The Pentagon Federal Credit Union (Penfed), which serves nearly 750,000 men and women of the armed services, has a great card that will help you combat the high cost of fuel. The card will also help you save money on supermarket purchases as well as everyday items.
The Platinum Cash Rewards (link here) card offers 5% back on gas, 2% on supermarket purchases, and 1.25% on everything else. Best of all, there are no caps on how much you can earn in cash-back rewards. Better still, the rebate is credited to the account each month.
In California, where gas prices were nearly $5 a gallon (for premium) during the summer, the 5% cash back turned that same gallon of gas into $4.75 a gallon. This card makes it unnecessary for me to carry a branded credit card that is geared toward a specific gas chain. The card's interest rate is 13.99%, which means this is not a card that you should carry a balance on.
While Penfed is geared toward military personnel -- and department of defense employees -- non-military folks can still become members of this great institution. Even if you don't fall within the regular field of membership, non-military folks are still eligible by virtue of being a member of the National Military Family Association. Click here (link) to find out how to do it. The reason for today's update, though, is that you can now also gain eligibility by being an employee or volunteer in the American Red Cross. (Thanks to the readers who tipped me off to the Red Cross eligibility.)
Once your Penfed membership is set up, you can immediately apply for a credit card. Here's what to expect from the application process. Penfed will pull your credit report when you apply for a membership (and open a savings account or checking account). You'll be required to fund the account with a minimum of $5. Penfed typically pulls Equifax. What's more, Penfed will use that same credit report for other credit products that you apply for. Penfed's standard practice is to use the same credit report for between 60 and 90 days (of late, 60 days seems to be a safer assumption). After you've applied for the card -- and if you're approved -- expect to have Penfed verify your income before they ship the card to you. They often request your last two pay stubs. You can fax those in.
I've been a member of Penfed for about two and a half years. This is one of the best credit unions around. The maximum combined limit with Penfed's credit cards is $50,000. That means that you can get any combination of credit cards through Penfed, but they won't total more than $50,000 combined. Many of my friends only apply for one Penfed card, which allows them to get a single card with a $50,000 limit. Once you've established yourself with Penfed, the credit union is very good about offering generous limit increases.
Which reminds me. When you apply for the card, you get to request your credit limit. Many of my friends request $30,000. Some times Penfed counters with a lower number. The process, though, is painless. The haggling (your request and Penfed's counter) is all done online.
If you think this card might be for you, then head over to Penfed's Web site (link here) and do some homework.
This is one of the most highly-used cards in my wallet. 
Related Articles:
Thursday, January 22, 2009
Looking For A Great Rewards Card? Pentagon's Cash Rewards Card Is For You (UPDATE 1 -- Adds Red Cross Information)
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123 comments:
Can you tell me if Pen fed uses Chexsystems in determining membership?
Ben, Penfed does not use Chexsystems. However, they will pull your Equifax credit report when you apply for membership.
Hope this helps.
I like how you detail the process. This is extremely helpful!
Glad I could help, anon.
Thanks for reading.
Fantastic post. Thank you for detailing the process. I've heard a lot about PenFed and now I feel I owe it to myself to apply (especially since Equifax is, as of now, my strongest cra)
Thanks, again.
Anon, you are most welcome. This is a fantastic card.
If you owe it to yourself, then I say go for it.
Thanks for reading.
Man, all the comments / posts I have read about PenFed makes we want to get their rewards card. I am pretty sure I want to go for it, but I am no curious as to what I should request for as a limit. I know PenFed gives up to $50K. Is it worth going for $50K and then just letting them counter to whatever, or would they have an issue with why I asked for so much, which would be detrimental to the application? Just for background. My highest limit card is $20K and the next is $15K. After those, it goes down to like $3K on a couple of cards. What should I do? Thanks.
Anon, I was in your position a little more than two years ago. At the time, $30,000 was the maximum limit that you could request. I went for it and asked for the whole thing. Got approved.
That said, we're living in a different environment now. Penfed has been more conservative of late. If I was advising a friend, I'd probably tell him or her to ask for $20,000, which would match the highest limit. I think it's a reasonable request, given the $20K and $15K limits you already have.
Over time, Penfed will grow with you. I am now at the max for Penfed. It took less than two years for me to get there. I have no doubt that if you take care of the account, and use it, you'll be happy two years from now.
All the best, anon.
Hi marcus
My date i have set to apply for the Penfed card is fast approaching (Sept 1 or the 15th) and I am starting to get nervous! Mostly because this is THE card to have to me, before it was AMEX.
I plan on trying to get 25k gas rewards, the overdraft protection, and a 40k car loan.
Do you think I should apply for all 3 online at once? or one at a time? Or should i call?
