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tdslf

Penfed

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I have Penfed and I don't have any products with them besides the checking, savings and the overdraft line which reports on the CR. I was thinking of closing it since I have been running at least 1k through the checking once a month but can't get a cc. Should I keep it just because the overdraft reports as as a positive but they also charge me $10 a month service charge. Starting to not see an upside to waiting to get on their good side.

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You should be able to avoid the fee by just leaving $500 in account but if you never use it might as well close it

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Not sure why you thought getting a CLOC would help you get a CC? It doesn't work that way.

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Why not just close the checking acct to avoid fees & bide your time. Won't cost you anything that way.

 

I had my share acct open with a small amount sitting there for 8yrs before they approved me for a cc on my third app. Really depends on if you want to wait. As Hege asked, what reasoning have they given for the denial(s)?

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The whole point behind belonging to a credit union is it makes you part owner. (well, technically it does) The primary reason I like them is because you can literally get free checks from most of them, and typically get free checking without keeping a minimum amount of money in the account.

 

Paying any kind of fee to a credit union defies logic, outside a mortgage refi, maybe. A fee for having a checking account? Or the overdraft?


I suggest you close any account that's charging you a fee and not doing anything for you. There are better credit unions than PenFed for you. (like NFCU)

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Well, they first turned me down because I have a foreclosure that was on but since fell off. Then they told me because I have a large car laon and student loans, they say recently I have excess credit obligations......also, I did not ask for a overdraft account, at least I don't remember asking for that. It just popped up on my CR and I was looking over my CR and saw it and didn't know how it got there. will they close this overdraft account if I close the checking...?

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