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Use Some Caution if Considering PenFed

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tubadude
Member

Use Some Caution if Considering PenFed

Decided to check out the PenFed information, etc., and went into their application for membership AND credit card. Got about halfway through the membership/ card application and decided it was more work than was necesaary, plus I didn't really need the card. Two days later on MYFICO I received an alert that a hard inquiry was made on my credit report. Checked it out and it was PenFed. So, called them and spoke with a very nice lady who informed me that about halfway through the application it gets submitted and the process begins. Told her that I never came close to finishing the application, but since a hard pull had already been made, let's get on with it and apply for the card. She asked a bunch more questions and gave me an immediate approval for $20K line on the Visa card.

 

Just be more cautious than I was when working your way thorough their application process.

Message 1 of 12
11 REPLIES 11
Anonymous
Not applicable

Re: Use Some Caution if Considering PenFed


@tubadude wrote:

Decided to check out the PenFed information, etc., and went into their application for membership AND credit card. Got about halfway through the membership/ card application and decided it was more work than was necesaary, plus I didn't really need the card. Two days later on MYFICO I received an alert that a hard inquiry was made on my credit report. Checked it out and it was PenFed. So, called them and spoke with a very nice lady who informed me that about halfway through the application it gets submitted and the process begins. Told her that I never came close to finishing the application, but since a hard pull had already been made, let's get on with it and apply for the card. She asked a bunch more questions and gave me an immediate approval for $20K line on the Visa card.

 

Just be more cautious than I was when working your way thorough their application process.


With Penfed, for an initial memebership it is a hardpull... Congrats on the approval..

Message 2 of 12
sobeone1
Regular Contributor

Re: Use Some Caution if Considering PenFed

So be cautious why? Because you will get a heart attack? Yes if you read on here about penfed they do a HP. We all know that but congratz and this should be moved to approvals.

credit karma has my scores at T.U 637 Equifax 668 but all of my Major cards have my score between 710-730 fico AAoA 7months with 16 inquires T.U & Eq 12 inquires.

Fingerhut $1200 my first credit. Discover it 4.5k, Paypal extras 7.8k, Barclays 2.2k, Walmart 6k, Lowes 25k, Amazon 6.5k Cap1 Q.S 4k, Venture 10k, Voice 10k, Chase freedom 2k Slate 3.5k, 5th 3rd 10k, overstock2.9k, Kingsize 1k. Nasa 20k, NFCU 14k, loc 10k, BBVA 14k, Amex ED 10k, income 76k (I put them in order of receiving them)
Message 3 of 12
tubadude
Member

Re: Use Some Caution if Considering PenFed

Guess it was later at night and I didn't catch the fine print regarding a hard pull for membership. My bad. But, it's appears to have worked out OK. Will certainly be more cognizant in the future.
Message 4 of 12
Anonymous
Not applicable

Re: Use Some Caution if Considering PenFed


@tubadude wrote:
Guess it was later at night and I didn't catch the fine print regarding a hard pull for membership. My bad. But, it's appears to have worked out OK. Will certainly be more cognizant in the future.

If there is something else you need, you may take advantage of it as they use the same HP for 90 days for all other applications just an FYI..

Message 5 of 12
SecretAzure
Valued Contributor

Re: Use Some Caution if Considering PenFed


@Anonymous wrote:

@tubadude wrote:
Guess it was later at night and I didn't catch the fine print regarding a hard pull for membership. My bad. But, it's appears to have worked out OK. Will certainly be more cognizant in the future.

If there is something else you need, you may take advantage of it as they use the same HP for 90 days for all other applications just an FYI..


Wow I had no idea. I almost registered last week knowing that I would not apply for credit with them at the current time but in the future, this would've been catastrophic to me as I just applied for 2 credit cards this month and for sure would've resulted with the standard "pyramiding debt" denial. Thank goodness for these forums because I might've done this at any time. HP for becoming member is scary.

"Show your thanks with action! Hit the "Kudos" button (the stripe with the star) for every post you find helpful to show your appreciation to the community of great individuals who help you on these forums" -Me

Active Cards: Chevron Texaco, Amex BCE, Barclays Ring, Chase Freedom, Chase Freedom Unlimited, Best Buy Visa, Marvel MCMust garden until 2/1/2022 to hit my goal AAOA. Smiley Indifferent
Message 6 of 12
tubadude
Member

Re: Use Some Caution if Considering PenFed

 
Message 7 of 12
tubadude
Member

Re: Use Some Caution if Considering PenFed

She told me I was automatically approved for a car loan of $16K if I was interested. Thanks, but no thanks. Sorry if this posted twice.
Message 8 of 12
SecretAzure
Valued Contributor

Re: Use Some Caution if Considering PenFed


@tubadude wrote:
She told me I was automatically approved for a car loan of $16K if I was interested. Thanks, but no thanks. Sorry if this posted twice.

PenFed is so unique it has it's own set of pros and cons. That is kind of one of it's pros strangely enough. To get a hard pull that works for you so much is huge. Telling you very up front "You can have one of these, one of these, and one of those if you want" is a huge benefit. The cons of course are all the weirdness around getting in, luck with UWs and CS, and more.

 

 

"Show your thanks with action! Hit the "Kudos" button (the stripe with the star) for every post you find helpful to show your appreciation to the community of great individuals who help you on these forums" -Me

Active Cards: Chevron Texaco, Amex BCE, Barclays Ring, Chase Freedom, Chase Freedom Unlimited, Best Buy Visa, Marvel MCMust garden until 2/1/2022 to hit my goal AAOA. Smiley Indifferent
Message 9 of 12
Anomalous
Senior Contributor

Re: Use Some Caution if Considering PenFed


@tubadude wrote:

Decided to check out the PenFed information, etc., and went into their application for membership AND credit card. Got about halfway through the membership/ card application and decided it was more work than was necesaary, plus I didn't really need the card. Two days later on MYFICO I received an alert that a hard inquiry was made on my credit report. Checked it out and it was PenFed. So, called them and spoke with a very nice lady who informed me that about halfway through the application it gets submitted and the process begins. Told her that I never came close to finishing the application, but since a hard pull had already been made, let's get on with it and apply for the card. She asked a bunch more questions and gave me an immediate approval for $20K line on the Visa card.

 

Just be more cautious than I was when working your way thorough their application process.


Congratulations on the approval!

Keep both your credit and your body in top shape!

Message 10 of 12
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