I know they use the same credit report for 30 days. Which is also freaking me out because i want my credit scores to be pretty high!
Right now, MyFICO scores are TU744, EX704, EQ711. I have overall 21% UT, but that's not reporting yet, reports show 35%. It will be even lower by the 1st of Sept, I just hope that its reporting by that time. Thats why i may push it to the 15th. But by then i should be less than 10%.
On one of my cards it is at 50% UT, the other 2 are at 30% each. Think i should lower these down even more before i apply?
Thanks again for your advise!!
Lupo, let's start at the bottom and work our way up. I would get your utilization as low as possible before applying. If that means waiting until Sept. 15, so be it. Two weeks isn't going to kill you. What's more, it could make a big difference at application. I'd wait until the bureaus are reporting the most accurate information.
As for how I would handle the loan products, I'd grab whatever I need first. If the card is most important, apply for that. If the vehicle is next, apply for that. I'd probably grab the credit card first -- and then apply for the car loan a few days later. That way we can get a feel for what Penfed thinks of you.
One of my other readers, Awedio, recently applied for this card. He asked for $10K and got it. He was also offered a car loan, too -- which he never asked for. So, maybe there is a chance that when you apply for the credit card that you'll be offered a car loan at the same time.
Maybe Awedio will come back to this thread and fill in the blanks on exactly how his approval went down.
Anyhow, I'd wait until Sept. 15 -- if you can. You want to look as strong as possible. Also, are you going to call the application in or do you plan on doing everything online? Most of the time I do stuff online, but I'd probably call on this one.
Ok, I think the hardest part is the self control! What helps is that i want my application to be TOTALLY GTG (good to go) to keep the chance of denial very low. I have 101k a year income, so i am assuming 25k is not too much to ask.
Credit card is most important to me. The car loan is close behind.
I did talk my buddy into applying. He is a captain and applied for 50k, denied. I practically had to threaten his life to make him call and reconsider lol. He did call and requested 25k, after a week of waiting i made him call again, they wanted Docs!! I told him he was approved pretty much just send in the stubs!! He was speechless! Sure enough, 3 days later approved!!
It was pretty sweet because i have been teaching him a little about credit, and he has been reading this blog. He got the card with only one other credit card that was open. That card had a 7k limit! All of the others were closed and not the cleanest. He also had a paid AMEX charge off, and an EQ score of 690!! I am stoked for him!
Thanks again for all your advise, your blog ROCKS!
Lupo, self control can be difficult at times (don't I know it). But, yes, if your goal is to look as good as you can, then wait until Sept. 15.
With your income, you should be golden at $25K. You'd probably be fine at $35K. But $25K shouldn't be a problem.
As you indicated, the credit card is most important to you. I'd apply for that first. Then, after you've been approved on the card, do the car loan. Wait until your card is disbursed first. You know what our favorite saying is: apply, approved, disbursed. Music to our ears.
Nice to see that your buddy opened an account at Penfed. I bet you felt bad when he got denied for that $50K card!! Glad you talked him into a recon, though. Going for $25K did the trick. Nice.
Given his fairly thin credit report (only one open credit card), and the blemishes, I imagine that he is stoked. Good for him. Glad it worked out.
Lupo, thanks for reading on a regular basis.
Hi this is Lupoman's friend, Izek13. Recently I just got approved for $25k PenFed Cash Visa Card which is awesome especially with the baddies (1-Paid CO, 3-inq) on my credit report and a EQ score of 687. Moreover, I got a new $6k Chase CC in March08. Now, my question is I want to apply for another rewards card (AMEX Plat HHonors Reward card), but do I apply now before a PenFed CC posts on my credit report as a new account or should I wait for because "higher limits beget higher limits".
Izek, it's difficult to know what that new account is going to do to your score. On the one hand, I imagine that you'll be helped by the utilization ratio getting a lot better. On the other hand, the new account will ding your score a bit.
Given that the HHonors card is a credit card -- and not a charge card -- you will be assigned a credit limit. I'm thinking that you might want to wait for Penfed to report so that American Express has something to look at when it assigns your limit.
Good luck with whatever you choose to do.
I've been with penfed for about 10 days. I applied for an auto loan first and was offered a pre-approved 10k CC. After sending in docs I was approved for the auto loan. Now I don't need the auto loan which was for 25k.
Do you think there is any chance of me getting a CLI right now if I cancel the auto loan?, as I don't need it.
Only problem is 5k is my next highest limit. Any chance of me taking advantage of using the same INQ for 60 days and getting CLI? should I go for it? :)
Hk, if you are not going to use the auto loan, let Penfed know. Then ask about getting the credit card limit raises. When it comes to CUs, I tend to be a little more aggressive. I would likely ask that the $10K CC be turned into a $20K CC. You'll be asked to prove income, which shouldn't be a problem for you.
