I have had a plan for about 2 monthes now to concentrate on getting some Cash Rewards cards & hopefully start making my money work for me. Since credit issues keep me from the really big guys like Discover & Amex, although Discover is on my future agenda! (Amex is crazy don't think I want to play with them) I researched and decided that credit union cards fit my needs the best. Both Penfed and Nasa have some really decent cash rewards cards that I would like to utilize for the reward features. I app'd to Penfed in September and opened a savings acct. I app'd for thier cash rewards card and was shot down fairly quickly for new accounts and a Chap 7 in 2002, they pulled Experian, my Satan report. So I thought ok let the accounts age for awhile and try again later. I had planned to open a IRA with NASA in January, so this month I went ahead and joined the Space society & applied for a NASA membership so I can open the IRA next month. I did not know they were going to pull a hard just for membership but I should have known when the app asked me mortgage questions for identity. So I get approved for membership & the next day I check my credit report & yup, they pulled Equifax for membership...../doh I am not one to waste an inquiry so I thought I might as well go ahead and apply for the Cash Rewards Visa since they have already pulled a hard on me. I call & get my member id number and do an online app. I get a message that I will be contacted by a loan represenative, I think okay, no again, what did I expect, yada yada, anyone who is in credit repair knows what I'm talking about. I check my credit report and discover they pulled TU & Exp too!! OMG......I am dead I just know it. And they buried me with 3 inquiries. I don't worry about the loan rep call I figure I'll get one of those nice denial letters instead. So I am putting up Christmas stuff today when the phone rings, it says unknown & I started to not answer but did anyways. It's a NASA rep informing me I am APPROVED /thud!!!! for a Cash Rewards Visa & I just need to sign an app and send in a copy of my DL & recent paystubs. I think my jaw hit the floor I was so shocked! I beleive the CL is 2K which is all I asked for & the interest is 13.9 (which don't matter as I never carry balances) and I can always work on the CL on down the road. And CU's are very good when it comes to needing a car loan etc. But OMG!! I have a Cash reward Card!! Oh my am I happy! My first goal is complete! I still plan on trying for Penfed again in a couple of monthes and then I will work on CLI's and aging the accounts. Eventually I will trade my lesser cards for some prime ones. I finally feel like I am moving ahead!! And I like Nasa I may give them more buisness besides the IRA. Sorry for the book, I am just so happy! Tegleg
Congratulations!! And I would not worry about Discover. If you ever carry a balance, their 2-cycle interest computation will kill any rewards you get. Besides, my understanding is that you get the rewards at the end of the year. My credit union, at least, gives you the rebate every month on your statement, so you're getting it right away. It decreases the amount you pay.
Teg, Glad to hear you're hitting your goals, congrats on the new card! Looks like Santa was good to you!
