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I joined PenFed

Senior Contributor

I joined PenFed

Given the recent turn of events with BOA, I decided that joining another CU is probably good idea. I provided the $5 for membership, and $20 for membership into the military family association. 

 

I also apped for the cash rewards card with intent to BT my BOA balance over to it. It says my application is pending, so hopefully I get approved. 

 

ETA: I asked for a $20,000 CL to help offset the util for my $4000 BOA balance. Hopefully they will counter. I have several CLs around that range, so I figured that would help. 

Message Edited by FretlessMayhem on 02-24-2009 11:34 AM
Here we go again...
Message 1 of 14
13 REPLIES
Senior Contributor

Re: I joined PenFed

sounds like a good call, good luck!  i will a be somewhat relieved when i get approved for cu products somewhere.  in my experience, the decision turn around at pen fed is sometimes just a few hours to about 48 hours or so depending.
DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 2 of 14
Senior Contributor

Re: I joined PenFed


score_building wrote:
sounds like a good call, good luck!  i will a be somewhat relieved when i get approved for cu products somewhere.  in my experience, the decision turn around at pen fed is sometimes just a few hours to about 48 hours or so depending.

That would be great if it's that quick. I have a 695 EQ with no major baddies except for 2 60 day and 2 90 day lates from 2 years ago, so hopefully I will get approved. 

Here we go again...
Message 3 of 14
Established Contributor

Re: I joined PenFed

Congrats on joining PenFed, Fretless! Smiley Happy

 

I'm sure you already know that they did a hard pull

on your EQ when you joined. So if your app is pending,

chances are pretty good that worst case scenario they

will give you a counteroffer CL. 

 

Another plus to consider is that the EQ pull is good for

60-90 days. So if you have your eye on another credit card,

an auto loan, mortgage, etc. don't be shy in taking full

advantage of the opportunity.

 

I'm sure everything will work out just fine for you, Fretless.

Please keep us posted on your progress. Good Luck!!! Smiley Happy

 

CanDo

 

"The right attitude is everything"

Message 4 of 14
Established Contributor

Re: I joined PenFed

I joined also!  I did not apply for a card yet, though.  I know I would not be approved, so I wanted to wait till my reports and scores improve.  Then I will have been a member for some time and I hope that will improve my chances.
_________________________________________________________
Too many accounts; too many debts; lots of open credit, and lots of utilized credit. Scores somewhere in the 600s - I have no earthly idea exactly what number, but not 700 like it was, briefly.
Message 5 of 14
Frequent Contributor

Re: I joined PenFed

I applied for a PenFed savings account, in anticipation of applying for a credit card later.  I didn't want to apply for the CC right away, as I have a tax lien on my CR that I'm disputing. It should be resolved in my favor because I recorded the release of tax lien in early Jan, 2009.

 

I learned the hard way that PenFed does a hard pull, even when applying for a savings account only. The report they pulled still had the lien. Arghh!  Oh well, since they already pulled my CR, I called them back a few days later and applied for the CC... denied!  Then yesterday, I received a letter from them saying that future check deposits are subject to a 9 business day hold Smiley Sad

 

Oh well, so far I've only had bad luck with PenFed because I applied before the derogatory disappeared from my CR.  I'll try again in 6 months.  Or maybe I should wait a year.

 

 



09/30/2017 - EX 811 (Credit Scorecard EX FICO® Score 8, range 300-850)
11/20/2017 - TU 842 (Discover TU FICO® Score 8, range 300-850)
10/24/2017 - EQ 845 (Citi EQ FICO® Bankcard Score 8, range 250-900)
GOAL - 800! - App free since 11/22/2017
Message 6 of 14
Moderator Emerita

Re: I joined PenFed

I'd wait until your report is nice and clean.

If they turn you down because of a derog on your reports, you're stuck for 3 months, because they'll use that report for that long. (That's the flip side of the "all you can eat for 90 days" thing.)
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 7 of 14
Senior Contributor

Re: I joined PenFed

I pulled my daily pull right after I opened my account and immediately apped for the CC. I saw they harded EQ, but I assumed that was for the CC app. It's interesting that they'll pull for a savings account. That must mean they deny people savings accounts with bad credit?

 

Hopefully I stand a good shot at a CC since they approved my account immediately. 

Here we go again...
Message 8 of 14
Moderator Emerita

Re: I joined PenFed

Well, opening a savings account --"share account" in CU lingo --is how one generally establishes membership in a credit union, so I think that we're talking about the same thing.

Hard inq on EQ in order to join PenFed, which is done by opening the share account. If that makes sense. Smiley Tongue
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 9 of 14
Senior Contributor

Re: I joined PenFed

Just talked to PenFed CS. Denied for the Cash Rewards Visa. Drats. Now I need a new plan.
Here we go again...
Message 10 of 14