I already have proven income, that was one of the stipulations before they approved the car loan.
I feel when I call the customer service number they just enter the data and tell me if I was approved or not. that's what happened when I applied for the CC after the auto loan got approved.
Should I specifically ask for an underwriter and explain why I want the CLI, or should I go through the regular process of just calling the CSR# and doing it through them?
Just go through the regular process and ask for a higher CLI. They should use the credit report they used to qualify you for the auto loan.
I doubt there will be any trouble.
I'm being a nervous reck, sorry. If they say no to the 20k will they offer a compromise like 15k or would I have ask once again while on the phone?
So you don't think that's pushing it with a clean record, 2.5yr BK score of about 713 and next highest card 5k limit? and 63k income?
They could make a counteroffer, Hk. No worries, pal. It's no big deal. Be confident. Like you've done it before.
If the BK is a problem, let them tell you that. Don't limit yourself because of something you THINK they might not like.
Let them make the call.
LOL. Thanks for the encouragement.
Hk, I've done this stuff enough that I know when to worry and when not to worry.
I would not be worried.
Marcus,
I owe you one, approved :)
Thanks for giving me the balls, inspiration, to take action. Per your advice I closed the Auto loan last night since I wasn't going to use it. Waited until today, just in case things needed to get updated, and called in for the CLI. I was told it's pending and an underwriter has to review it and to call back in 3-4. Obviously, as we all know, I couldn't wait that long and checked online 45 minutes later, approved. Called back and they said approved and you'll see your new limit in 24-48 hours.
what a feeling. It's not so much that I didn't see myself here, it's just not this soon. Determination and patience is one powerful combo.
Once again thanks for your guidance and encouragement and wishing you success in all your goals and dreams :)
Hk, glad that it all worked out.
I told you that I was not worried. Knew it would work out. I've been there and done that. I think that's why my blog has been so successful, by the way. I'm able to impart wisdom because I've done all of this stuff myself. There's no guessing.
Love..Love...Love Penfed :-) I have the auto loan @ 4.25% and a 2.99% BT on the Platinum 5% rebate card. And the bonus is, I also have a savings account I opened when I initially joined, so my FIA BillPay Choice enabled credit card feature allows me to set all three of these as merchants which I can pay. So any funds I send over to the savings acount gives me an extra 50 days float with no cash advance fee....Love Love Love Penfed:-)
Anon, thanks for posting. I am also a big fan of Penfed (no surprise, right?).
Do you know if I am not a military folks, which options to select when I apply?
There is a section call By Your Geographic Location or Military Installation, it said please select your location or installation from the list below and click continue in order to proceed.can I just select any one of them?
I assume that you are applying as a civilian and using the NMFA as your way of qualifying. If you are using the NMFA, then you will leave that section blank. It does not apply to you.
https://www.penfed.org/membershipApplication/2008/nmfa.asp
Use that link to apply for membership.
Credit Matters posting as Anon.
Credit Matters:
I've been researching your 11/18/08 story on Merrill + card when the thought of reporting credit limits crossed my mind.
Does Penfed report credit limits for utilization purposes?
V, yes. Penfed has always reported limits.
That's a relief!
Thank you, Sir!
:-D
Not a problem.
By the way, it's always nice to have some hidden lines. Don't reject them out of hand. Ask around. Some of the guys you respect on CB swear by them.
I do, too. It's nice that all of my limits are not reporting. Helps avoid that "you have too much credit" excuse.
Something to think about.
Do you know if you must keep NMFA memmbership active in order to keep the credit card active?
Anon, no. You can let the membership lapse. Once you're in with Penfed, you're always in.
I got in about 2.5 years ago. I only paid the membership for NMFA once.
Quick question - I posted this over at creditboards but didn't get a good answer. I am interested in applying for the Penfed card. I am a homemaker and hubby is breadwinner. HH income is 140K. My credit is 750. The question is does the application ask for household income or personal income? ~mollydog
Mollydog, I believe, but please don't quote me, that it's personal income.
Want some advice? Call Penfed and see how you can handle this. They're very nice folks to deal with. Here's the number: 800-247-5626
Let me know what they say.
okay I will try it.
One more question - Do they always ask to verify income for CC? Not a huge deal, just wondering what to expect. I was thinking of asking for 15K. ~mollydog
I always expect them to ask for income verification. However, some people have been able to get the credit cards without being asked. I would simply expect them to ask for it, though.
