05-19-2017 01:17 PM
So, since you already have a HP on file with PenFed, I'd go ahead and app for the card if you want it. You can always recon it and explain that the one car loan will be paid off as it was traded in for the new one so no big deal. You've got the HP so time to put it to use! They will use that same HP for up to 90 days, although some report less than this at times. Let er rip!
SO they do a hard pull even for just opening up a savings acct and membership? My credit reports are not showing any kind of pull from Penfed, I thought they only did a hard pull for checking accts or cc,loans etc and not for savings and/or a membership? Thanks
Penfed membership is a HP. If you're waiting for the myFICO subscription to notify you, it will take a couple days. It's slow at notifications. If you have credit karma you should receive notice that way rather quickly as they pull EQ.
05-19-2017 01:47 PM - edited 05-19-2017 01:48 PM
I don't use myfico, I use credit karma, credit check total, and a few other free ones. Nothing is showing up on any as of yet, just didn't know they would do a hard pull for membership and savings.
05-19-2017 02:36 PM
@Luv2Cruise, all of my Credit Unions did HP's initially when I opened my membership savings accounts with them, PenFed included. Even though it's not showing yet, I'm sure it will.
You can call PenFed (the reps are great) and they will confirm it and probable ask you if you want to app for the new Power card while they have you on the phone! Best of luck! BTW... my last HP from Pen in January was good for 30 days.
Have a great weekend!
05-19-2017 02:57 PM
I just checked credit karma and it showed the hard pull, My utilization is kind of high now but id like to transfer my barclay or cap1 balances to another card if I was to get approved. If you do a balance transfer does it lower your utilization, say if you pay off 2 cards and just have 1 card with a high balance? Never done a bal transfer before so not sure about them Thanks
05-19-2017 07:24 PM
05-19-2017 08:05 PM
05-19-2017 08:37 PM
Just approved for the power cash rewards card. Only $1000, but I'm 18 months post BK7 discharge.
EQ 08 Fico: 670
Penfed Nextgen: 648
Instant or Review?: Review
POI?(If yes, what type of proof of income) No
AAOA: 3.2 years
Derogs?: (If you have a BK please list type and discharge date!) BK7 discharged 11/2015
Util: 1 %
Total EQ Inquiries:
Last 12 months: 6
Last 6 months: 2
New Accounts in last 12 months: 5
Last 6 months: 2
Congratulations on your approval!!!
05-31-2017 10:18 AM
I just joined Penfed last week, and linked my Wells Fargo account as I plan to close that when I get my payroll direct deposit moved toe Penfed. So after the two trial deposits were verified I was going to move $500 from Wells to them and was surprised by the $50 limit, more surprised ito read here it lasts for 6 months. Two questions:
1- Is their a limit in pushing an ACH deposit to Penfed? As in from my Wells Fargo account I link to Penfed, there would be any limit on sending deposits to Penfed from WF? -- I believe the maxium is based on Wells Fargo. Usually it's $5000. So as long as you push from Wells Fargo, then you can do more than the $50. After you've had your membership for 6 months, then you will be able to "pull" $5000 from Wells Fargo through your PenFed account.
2- The mobile app (Android) - when I click the "Deposit" link to take a pic of a check to deposit it tells me that feature is "currently not available". Do you know how long that restriction lasts? Your membership has to be 3 months old before you can use the Mobile Deposit feature.
My responses to questions 1 & 2 in red above.
Thanks so much for the info, and clarifying the pre-approval location on the main page. Seems pretty anal to put such restrictions on new accounts when they did a EQ HP for membership and presumably a Chex or EWS report. But, I can deal with it for the benefits of being a member. FYI, the limit for pushing $$$ from Wells Fargo is $500/day with no fee, over that they want a $10 fee, so I stick with $500 or less.
Add a number 3. to this list:
3. when making payments to a credit card, and your membership is less than 6 months old, your payments post immediately, however the available credit remains frozen for 10 days.
Does the 10 day freeze on CC payments include a payment made from a Penfed Access America checking account? I "pushed" a deposit from Wells Fargo to my Penfed Access checking which cleared today & was showing in my available balance, so I made a $300+ payment to my Power Cash Rewards Visa. The amount was immediately deducted from my checking balance, but no change to my Visa balance or available credit.It doesn't even show up as a pending transaction, the $$$ is gone from my checking and nowhere to be found.
If the 10 day freeze includes payments from my Penfed checking that's going to make it pretty much impossible to meet the $1500 90 day spend for a $100 bonus. I only got a $500 CL for my Powercash, probably because of modest income and utilization - while my overall util is only 11% a Cap One CC is at 49% util from a BT. I thought pushing $1500 spend thru Powercash in 90 days for the bonus would also strengthen the chance for a CLI.
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