PenFed Credit Union

[hjm331]

I have heard a lot of good things about PenFed so I finally decided to join them on Friday. I opened up a savings account with them in order to become a member with them and I have my eye on this card of theirs.

https://www.penfed.org/productsAndRa...ewardCards.asp

It's called the Visa Platinum Cash Rewards card and it gives you 5% cashback on gas purchases when you pay at the pump, 2% on supermarket purchases, and 1.25% on all other purchases. I don't think it has a cap on cashback. I applied for it yesterday knowing that I was going to get denied because they pull EQ and I just finished paying off my most of my debt. I also have a lot of inquiries on EX but not EQ and have a lot of new accounts. I checked the status of my application yesterday and was denied. I am waiting for the letter to see what the reasons were so I'll know what to expect next time I apply.

[wmarat]

The reason is going to be "Pyramiding Debt"

[relidtm]

I have had a money market with them for YEARS
but still Ill wait for a while before I apply...

[ColoNative]

I love PenFed. I have a savings account with them so that I can apply for car loans and such. They offer great rates on new and used cars.

I also really like their Visa Gold but I don't need any new cards.

[hjm331]

I typed a recon letter and will fax it to them and see what happens. I will update as soon as I receive information from them.

[Meya]

Keep your fingers off of the cc applications until we can get some type of assurance from creditors. Now when your fingers get popped by cld's, you know you are going to go off. STOP!!!!!!

[hjm331]

Credit Unions are not known for CLD's yet so it's a safe bet.

[RivasGlo]

Not from the CU's but CLD from other creditors because of the new account...

[hjm331]

I haven't opened a new account for 3 months. 4/5 of my new accounts will be a year old in April.

[ColoNative]

I haven't opened a new account for 3 months. 4/5 of my new accounts will be a year old in April.

It is still kind of a lot though in a short amount of time. Remember, you are 19 and you've done some great things already, now you need to take a step back and let things age.

[hjm331]

Yeah, I realized that when they denied my recon today.

[ColoNative]

Yeah, I realized that when they denied my recon today.

I'm sorry. Hang in there though, they are a great credit union to have and when you are approved probably in a year or less for that card the reward will be all that much sweeter.

[Meya]

Credit Unions are not known for CLD's yet so it's a safe bet.

I don't want you to be the first one to get hit with one neither. I am so scared of these banks until I can't trust any of them. Sorry to hear you lost your recon, now it is time to sit down with the rest of the credit addict club. We are officially on cc break!

[hjm331]

I'm sorry. Hang in there though, they are a great credit union to have and when you are approved probably in a year or less for that card the reward will be all that much sweeter.

Yeah, I was thinking of that too but I wanted in with them ASAP because I will be buying a car in 2-3 years and I wanted to have some history with them so I can get approved for a sweet interest rate.

[hjm331]

I don't want you to be the first one to get hit with one neither. I am so scared of these banks until I can't trust any of them. Sorry to hear you lost your recon, now it is time to sit down with the rest of the credit addict club. We are officially on cc break!

Yeah, I guess so.