Ouch:
NOTICE: The following changes will be effective with your January 2009 statements:
* Late Payment Fee effective January 1, 2009: $39
* Default APR† effective January 1, 2009: 17.99%
* Balance Transfer Fee effective January 1, 2009: 2.5%
† - Default APR: If we do not receive the amount due by your second due date, your account is subject to change to the Default APR for both purchases, cash advances and balance transfers. The Default APR will remain in place until you make three consecutive monthly payments on time. After three consecutive months of on-time payments, the purchase and balance transfer rates will revert to the current Purchase APR. The Balance Transfer rate will not return to the special promotional rate for the existing balance transfer.
Yeah. I got that notice last month. Penfed is just starting to look more and more like a mainstream bank with those kinds of rates. Default is still well below average, though.
And the BT fee is still lower than average as well.
But they're inching up. That's for sure.
I posted the notice above your reply. Would you still suggest this card as the best bet if you can be approved for any card?
Absolutely. I use this card more than any other card I have. You just can't beat it. 5% cash rebate for gas, 2% for groceries, and 1.25% on everything else.
Also, after you've proven yourself, it's really easy to get a high limit at Penfed. And I never worry about Penfed reducing my credit limit. Not saying it can't happen, just saying that of my cards, this is the last one that I would expect to suffer adverse action on.
It's nice having a high CL, but if you can't PIF,...50k could be scary, lol.
Currently I have 2 Revolving lines, a 6yr perfect history CU Visa Classic with a $300 limit and a 3.5yr perfect history Chase Visa with a $4,700 limit. I get a $500 Auto CLI with Chase every three months. They recently added Perfect Card rewards to my card (3% fuel/1 %other) just because of my history with them.
I'm trying to decide whether or not to seek a CLI with Chase, or diversify and go with PenFed. Other than my Revoliving Lines I have one open installement loan ($20k perfect) and a closed $9k installment. Last FICO average was 788.
Any advice? I found myself here from CreditBoards.com, lol.
If you try to get a CLI with Chase, you'll take a hard inquiry.
If you apply for a Penfed membership, you'll take a hard inquiry. So, we're even there.
However, if you get approved for the Penfed card, you'll also have a new account on your credit report, which will reduce your average age of credit history. You'll likely lose some points because of this.
Now, you'll eventually regain those points. Once you've regained those points, you'll have a nice Penfed cash rewards card.
With your credit score, I imagine you'd be a shoo in with Penfed. You haven't mentioned any balances, so I will assume that you pay in full. Penfed will appreciate that.
I am a big advocate of diversification. You have two credit cards. I'd feel more comfortable with another lender at this point.
These are just things to think about. I can't tell you what to do.
I do what I do because it makes sense for me. You have to do the same thing.
Good luck with whatever you choose to do.
Thank you very much for your response. If there is a more appropriate place to hold this conversation, let me know. I didn't know how soon I would see your response on CB.
I have no balances, only debt is the Car Loan. I hadn't thought about the average age of the accounts, but that does make sense. It looks like it would reduce it from 5 years to 3.5 years.
Now, say I wanted to apply for a mortgage (of which I was approved for in May, but changed my mind) next April, what would you do in that situation?
Also, is it possible to put a negative number on my FICO reduction from 1 hard inquiry + reduced credit history age?
Impossible to know how many points you'd lose for the new account and inquiry, Anon. There are so many moving parts in FICO. Hell, you could potentially gain points for having more available credit (which would improve your utilization ratio). There really isn't any way to know. And I would be wrong for trying to venture a guess.
Now, if I was applying for a mortgage in April (about five months from now), I would not apply for any credit cards. And I would not even want to put an inquiry on my report. When it comes to mortgages, I am very cautious about what I do six months prior to applying for that mortgage.
Some might be more liberal, but I am not. I would tell anyone who is going to get a mortgage within the next six months to stay away from getting new credit.
That's my rule. You'll need to figure out what your rule is.
Hi, when apllying initially, is it a 'soft' or 'hard' pull? Btw, what is the difference? Thanks.
It will be a hard pull when you initially apply for the Penfed membership. A hard inquiry is an inquiry that stays on your credit report for two years -- and is visible by other creditors who check your credit report.
A soft inquiry, meanwhile, stays on your record for 2 years, but it is only visible to you.
A hard inquiry will ding your credit score by a few points.
A soft inquiry has no impact on your score.
A hard inquiry is generated when you seek credit.
A soft inquiry is often an inquiry that is not generated by you at all. Think of your creditors doing monthly account reviews of your account.
ok, thanks. So, in a perfect world, there will never be a time when applying for credit where a 'soft' pull occurs, correct? Thanks for all you do! Not quite sure how you keep track of all this and have a normal life, but it's quite remarkable!
