"You'll get a low 2.99% APR for the life of your transferred balances when you transfer them to your Pentagon Federal Credit Union credit card. Transferring your balances is easy: you can transfer your balance securely online right now by logging on below." ... "Disclosures A balance transfer fee of 1% (min. $10–max. $100) applies to this transaction."
I have my mortgage with PENFED and got an email about this even though I don't have one of their credit cards. I'm curious about what type of credit limits people have received for their PENFED credit cards. Obviously it will vary with your income and other factors, but, as a general rule, have people found them to be generous relative to other issuers like Citi, Chase, AMEX?
In general, Penfed (when you apply) likes to see low balances. They do verify docs after 10k (for those of you who think credit cards are stated income loans) - based on your income, they have a range of debts you are allowed to have (unsecured) - and if you exceed that, you're not getting a card. I believe I read a datapoint somewhere that 7k income was 14.5k in debt. This is not for the AOR holders.
Also, they do not like to see new accounts..
If you get in, however, they will happily extend you huge credit lines - of up to 50k. I have 30k in cards with them, and I reallocated to take part of this deal. Made my 5% off gas card into a 2k card and made a mega 28k card - it is my highest LOC - and I am going to put my 9.5% second mortgage on there. Get it paid off in 5 years at 3% interest - it'll save about 50k.
I agree with the Horseyman. PenFed has rejected me twice in the past despite 750 credit scores. Score is not enough, they want to see an extremely low debt to income ratio. My debt to limits were at 25% but my debt to income is at 60% and they freaked.
verruckterBaum said:I agree with the Horseyman. PenFed has rejected me twice in the past despite 750 credit scores. Score is not enough, they want to see an extremely low debt to income ratio. My debt to limits were at 25% but my debt to income is at 60% and they freaked. I app'd to penfed last week and got approved for their platinum cash rewards card (15k limit, all I asked for though). I have credit scores in the low 700's, approx 50% credit utilization, and 55% debt-to-income.
My father is a longtime member/customer though...so maybe that helped?
If you use their card for gas, I guess you'll have to get a 2nd card like Horseymen, or you'll end up paying regular higher interest rates on your gas purchases.
I only have one card with PenFed so I'm not sure it is worth the hassle of applying for a 2nd card to me.
Correct me if I am wrong but credit cards typically want a monthly payment of 2% of the balance?
I have about 18k in a student loan at a fixed 6.5%, monthly payment of $170. I can live with a 2% of balance monthly payment. The math seems to work out better, any advice would be great!
I'm somewhat fresh out of college and very new to finances (including FWF).
max210 said:Correct me if I am wrong but credit cards typically want a monthly payment of 2% of the balance?
I have about 18k in a student loan at a fixed 6.5%, monthly payment of $170. I can live with a 2% of balance monthly payment. The math seems to work out better, any advice would be great!
I'm somewhat fresh out of college and very new to finances (including FWF).My PenFed Visa requires a minimum payment of 2% of the monthly balance.
lal43 said:...I'm curious about what type of credit limits people have received for their PENFED credit cards... Obviously it will vary with your income and other factors, but, as a general rule, have people found them to be generous relative to other issuers like Citi, Chase, AMEX?In my A0R of Oct. 2007, I got a $10k line. That's probably the average CL granted on my approved cards in that A0R.
I already had a platinum cash rewards card from PenFed with a 25K limit. I just applied for the "Travel Rewards" card and asked was approved for another $25K limit. Hoping I won't have any issues transferring most of the limit from my cash rewards card to this new one so I can get 49K or so at 2.99%. For reference, most of my other credit cards have limits between 12-20K.
max210 said:Correct me if I am wrong but credit cards typically want a monthly payment of 2% of the balance?
I have about 18k in a student loan at a fixed 6.5%, monthly payment of $170. I can live with a 2% of balance monthly payment. The math seems to work out better, any advice would be great!
I'm somewhat fresh out of college and very new to finances (including FWF).
I'm not sure who your student loan is with, but if it's with the fed, state, or a specific student loan program you typically get much greater flexability by staying with them.... Many of them will allow you to request a break from payments for 6 months, etc, etc. There are stipulations with all of them, but it's worth looking into what the specifics are with your loan. Depending on your field of work, being fresh out of college may mean you are first on the chopping block in a down economy. Might be worth having that cushion for a few years and sucking up the few extra percentage points. Also, 6.5 seems high for college loans. If you search around you may be able to get down to 5% and still have the benefits of a college loan type program.
My wife (stay at home mom) got instantly approved for 25k with no income verification. I got approved for 35k with income verification. These are the limits we both asked for.
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