Penfed questions

[Anonymous]

Sorry if these have been asked a million times.  I just joined to apply for an auto loan.  Will they definitely not pull credit twice since I just joined or is there a chance for two hard pulls?  Also, If I do get approved, how long will I have to use the funds? 

Thanks!

[youdontkillmoney]

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@Anonymous wrote:

Sorry if these have been asked a million times.  I just joined to apply for an auto loan.  Will they definitely not pull credit twice since I just joined or is there a chance for two hard pulls?  Also, If I do get approved, how long will I have to use the funds? 

Thanks!

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^^^^^^

They hard pull. I just apped for one.

Should be one hard pull

You have 90 days since draft issue date to use funds, or it expires.

[Anonymous]

So one hard pull total ?

[Anonymous]

They use the one hard pull for anything you apply for during the 90 day period after that pull.  One pull for your membership and autoloan in your case.  In fact this was a challange for us because our credit improved drastically between our membership in January and auto loan application in early March and we were denied a loan, I had to call and ask them to do a new HP so we could get approved which they did.  The member service agent I spoke with told me that they will always use any HP for 90 days so when we had the new one done March 14th for our auto loan we each applied for credt cards and they used that same HP as promised.

[CreditCuriosity]

HP's aren't always good for 90 days FYI... Usually they are, but not guranteed by any means.. I personally have been hit with a two HP's within two days of each other.  Granted as a goodwill they removed the other HP, but from conversation with a senior UW they try to use the same HP within 90 day period, but not guranteed by any means.  More so than not it is good, but sometimes they want another one for whatever reason.  So a HP for 90 is not a set in stone rule as is being said.  With that said you should be good with your membership.  I just try to avoid mis-information when I see it and know the lender and have experience with them and have other cases as well.

[Anonymous]

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@CreditCuriousity wrote:

HP's aren't always good for 90 days FYI... Usually they are, but not guranteed by any means.. I personally have been hit with a two HP's within two days of each other.  Granted as a goodwill they removed the other HP, but from conversation with a senior UW they try to use the same HP within 90 day period, but not guranteed by any means.  More so than not it is good, but sometimes they want another one for whatever reason.  So a HP for 90 is not a set in stone rule as is being said.  With that said you should be good with your membership.  I just try to avoid mis-information when I see it and know the lender and have experience with them and have other cases as well.

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Just repeating what the customer service rep told me in March but its not the first time what a customer service rep says doesn't match the practice exactly.  She even told me that unless you expressly request it they will use the same HP for that 90 day period which I had to do in my case.  Guess your experience shows that there is an exception to every rule.

[Anonymous]

Definitely not always true because we got a new auto loan from Penfed last month. I applied for their cash rewards card about 2 weeks later and it was a 2nd hard pull. 

[Loquat]

Add me to the list.  I was pulled twice in the same week.  When I asked about it I was told that if for whatever reason the LO wants a more updated view of your credit, he or she will pull a new report...even if it's only days apart.  

[youdontkillmoney]

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@Anonymous wrote:

So one hard pull total ?

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^^^

In my case one hard pull only for auto loan since I've had no recent credit activity with penfed.

As for if a few days or weeks later you app for something else whether they will pull again, as you've read here,, they can; if you ask the rep since there was a pull within th epast 90 days ask them if they can not pull again if possible, doesn't hurt to ask.

[Anonymous]

I went ahead and applied for the auto loan to see what kind of interest they can offer me. Got a pretty quick approval. Just need to send in my income verification.