In most cases, and as a general rule, when you apply for a credit card, there will typically be a hard pull. That said, I can think of some instances when there will not be a pull under circumstances.
For example, I have a Saks Fifth Avenue MasterCard. When I originally applied for that, I also applied for the Saks store card. The MasterCard resulted in a hard pull. The Saks store card didn't require a pull at all. That's because Saks has a combination application. You can apply for both cards at the same time and only get one inquiry.
Also, when you ask for credit limit increases with certain card companies, like Bank of America or BMW, or whatever, they often only do a soft pull. So, you are asking for more credit, but it doesn't hurt you.
As for how I manage, I have no idea. I've always been good at multitasking. It also helps that I get alerted to every new comment on the site.
do you mind releasing your age or real name? you seem very knowkedgable. --Pat
Pat, my anonymity on this site is quite by design. So, I do mind releasing my name and age. That said, you can call me Marcus. That is my first name.
Given this credit climate, and given the nature of the Internet in general, I find it a lot easier to write when I don't have to worry about my creditors shoulder surfing.
If you'd like to email me, feel free. Plastic101@gmail.com.
Ok, thanks, Marcus. I do appreciate you writings and wanted to at least addrees you by your name when I reply. Thanks. --Pat
No worries, Pat. Everyone calls me Marcus on this site.
Thanks for visiting the site.
So it's claer you love PENFED, but would you still say Nordstom is a great card, too? Thanks.
It is clear that I like Penfed. And I enjoy my Nordstrom card, too. With Nordstrom's recent rate hike, I am a little less enamored of them, however. But the creditor, Nordstrom Bank, is very easy to work with.
I have a nordstrom signature card which doesn't report limit(10,000). The rep told me i can get a platinum card and split the limit between the two keeping a min of 5,000 on the sig card. Is it a good idea to have 2 nordstrom cards with one reporting limit? I have an EQ 775 and would apply for Penfed but am self employed and dont show much income.
With a score of 775, you shouldn't worry about your limits reporting. Fact is, whatever you're doing is already working.
That said, if you really want the limit to report, you're better off just having the platinum card. You could convert your card and retain the entire history.
I would imagine that if you get two cards, one of them is going to show up with a new history, which is going to ding your credit score.
thanks for the advice.... i actually havent recieved the sig card yet. I was at nordstroms and applied not expecting to get approved for the sig card as i have just repaired my credit and have limited history.my EQ score is surprisingly high for some reason. EX 718 TU 686. i was hoping to boost my other scores by getting a card that will report limit?
will changing my new Nordstrom signiture account to a platinum raise my TU and EX scores more ,since the limit will be reported?
Now that I have a little more context, I would likely not be getting the Signature card. I would want my limits reporting.
But quick question? What kind of utilization do you currently have? If you have high utilization, having the limit show will help. If you have really low utilization right now, then it likely won't help -- since you are not being hurt by high utilization to begin with.
The other cc's that i am the primary on have very low limits,.FirstPremier 250 ,Cap One 300. I owe about $75 on each. I have 2 others that i am an AU on gold Amex, citi drivers edge $6000. I believe my score on EQ is high due to and old card still showing current. I also have a similar situation with Ex but have more inqueries EX 10 EQ 3(now 4 with nordstrom) TU 6. BTW my citi AU isnt showing on TU. Could that be causing a huge difference in score?
Anon, get that Citibank card to report you as an AU. That will help.
Also, the inquiries on EX are hurting you, too. Time will help there. After 12 months, those inquiries no longer hurt your score. Their effect, in fact, starts to wane after just six months.
You're utilizing 25% on the Cap One card. And you're utilizing 33% of your First Premier card. Probably not being killed by that. However, my rule of thumb is to keep utilization at 10% or lower. Kind of tough to do that with those low-limit cards.
If need be, pay those cards off during mid cycle -- so that the balances are not reported each month.
Your insight is awsome! Do you think i should try to get the Penfed card since they run EQ?
Do you know of any good cards that also only run EQ?
Anon, how many new accounts do you have in the past year? Penfed hates new accounts. Also, what kind of debt to income ratios do you sport? Don't tell me. But Penfed hates high DTIs (I'd say anything above 20% gets their attention).
You'll also be required to provide income verification. Generally two pay stubs.
You only have 4 EQ inquiries but if they are recent, Penfed won't like that.
Bottom line: I can't tell you what to do and I certainly can't tell you what Penfed will think of your application. I can just give you some data points, which is what I just provided.
Do you know of any other cc's that only ru EQ?
Thanks again!
The game has changed, Anon. Some EQ pullers have moved to multiple pulls. Also, many of the pulls are based on geography.
