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Established Member
Posts: 16
Registered: ‎06-21-2016
0

Penfed questions

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!

Valued Contributor
Posts: 1,103
Registered: ‎04-03-2014
0

Re: Penfed questions


BrokePT 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!


^^^^^^

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.

Credit Cards: AmEx Platinum (NPSL), Citi Prestige ($25.5K), Simmons ($5.5K), IberiaBank ($14K)
Personal Lines of Credit: U.S. Bank ($5K), Wells Fargo ($11.2K), Citibank ($11.8K), PenFed CU ($25K), LA Financial CU ($20K)
myFICO 3B Report (as of 4/30/16): Experian: Score 8: 786; Mortgage Score 2: 809 Equifax: Score 8: 801; Mortgage Score 5: 809 Transunion: Score 8: 796; Mortgage Score 4: 796
Jumbo Mortgage: 3.75%
Established Member
Posts: 16
Registered: ‎06-21-2016
0

Re: Penfed questions

So one hard pull total ?

Valued Contributor
Posts: 1,480
Registered: ‎12-16-2014
0

Re: Penfed questions

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.

NFCU Go Rewards 18k, NFCU Go Rewards AU 22k, NFCU CLOC 15k, NFCU N Rewards 14k, Amex ED preferred 12k, Amex BC 1k, USAA CL 2k, Hawaiian Air Barclay 1.2k, Venture One 10.1k, Target 3.5k, Citi Costco 2k, Citi AAdvantage 7k, NFCU Platinum AR $2.4K, Penfed Platinum Rewards $5.5k. PayPal 2.2K

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores May 2017: EQ 692 TU 700 EXP 698
Community Leader
Super Contributor
Posts: 13,532
Registered: ‎04-16-2014

Re: Penfed questions

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.

Chase | Citibank | Amex | BofA | PenFed | NFCU | Discover | US Bank | Blispay
Valued Contributor
Posts: 1,480
Registered: ‎12-16-2014
0

Re: Penfed questions


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.


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.

NFCU Go Rewards 18k, NFCU Go Rewards AU 22k, NFCU CLOC 15k, NFCU N Rewards 14k, Amex ED preferred 12k, Amex BC 1k, USAA CL 2k, Hawaiian Air Barclay 1.2k, Venture One 10.1k, Target 3.5k, Citi Costco 2k, Citi AAdvantage 7k, NFCU Platinum AR $2.4K, Penfed Platinum Rewards $5.5k. PayPal 2.2K

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores May 2017: EQ 692 TU 700 EXP 698
New Member
Posts: 5
Registered: ‎02-05-2017
0

Re: Penfed questions

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. 

Valued Contributor
Posts: 2,341
Registered: ‎10-22-2015
0

Re: Penfed questions

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.  

Valued Contributor
Posts: 1,103
Registered: ‎04-03-2014
0

Re: Penfed questions


BrokePT wrote:

So one hard pull total ?


^^^

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.

 

 

Credit Cards: AmEx Platinum (NPSL), Citi Prestige ($25.5K), Simmons ($5.5K), IberiaBank ($14K)
Personal Lines of Credit: U.S. Bank ($5K), Wells Fargo ($11.2K), Citibank ($11.8K), PenFed CU ($25K), LA Financial CU ($20K)
myFICO 3B Report (as of 4/30/16): Experian: Score 8: 786; Mortgage Score 2: 809 Equifax: Score 8: 801; Mortgage Score 5: 809 Transunion: Score 8: 796; Mortgage Score 4: 796
Jumbo Mortgage: 3.75%
Established Member
Posts: 16
Registered: ‎06-21-2016
0

Re: Penfed questions

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.

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