Forum, what do you think....PenFed

[aquatic1]

So last night I decided to see what PenFed was all about.  I am looking into building a relationship with a CU.  I went to teh website to see if I would qualify and saw that I could become a member of the military families group.  I started to begin the process but for some reason it would not go past a certain stage.  I had no choice but to cancel the application.

Today, I receive a scorewatch alert stating that I had a new inquiry.....PenFed.   Not sure was going on I called PenFed and the woman said she could not bring up my S.S. #.  I explained that I did not get past step 2 and was not able to join the group that would qualify me for membership but still received a hard inquiry on my EQ report.  After a long wait with the rep trying to figure out what was going on, she finally came back and said in order to NOT have a second pull, I needed to send in an application and to write a note stating that I did not have a membership number but they did pull my report.

Does this make sense? Should I even continue with the application process?  I really like the information I received from their website as well as on this forum.  I also am aware that based on my scores the likelihood of getting any offers are running about 0% chance. 

Also, this inquiry actually resulted in a 3 pt. increase in my EQ FICO score. 

[manyquestions]

If your EQ fico is really the 572 listed in your sig I would say you have no chance of getting anything other than a share account and probably a checking account right now but if you are just looking for a good CU to build a relationship with and you expect your scores to get up near 700 by the time you plan on applying for credit  then I would go ahead and continue the membership application. 

[smallfry]

You couldn't finish the app on the phone with the rep? How convenient.

[Anonymous]

I just applied to PenFed through the same method you did two weeks ago and everything went smoothly.

My guess is that a hard pull is "hard wired" into the online application for new membership. You got as far as needed to initiate the hard pull but not far enough to complete the application. Under those circumstances it makes sense that you would have to app through some way other than online. As far as the CSR not being able to complete your app over the phone.......not sure. It seems like that would have been an easy way to deal with this situation. 

Again, this is just a guess. PenFed seems to be a good CU although they do lag behind in technology. I dig their retro 1998 website!  

Message Edited by idmd on 10-27-2009 06:41 AM

[Itsmeagain]

If you didn't complete the application AND Penfed can't find it, then dispute the pull with EQ.  They will probably remove it.

I doubt that the pull had anything to do with your score increase.  There are probably other factors that caused the increase, such as accounts aging, paying down a balance, etc.

[creditwherecreditisdue]

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@smallfry wrote:
You couldn't finish the app on the phone with the rep? How convenient.

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The CSR's input the information you give them over the phone into the same system you do on the internet. Whether the OP or the CSR start another app it will pull another CBR. Just complete the paper app and mail in per the instructions - it won't be a problem.

Note: The CSR's are available 24/365 - the other departments are only available to the CSR's during normal business hours.

[aquatic1]

Thank you for your responses. 

My scores on my sig is not updates.  I am now in the 600's and my accounts have not updated to the new balances.  I also got JCPenney to remove all of the negative reporting on that account.

When I spoke with the CSR she said that the system would actually pull another report if we tried to do it over the phone.  There is no record of my application.  it is showing that they pulled my report on 10/25.  I will give them a call today during regular business hours.  

[creditwherecreditisdue]

Just so you know - the CBR they pulled for your membership app is the one that is going to be used for all credit app's for 60 to 90 days following the pull. Corrections and changes reported after that will not be considered in the normal process. Anything can be considered on a recon after a denial though.

[aquatic1]

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@creditwherecreditisdue wrote:
Just so you know - the CBR they pulled for your membership app is the one that is going to be used for all credit app's for 60 to 90 days following the pull. Corrections and changes reported after that will not be considered in the normal process. Anything can be considered on a recon after a denial though.

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Thank you for the information.  I really appreciate it.  I just got off the phone and I was able to complete my application for membership.  That was my main purpose.  I am fully aware that my scores will not go far as far as cc's.  The CSR was VERY nice and suggested that I try for the rebuilder/secured card they have.  I will try that once I deposit my $500 into my savings account with them.  i was really interested in building a relationship and now have done that...and also a member of the military family association as well!  My cousins in the military and my ex will be happy to hear this!

I am looking forward to my updated scores as my new cc has not posted and my new balances on my other accounts are not updated as well. 

[Itsmeagain]

FWIW, I am not a proponent of PenFed.  I had an account with them for over a year and closed it because of issues not unlike this.

One was a similar issue.  They lost my CR and pulled another within a few days.

If they can't find the CR, they can't use it.

I recommend that you first get the pull removed, then re-apply.  Otherwise, you will suffer two pulls for a single account. 

Edited to add . . . . CONGRATULATIONS!  I posted this at the same time you did.

Message Edited by Itsmeagain on 10-27-2009 11:49 AM