overdraft line of credit is useful, but it reports just like a credit card would report in terms of new account, credit limit, utilization, etc. I believe it has a higher interest rate than the non-overdraft line of credit.
I'm not a fan of the $500 min balance to avoid the $10 service fee on the checking account either. I'm also not impressed by the interest rate of 0.2 - 0.5%.
The line of credit would appear on your credit report as a revolving account like a credit card. That 17.99% interest rate is basically the max a credit union is allowed to offer. On the positive side it could help pad your utilization if you get a good limit on it. It would bring down your AAoA though.
One reason I would recommend getting the checking account would be if you were planning on getting the Power Cash Rewards card. If you haven't done military service its the other way to get the increased 2% cashback on that card.