Off the top of my head, I know that Penfed and NASA are EQ pullers. Nordstrom, which you already have, is also historically an EQ puller. Beyond that, it's hit and miss. Of the cards I have, I can't think of a single EQ-exclusive puller. Citi is random. Chase never pulls EQ for me. BOA is an EX pull.
Saks Fifth Avenue was an EQ pull for me.
In fact, you can read about my own portfolio here: http://www.creditmattersblog.com/2008/08/my-portfolio-breakdown.html
How long should i keep my AU cc's ? Now that i got my Nordstrom sig card 10k limit,should i change it over to a platinum 10k and close my other 2 cards with FirstPremier $250 and CapOne $300 limit? Based on "higher limits beget higher limits."
Anon, that is a tough question to answer. I don't know enough about your credit history give you an intelligent answer.
AU CCs are probably helping you, which is why you became an AU in the first place. And those Cap One and FP cards -- how old are those?
Need more data. Haha.
They are both about 6 months old
And those AU accounts? How old are they? And the Nordstrom account? How old is that one? You would likely benefit from the Nordstrom card reporting the limit, by the way. That's especially true if you have low-limit cards.
Today my EX score took a dive! Went from 718 to 686. My TU and EQ are unchanged. I believe its due to a higher balance on my AU cc's.TU and EQ show that i owe 1550 and EX shows about 2100.
Limits are 250,300 on primary,6000 on citi(AU) and other AU is amex(no limit shown).Is UTI factored on all combined? $2100 owed on $6550 limit.Could that account for 32 point drop?
Nordstrom isnt on my report.I just got the card a few days ago. Citi is from 1994, Amex 6/07
I bet that Amex account is getting factored into your utilization for Experian. Wouldn't surprise me. But that's just a guess.
So, I would not get rid of that AU Citi account. That's helping you with your length of credit. It's your oldest card. Keep that.
If you close your FP and CapOne cards, it likely won't harm you much. They're relatively new -- and they will age for another ten years (until they fall off your report). There isn't much of a limit on those cards, so it isn't helping your overall utilization tremendously either.
My guess? That you would not be hurt much by closing those low-limit cards. Also, don't ditch the AU cards. They're helping you. The Amex card is neutral, though, since it does not do anything for your utilization.
But I am still wondering why your EX dived while the TU and EQ did not. American Express is coded as OPEN on TU and EQ -- and it does not get factored into utilization. But I have always hated Experian, which reports as "revolving." But the terms are 1 month, which tells Experian that it's a card that has to be paid monthly. But I've always wondered if the utilization gets factored into Experian nonetheless.
The Citi card isnt being reported to TU. I have recieved a letter from them stating they are reporting to all three. I spoke to a supervisor yesterday and he said he would forward my info again. The only difference in my report is EX says i owe 455 on Citi and EQ says 150. EQ probably hasn't updated yet. Hope my EQ doesn't take a dive when they add $300...LOL. Hopefully when i change that nordstrom sig to a 10K platinum it puts me in the game with EX and TU!
So what I would do is leg into this. Convert that Signature card into the platinum card. See what that does for your score. Then, after you see its impact, go from there. I'm real curious to see what that does for your score. You'll be adding $10,000 in available credit to your report.
Do that first. Then come back to the site and let me know what happens.
You got it! Thanks again for your time! I've been on your site for the past few days and am addicted to it...lol. So much valuable info provided its amazing! "D"
D, thanks for reading. Glad you're finding everything you need here. If you ever need anything, don't hesitate to ask a question in a thread. I have a great group of readers here at the blog. Everyone is friendly.
Good luck to you.
Oh,one more thing....Last week a letter about the opt out Citi issue was recieved by the primary of the Citi card which i am an AU. Prime plus something stupud! I called Citi and said i wanted to cancel the card due to the rate change. They offered to keep it the same(7.9%) until 2012 when it will expire.
Not sure if anyone else has tried that? Hope it works for everyone!
D, I wrote about that last week:
http://www.creditmattersblog.com/2008/12/dont-accept-citi-hike-laying-down.html
I've had the Nordstrom sig cc for a few weeks and it has not yet reported. I wanted to wait to see what it does to my scores before i change it to a platinum to show limit. My scores are still out of wack TU EX. I made a mistake applying for a pre approved HSBC card and ended up with another inq. on EX (11 total! "oops").DENIED :(
Applied for Saks MC today online. Was told i was approved for store card 2k limit and would find out if will get the MC when i recieve the store card in the mail. I called customer service and they said the store card is instant approval but the MC is not. I figured since my EQ score is 766 i should take advantage!
Should i expect a MC with a decent limit since i was approved for 2k store? What was your experience with SAKS?
