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New Contributor
Posts: 76
Registered: ‎06-26-2015
0

PenFed $500 Overdaft protection

Does anyone know if they still hard pull after opening a credit card and money market account with them recently? I think its been like just under 100 days. I diddnt get a instant ping inquiry on my credit score apps but maybe because its the weekend? I am trying to keep my inquires down but the $500 overdraft was too hard to resist. I have a $200 overdraft with 360 but they wont give me more than $200 So I decided to make the change. 

Established Contributor
Posts: 861
Registered: ‎06-23-2010

Re: PenFed $500 Overdaft protection

As always, YMMV.   But if you applied within 90 days of the HP to open your membership, then no, the application for the Overdraft protection would not be another hard pull.  The only other scenario I can think of where this would not be a HP is if you had some other credit product with them already, they did an AR on you, and the Overdraft protection was one of the pre-approved offers they had for you this quarter.


Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 712 (02/03/2017) Tu: 717 (04/03/2013)
Goal Score: Eq: 760 Tu: 760

Wallet: PenFed Power Cash 10k | AMEX Blue Cash (AU) 49.5k | Cap One QSMC 26.5k | AMEX Platinum NPSL | LFCU Visa 11k
New Contributor
Posts: 76
Registered: ‎06-26-2015
0

Re: PenFed $500 Overdaft protection

[ Edited ]

I guess I'll just call and ask. I wish I would of known about this 90 day thing before. Smiley Sad I remember doing a search on banks who do overdraft protection a while back and penfed never showed up on tons of search results. So to ask a greedy question now. What if they do confirm a hard pull and then I apply for a real credit card? Will they use the same hard pull? 

Established Contributor
Posts: 861
Registered: ‎06-23-2010
0

Re: PenFed $500 Overdaft protection

This is true.  But if they did do another HP on you and you need any other credit products, this would be the time to go ahead and request them as it would be the same HP that they would review.  Are you getting your report directly from Equifax?  I've had mixed experiences with monitoring services and also Credit Karma.  Sometimes the HPs get me an alert within a couple hours, but other times it takes a few days.


Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 712 (02/03/2017) Tu: 717 (04/03/2013)
Goal Score: Eq: 760 Tu: 760

Wallet: PenFed Power Cash 10k | AMEX Blue Cash (AU) 49.5k | Cap One QSMC 26.5k | AMEX Platinum NPSL | LFCU Visa 11k
New Contributor
Posts: 76
Registered: ‎06-26-2015
0

Re: PenFed $500 Overdaft protection

I use credit karma. Yeah, it's a hit or miss with the inquiries showing up instantly or the next day. I'm thinking maybe because its Saturday. Waiting to talk to a rep on the phone. 

New Contributor
Posts: 76
Registered: ‎06-26-2015
0

Re: PenFed $500 Overdaft protection

[ Edited ]

Yeah, she said it was a hard pull that they will use for the next 60 daysSmiley Surprised So is that a green lite on applying for a cc? I already have one with them for 5k

Established Contributor
Posts: 861
Registered: ‎06-23-2010

Re: PenFed $500 Overdaft protection

Darn.  Wish you were able to hit that 90 day window.  Well, the good news is that since you already took the hit, if you need anything else from them, this would be the time to go ahead and do it.

 

Right now, I have an auto loan with them, and the 2% Power Cash Card.  Got those items when I opened my membership with PenFed.  I didn't know how helpful the Overdraft Protection would be to me because the only way to use that is to actually overdraft your checking account.  But my brother ended up getting the Overdraft because it was offered to him when he got his membership.


Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 712 (02/03/2017) Tu: 717 (04/03/2013)
Goal Score: Eq: 760 Tu: 760

Wallet: PenFed Power Cash 10k | AMEX Blue Cash (AU) 49.5k | Cap One QSMC 26.5k | AMEX Platinum NPSL | LFCU Visa 11k
New Contributor
Posts: 76
Registered: ‎06-26-2015
0

Re: PenFed $500 Overdaft protection

[ Edited ]

How's the auto loan thing work? Is it a pre approval that lasts 90 days or something? I have the plat cash rewards card. is that the same card ? I dont see it on the penfed site anymore . Its green

Established Contributor
Posts: 861
Registered: ‎06-23-2010
0

Re: PenFed $500 Overdaft protection

[ Edited ]

I have the Power Cash Rewards card.  I think the one you have is the older one that they had prior to Feb 2017.

 

I am not sure how their auto loans work for new vehicles.  Mine was a refinance of my current vehicle loan.  I was assume they give you an amount that you're approved up to, and then you have a certain amount of time to shop.  Or if you already know of a car you want, you can apply for that specific vehicle.

 

This is the card I have:  https://www.penfed.org/power-cash-rewards/


Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 712 (02/03/2017) Tu: 717 (04/03/2013)
Goal Score: Eq: 760 Tu: 760

Wallet: PenFed Power Cash 10k | AMEX Blue Cash (AU) 49.5k | Cap One QSMC 26.5k | AMEX Platinum NPSL | LFCU Visa 11k
Frequent Contributor
Posts: 420
Registered: ‎03-07-2007
0

Re: PenFed $500 Overdaft protection

i didnt realize u needed credit for the 500.00 overdraft line im have 2 different checking accounts and was automatically approved for 500

on each account . was denied for every other credit product 568 nextgen score

fico 08 as of june 19 2017 ex 579 tu 600 eq 568
navy fcu 1k cash rewards 375/1000 250 ssl bal 20
penfed 2 different oloc 500 each 300/500 0/500
credit one 0/450
mjc 0/5000
overstock.commenity 1229/2050
discover secured 180/300

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