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I'm officially 'in' with PenFed ... Now what?

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Jlu
Established Contributor

I'm officially 'in' with PenFed ... Now what?

Since my FICO's are all > 700 I found it has come time to find a real bank with real people (re: credit union) since JP Morgan Chase is not the bank that I want to hold the paper on my home or cars. I signed up for PenFed last night online with an inital $5 deposit + $15 donation. I opened a checking account and funded it with $100. I am, being a credit junkie, interested in their cards. I am non-military so that AMAZING AMEX Defender card is out of the question. I have > $40k in available credit and < 10% utilization and a couple inquiries here and there. AAoA 4 years, oldest account 8 years. 1 baddie, a FP paid CO from 2009.

 

The HP'd my TU in order to open the account, which has a FICO of 701.

 

Couple quesitons:

 

1: I heard not everyone is able to join this CU not due to lack of military/gov't affiliation but rather credit history. So does that mean there a criteria for creditworthiness just for membership?

 

2: Is it worth applying for one of their cards and if so, is it true that the HP I took for opening the account good for any applications for credit that I submit within the first 90 days?

 

General opinions and comments are welcome - just no debates about Penfed vs NFCU vs DCU etc...

 

Thanks!

 

 

AMEX BCP $35k | Citi Double Cash $30k | PenFed PlatRewards $25k | Barclaycard $40k | Chase Freedom $25k | BofA Cash Rewards $40K | US Bank Cash+ $4500 | Discover IT $25k | NASA Platinum-Advantage $40k | CapOne Quicksilver $15k | Amazon Card $10k | Ten years on myFICO from 510 to 780 scores
Message 1 of 35
34 REPLIES 34
hayhayhayday
Established Member

Re: I'm officially 'in' with PenFed ... Now what?

It should be same HP. If you have opened more than 1-2 cc in the last 6 months or so your chances aren't too great but nothing to loose. Have paystubs ready as they seem to ask for them rather often at least ime

Message 2 of 35
Anonymous
Not applicable

Re: I'm officially 'in' with PenFed ... Now what?


@hayhayhayday wrote:

It should be same HP. If you have opened more than 1-2 cc in the last 6 months or so your chances aren't too great but nothing to loose. Have paystubs ready as they seem to ask for them rather often at least ime


AT what junctures are they asking for Paystub?

Message 3 of 35
B335is
Moderator Emeritus

Re: I'm officially 'in' with PenFed ... Now what?

Penfed pulled TU???? They are 99.99999% EQ puller.

What does your application status say? Have you created log in credentials yet? You have 90 days to apply for other products from the date of the hard pull. A lot of people try the Cash Rewards card, it gives 5% back at gas stations if you have the Share Savings. I just added the Promise card that has $0 BT fee and a low APR.
Message 4 of 35
Ron1
Super Contributor

Re: I'm officially 'in' with PenFed ... Now what?


@B335is wrote:
Penfed pulled TU???? They are 99.99999% EQ puller.

What does your application status say? Have you created log in credentials yet? You have 90 days to apply for other products from the date of the hard pull. A lot of people try the Cash Rewards card, it gives 5% back at gas stations if you have the Share Savings. I just added the Promise card that has $0 BT fee and a low APR.

They did once for me by request when they couldn't EQ.

 

 

Ron.

Message 5 of 35
B335is
Moderator Emeritus

Re: I'm officially 'in' with PenFed ... Now what?


@Ron1 wrote:

@B335is wrote:
Penfed pulled TU???? They are 99.99999% EQ puller.

What does your application status say? Have you created log in credentials yet? You have 90 days to apply for other products from the date of the hard pull. A lot of people try the Cash Rewards card, it gives 5% back at gas stations if you have the Share Savings. I just added the Promise card that has $0 BT fee and a low APR.

They did once for me by request when they couldn't EQ.

 

 

Ron.


Smiley Surprised

Message 6 of 35
score_building
Senior Contributor

Re: I'm officially 'in' with PenFed ... Now what?

Important Note: only join PenFed with clean reports, otherwise you could end up in their 'dirty pool' where it may take years to (or may never) receive pre-approvals.

 

If already applied with reports blemished, may as well app since they typically (but not always) re-use the pull up to 90 days.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 7 of 35
CreditUnionFan
Valued Contributor

Re: I'm officially 'in' with PenFed ... Now what?

Oh, wow, if PenFed has switched to TU, I can get in!! (my EX and EQ reports have a blemish that goes away in a year that gets factored into any approval.)

 

PenFed typically uses the same CR pull for multiple products within a timeframe, at least 30 days. (unlike DCU that would HP multiple times for each product on the same day)

 

PenFed credit cards look really great and I am hoping someday they'll let me in to that goodness.

 

Their car loans, and refinances, are really great also.

I was going to garden... Honest!
Message 8 of 35
FinStar
Moderator Emeritus

Re: I'm officially 'in' with PenFed ... Now what?


@Ron1 wrote:

@B335is wrote:
Penfed pulled TU???? They are 99.99999% EQ puller.

What does your application status say? Have you created log in credentials yet? You have 90 days to apply for other products from the date of the hard pull. A lot of people try the Cash Rewards card, it gives 5% back at gas stations if you have the Share Savings. I just added the Promise card that has $0 BT fee and a low APR.

They did once for me by request when they couldn't EQ.

 

 

Ron.


Well this is interesting indeed since in reading various threads it always seemed to poing to EQ.  Of course, I'm sure when I try for this later in the year thay might pull EQ, which would be ok.

 


@score_building wrote:

Important Note: only join PenFed with clean reports, otherwise you could end up in their 'dirty pool' where it may take years to (or may never) receive pre-approvals.

 

If already applied with reports blemished, may as well app since they typically (but not always) re-use the pull up to 90 days.


What is typically defined as "clean" in their eyes though?  I have no negative items at all in my CRs.  Baller4life has mentioned the "dirty" piece as well, but is a clean profile one that would have scores close to ~800, low inquiries and no new accounts > 6 months or > 12 mos? 

 

Message 9 of 35
baller4life
Super Contributor

Re: I'm officially 'in' with PenFed ... Now what?

Clean as in no baddies. And as far as new accounts, they are known to use the ole "pyramiding debt" as a denial reason. So has long as you haven't gone buckwild in past 12 months, you should be good. Finstar I thought you were already a member.

Message 10 of 35
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