I was instantly approved for both cards (store card and Saks MC). Saks MC limit was about three times that of the store card.
Good luck on the MC approval.
I checked this morning to see what cb was pulled for Saks card and was shocked to see TU. Before i applied i called twice and was told they pulled EQ! Almost all Saks pulls on creditboards were EQ.
I called Saks this morning and was told it was random. The manager gave me a number to check on the MC. I was told that it looks like i was approved for the MC for 5k ,but the app is still tentative and to call back in a few days.
Can i ask for them to reevaluate my account using EQ? I know i will have a shot at a much better limit with a 766 score!
D, Saks MC is not well known for giving out high limits.
Instead of allowing them to pull your credit again, why not just use the card and then go back to them in the future and ask for a credit-limit increase?
My pull was EQ, by the way. I've never seen Saks pull anything other than EQ.
Thanks again for your advice! Do you have any suggestions for any EQ pullers wich give out high limits, other than Nordstroms which i already have?
In this environment? Not really. If you don't have a credit union credit card, you might want to check Pentagon and NASA. Both pull EQ. You get to request your credit limit. Expect to provide income verification.
I spoke to a csr and was told they pulled TU because i applied online. She said if i applied in store it whould have been a EQ pull. Oh well,
guess i'll call for a cli increase in a few months.
I used to use true credit to get all three fico scores. Is there any other service you would recomend to get all three ?
D, very surprised that they would pull TU. Everyone I know gets EQ pulled.
TrueCredit does not give you FICO scores. TrueCredit gives you fake scores that no lender using to make lending decisions.
The only place to get your real FICO score is myfico.com. Use discount code CPPSAVINGS for 20% off.
Just checked my report and had 2 inq on TU for Saks,2 days apart. Called csr and was told it was due to dual app. Was also denied for HSBC card i applied for during same time. Should i call HSBC,ask for recon and mention i was approved for HSBC/Saks MC?
Does anyone have experience removing inquiries? What would be the best way?
I have removed inquiries for one reason. Duplicates. When card issuers pull my report twice -- for the same application -- I have called the CRAs and requested that one of the inquiries be removed. Otherwise, I have never asked for inquiry removal.
It's only happened on EQ for me. But when I did it, I called and disputed the inquiry as a duplicate.
If you do recon, feel free to say that you were approved at Saks (which is underwritten by HSBC).
I disputed some inq online with EQ yesterday. Today i got the results back and all were deleted. I also noticed there was an extended fraud alert listed at the top of my report. How will this affect me? I spoke to someone and they said it just means i will be contacted to confirm when i apply for credit. Will the FA have any other impact on my credit?
D, that FA will only make it a little more difficult to apply for credit (the hassle of confirming). Otherwise, there is no score impact from the notation.
One of the downside risks of disputing inquiries is that the bureau could slap a fraud alert on the report. Looks like that happened to you.
I called EQ and had the FA removed. Can a creditor close an account if an inq was deleted and there was an active cc with them?
D, not sure what kind of consequences flow from that kind of scenario. I have heard of accounts being deleted from credit reports though. But I don't recall hearing that accounts were closed. Doesn't mean that it can't happen. Just means that I don't know anyone who has had that happen.
By the way, just wanted to confirm that TC is crap! TU 715,EX 681, EQ 763. I think EX does factor AMEX and Nordy's sig in uti. The notes on TC said too many late payments on TU(never had one,and none according to thier TU report)! Says balances too high on EX (same as TU and EQ)! LOL, glad i have a free trial!
Gonna wait till next month to convert the sig card to report the limit(platinum) and see how that affects scores. BTW got denied at PENFED...not enough history/pyramiding debt.
D, so Penfed called you Egyptian? Not surprising. That's one of the most common reasons to get denied.
TC? Absolutely sucks for scores. Totally fake. Ignore them. And ignore their reason codes. Irrelevant.
This card is exceptional, been using it everywhere I go for the last two months and PIF. I have made back the $20 given to join plus more.
The rewards add up quick.
Any other cards with similar or benefits or rewards? I don't know what to apply for.
current cards:
BOA student platinum plus
Penfed Cash rewards
shot down on the Merrill+ card going to have to wait until inq clears up and penfed ages a bit.
Raz, if you got shot down on Merrill, I would ease up. Let your accounts age. I find that denials are nice for telling you that you might want to try a different course of action.
Let the accounts age. And let the inquiries age, too.
Then go back and try and grab that Merrill card.
Does Penfed do auto CLIs?
Anon, yes. Penfed does auto CLIs.
