May be in the wrong forum, but I was unsure where to post.
I opened a Penfed CC, Checking, and Savings account in November last year. Never used the CC (Not even activated, but has a limit of $20,000. My Checking and Savings both have the required $5.
Anyway, my wife and I were looking through our outstanding debt, not including car loans, and decided a Consolidation Loan made sense. We decided on consolidation because I really don't want to continue playing the BT game. Plus, we are trying to buy a home in the next few years. Anyway, I jumped in and applied for a Loan at PenFed.
Data Point, for those who track this stuff, all my scores sit between 745 to 777 (it changes lol). My Utilization is around 3% and I have $290,000 in available credit.. My highest CC sits around $3800 on a $15,000 limit. My total debt (and my spouse) is $14,000.
I hate debt, but life happens. Hospital visits, buying books for school, car repairs, whatever you can name. So, I applied online for the loan.
So, within an hour I got a call from the Credit Card department, asking why I just don't BT everything. I explained that I don't want high utilization on a single card card, and a installment loan may actually help. He agreed. He then Raised my CC limit by $10,000, and said someone would call me back.
The Loan Officer called back 1 hour later, and offered the same BT deal, and I declined with the above explanation. I also offered to close the CC to prevent over exposure. The NICE LADY instantly approved, told me to keep the CC "just in case", and deposited the money within 2 hours.
No Faxing, No Documents, and a 15 minute experience.
