Thinking of PenFed

[bourgogne]

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@Anonymous wrote:

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@MyLoFICO wrote:

 I know the initial pull from PenFed is good for 90 days but what I am not clear on is do they do a SP to refresh it if you apply for anything during that 90 days or do they use the pull from day 1 to make their decisions for 90 days? 

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anyone knows answer to this question??

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no refresh, they use the score from your initial pull and the last ar.  the 90 days is not set in stone, if you apply for credit you should be prepared to take a hit.  they don't like self employed so they might ask for returns and/or poi.  I don't find them as generous as nfcu but their service is without peer imo.  great car loans.  overall they are a pleasure to deal with

[MyLoFICO]

I emailed Penfed and got this information in return:

Mr. B******,

"Your initial membership application would be accomplished with a hard credit
pull in order to verify your identity per the CIP (Customer Identification
Program) requirement of the USA Patriot Act. Credit Bureaus will remain on file
for 60 days, with any application filed past that time resulting in an
additional hard pull. Although we perform quarterly soft pulls to ensure members
are maintaining their credit worthiness for open ended revolving lines and to
provide members their FICO scores in PenFed Online, we do not use these scores
for credit decisions as we have more thorough holistic methods for determine
credit worthiness on an application. All credit information used at PenFed is
obtained from Equifax. Please note that if you apply for a mortgage that bureaus
will be pulled from all 3 agencies to ensure accuracy and transparency.

If you need further assistance, please contact us."

Equifax is not good right now but it should get a boost over the next few months so I think waiting is a good idea for me.