What happens is that when you sign on to your account, you'll see "customized" offers waiting for you. When you get an auto CLI, one of the offers will be for a new card with a limit of X. Well, you can either accept the new card or you can take the limit and move it to an existing card.
Will it be a soft?
Penfed does periodic account reviews. Your auto CLI will be a soft.
Thanks
You are welcome.
Holy smokes! This one here is real popular!
Ahh, PenFed, whatever should I do about you? They're danging a $500 CL preapproval for the Rewards Visa for me and as much as I want to take them up on the offer, I can't. Still don't have a traditional / fully-documentable source of income. Bleh!
Just watch! When I'm actually ready, the offers will be dry LOL. (My luck, as always)
Azntg, don't let the post count fool you. This is a thread that's been around for quite a while. I just updated the story today because of the Red Cross information. Just another way to get into this credit union.
Regarding your offer for a rewards card, you can just move that $500 over to another of your Penfed cards.
Or do you not have a credit card over there at all?
I have no credit products with PenFed. I'm only parking about 1/5th of the offered amount in a Share Savings account.
If this offer is still around during the summer, I might jump on it (as I'll likely have a summer job where I've been working for 3 years, except for last year). Never knew that teaching pays... both figuratively and literally!
Marcus, do you have any opinions about Firstmark Credit Union in San Antonio, Texas? If you're not otherwise qualified to join them, they'll pay your first year's membership dues to the "Friends of the Park Foundation," which WILL qualify you for membership.
Anyway, I understand that they offer generous credit limits to members with fairly mediocre FICO scores, i.e., scores that barely break 600. However, this information is about four years old ...
Spooky, I have never heard of that credit union. Sorry. Wish I had some information for you.
I should also mention that you have no obligation to continue the membership after you first free year with the "Friends" foundation.
Here's a link to Firstmark:
http://firstmarkcu.org
Same thing with Penfed. Once a member, always a member.
One nice thing about credit unions. Once you've qualified, you're in.
Thanks so much for the update. My DH used to work as a contractor at the Pentagon and he joined several years ago, and would you believe, we have never done anything with that account! I never wanted to bank with them or even use them for savings because I thought they would be a PITA to get to a branch, if needed. BUT, now that I have learned so much about them, I realize what a gem our account is. I just told DH the other day, we should apply for a checking add on as well as a new CC threw them. I was going to post on CB to find out which CRA they pull, but your post is so helpful, I have all the info I need here! :D and better yet, our EQ is our best scores, so I'm very happy about that!
We will be waiting until next month though, just so we can have optimal scores, as this month we had to clean up some things. :0)
Rebekah, glad that I could be of service. Penfed is great. You'll enjoy the relationship.
One of my favorite credit unions. They're a little touchy at times with the customer service but overall they are good.
I have no complaints, Green. And the Web site redesign looks a lot better. Plus, I no longer have to receive paper statements. And all of my statements from the past 2.8 years are now in PDF.
CM,
Couple of questions. First, does requesting a CLI for a PenFed CC result in a hard pull, or would they just do a soft one? Also, I have read on CB that PenFed now might be instituting a no CLI for 12 months policy, have you heard / had any experience with that? I was thinking about asking for a CLI, but I haven't had my card yet for 12 months. What do you think? Thanks.
Anon, I have not asked for a CLI in a long time (because I am at the max credit limit -- and have been for a while). However, the general rule is that if Penfed recently did an account review (on your credit report), they'll be able to use that report and not have to do a hard.
As for the 12-month rule, I haven't heard that. But I also haven't been in the loop that much in regard to the latest stuff with this card (except the Red Cross thing I just pointed to).
Give them a call tomorrow and see if they've got any information about the 12-month thing. I'd be curious to see if they have started doing that.
Right now I have a ton of preapprovals sitting on my account (cars, boats, signature loans, etc.). But nothing for cards because I can't get a higher limit.
If you find out, please return and let me know what you find out.
I've noticed a lot of posts on other sites about hsbc CLD. Do you know of anyone getting one with the Saks world mc or nordstrom sig? Called Saks today and got a CLI from 5k to 7500(only had the card 2 months).
I got accepted to NFCU,but havent applied for a cc yet. Heard they are easier then Penfed who called me an egyptian!
I haven't heard about any Saks MC or Nordstrom CLDs, D.
I've been trying to get a Penfed card for months. I guess my cr isn't good enough but I'm not giving up!
Sophia, it's a great card. Don't give up.
I just wanted to add that high school or full-time undergrad college students are eligible to join PenFed for free by joining the Society of American Military Engineers (same.org) for free.
Got a cold call today from Pentagon -- saying that I have preapproval offers. Would I like to take advantage of them? That's what they wanted to know. Interesting. Never heard of Penfed cold-calling customers.
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