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PenFed Question

Established Member

PenFed Question

I am full of questions tonight, probably should have put them all together but this is a different bank so here I am.
How long after becoming a member should I wait to apply for a card? I saw they only pull EQ and my score is currently 667 with 2 inq in the last year.

Message 1 of 9
8 REPLIES
Community Leader
Super Contributor

Re: PenFed Question

IMO immediately after becoming a member as to become a member it takes a EQ hard pull and they use that same HP for credit productis/loans good for at least 30 days.

Chase | Citibank | Amex | BofA | PenFed | NFCU | Discover | Barclay's | US Bank | Fifth Third Bank | FNBO
Message 2 of 9
Established Member

Re: PenFed Question

Wow, I didn't realize that before I joined.. guess I should ready a bit more before pulling the trigger. I guess I"ll apply and hope for the best. Was thinking I should wait until I hit 680ish but too late for that now. Thank you!

Message 3 of 9
Established Member

Re: PenFed Question

Pulled the trigger.. and denied. Oh well. I'll try again in a few months.

Message 4 of 9
Regular Contributor

Re: PenFed Question

At least give recon a go. If you get a survey, make sure you respond to it as well. I got my PenFed Platinum card on recon. Went from declined to a 5K SL a year ago and now I'm at 20K on it. 

Message 5 of 9
Valued Contributor

Re: PenFed Question

Elktech is right. MAKE SURE you do the survey, and Express your extreme disappointment when you fill it out!!!!
Chasex3/PenFedx3/NFCUx2/BofA/BMO/AMEX x5(4 revolvers +Platinum)/CapOnex2/DCU/Blispay/Cabelas/BBVA/Fifth Third/Banco de Brazil/BB&T/HSBC/Atira/Commerce Bank/State Farm Visa........I have them all. Except Barclays. They suck. And Sync. They suck worse! And Citi,, because I Have 9,000 Inq.
In the 520-530 range in 12/2015.... Currently EQ747/TU758/EX744
NFCU & PenFed are my best friends!!

In 3/2016 I had a $1800 fully secured CapOne QS. And that was it.. Current CL $247,000 (plus my auto and RV loans)
Message 6 of 9
New Member

Re: PenFed Question

I actually joined and immediately applied for a card and then an auto loan the next day. Later I noticed on my report that I actually got TWO HPs from them, one on the 19th and one on the 20th. Not sure if that is normal or not.

Message 7 of 9
Community Leader
Valued Contributor

Re: PenFed Question


SteiCamel wrote:

I actually joined and immediately applied for a card and then an auto loan the next day. Later I noticed on my report that I actually got TWO HPs from them, one on the 19th and one on the 20th. Not sure if that is normal or not.


The HP for membership is good for at least 30 days for credit card apps, auto & real estate departments do their own separate HPs.


Fico 08: 720/721/719 TU/EX/EQ
Message 8 of 9
Contributor

Re: PenFed Question

As others have said, make sure you fill out the survey and note that you're disappointed. Many have had good luck on recon. Penfed has been great to work with.

 

The two HP thing, I know Dave said that the departments do separate HPs, but when I joined in January 2017...I opened 2 CCs, an auto loan, and OD protection on 1 HP...so I don't know. I think back then the HP was good for up to 90 days (there was discussion about 30/60/90 duration). I'm pretty sure Penfed changed some of their protocols though shortly thereafter, maybe the departmental HPs was one of the changes.

Message 9 of 9