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Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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PSECU Question for txjohn!

I solved my membership field qualification issue today so I am good to go at anytime. I am also in no rush either. My question is what type of INQ's do they pull, when and what are they good for?
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
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Re: PSECU Question for txjohn!

[ Edited ]

They pull EX exclusively.

 

Membership is a hard pull.

 

Their Platinum CC is a reward card.  They have no BT or cash fees.  Currently they have a BT promo 3.9% till December 2010.  Regular purchase & cash rate is 9.9%, so not the best, but definitely not the worst.  They provide the ability to BT online, transfer cash online and convenience checks.  They also allow you to use credit accounts as backup overdraft (no fee).

 

I like their PSL/Visa (personal service loan / visa combo account).  This is a LOC and Visa with CL's combined and mutually accessible.  You can use any promo offer or rate for your full combined CL.

 

This reports as 2 separate TL's, but each reports the "COMBINED" CL.  So if you have a $20k PSL/Visa (equals $10k LOC and $10k Visa) you will get reported the LOC with $20k and the Visa with $20k, appearing to be $40k.  So this is my circumstance.  I have a $20,000 PSL/V CL reporting as two separate accounts (the LOC and Visa) but each show my combined CL.  If I ever decide to use and carry a balance, it would be this account since my uti percentage will always be better.  I'd use another card, then probably BT to the 3.9% for a year or so.

 

The benefit is that if you use your CL and carry a balance, you have much lower FICO utilization ding.  Even if you maxed your CL, it would only report as 50% used.

 

The downside of this account is that it is 2 TL's meaning you will have both affect your AAoA and new accounts age.

 

They have credit standards similar to NFCU, IMO.  I don't have any derogs, but EX is my worst CR, by far (half the age in both oldest account and AAoA), and I applied for PSECU dead last after around 8 other new accounts reporting and multiple inquiries.

 

First I joined.  Then I applied for $10k Visa - approved.  Then a few weeks later I app'ed for the PSL/V for a total CL of $20k (their max revolving CL) - approved.

 

They also have some decent auto loan rates.

 

 

Message Edited by txjohn on 09-10-2009 03:14 PM

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
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MyFicoAddict
Posts: 284
Registered: ‎05-11-2009
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Re: PSECU Question for txjohn!

CWCID,

 

They softed my EQ but hard pulled EX. Their CC is a good card and like txjohn mentioned, their auto loans are good rates. I am thinking about doing what txjohn mentioned - the half loc half visa resulting into two accounts and two seperate TL's. They are a little slow right now since colleges have started so they are VERY backed up with membership and CC apps.

Aim to be fiscally and physically fit...
EQ - 723 FICO as of Aug 2010
TU - 757 FICO as of Sept 2010
EX - 742 FICO as of Oct 2010 (PSECU)
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
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Re: PSECU Question for txjohn!


MyFicoAddict wrote:

CWCID,

 

They softed my EQ but hard pulled EX. Their CC is a good card and like txjohn mentioned, their auto loans are good rates. I am thinking about doing what txjohn mentioned - the half loc half visa resulting into two accounts and two seperate TL's. They are a little slow right now since colleges have started so they are VERY backed up with membership and CC apps.


 

Membership will take 2 weeks...or 3.  But once that is done, loans are usually turned around in a few hours to a day at most.

 

I haven't noticed any soft on my EQ, but hey that would only help me since EX is my worst.

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Frequent Contributor
MyFicoAddict
Posts: 284
Registered: ‎05-11-2009
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Re: PSECU Question for txjohn!

I hear you,

 

EQ is my strongest with no inquries at all. I applied with PSECU last week and sent my documents same day - they confirmed they have received everything and I noted the top of the app that I was interested in the CC - I will call them tomorrow again and request if they can use same pull for the half and half loc and CC.

 

2 - 3 weeks is a reasonable timeline - this is my second week since I apped. They cleared the check though for membership minimum deposit.

Aim to be fiscally and physically fit...
EQ - 723 FICO as of Aug 2010
TU - 757 FICO as of Sept 2010
EX - 742 FICO as of Oct 2010 (PSECU)
Established Contributor
Posts: 742
Registered: ‎12-19-2008
0

Re: PSECU Question for txjohn!

[ Edited ]

creditwherecreditisdue wrote:
I solved my membership field qualification issue today so I am good to go at anytime. I am also in no rush either. My question is what type of INQ's do they pull, when and what are they good for?

Congratulations CWCID!  Best of luck with PSECU, I truly hope you achieve what you want to with PSECU when you decide what and when that is. You have always been very helpful to me and I wish you the best!

 

ETA: I thiink txjohn's approach to PSECU revolving credit is a good one.

Message Edited by plasticman on 09-10-2009 04:21 PM
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: PSECU Question for txjohn!


MyFicoAddict wrote:

I hear you,

 

EQ is my strongest with no inquries at all. I applied with PSECU last week and sent my documents same day - they confirmed they have received everything and I noted the top of the app that I was interested in the CC - I will call them tomorrow again and request if they can use same pull for the half and half loc and CC.

 

2 - 3 weeks is a reasonable timeline - this is my second week since I apped. They cleared the check though for membership minimum deposit.


 

Doc's = membership paperwork you have to print and mail back? That's it?
Frequent Contributor
MyFicoAddict
Posts: 284
Registered: ‎05-11-2009
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Re: PSECU Question for txjohn!


creditwherecreditisdue wrote:

MyFicoAddict wrote:

I hear you,

 

EQ is my strongest with no inquries at all. I applied with PSECU last week and sent my documents same day - they confirmed they have received everything and I noted the top of the app that I was interested in the CC - I will call them tomorrow again and request if they can use same pull for the half and half loc and CC.

 

2 - 3 weeks is a reasonable timeline - this is my second week since I apped. They cleared the check though for membership minimum deposit.


 

Doc's = membership paperwork you have to print and mail back? That's it?

 Yes, you can actually just print them, sign it and send it to them. I also sent them a copy of my DL and first page of bank statement for address verification.

 

Aim to be fiscally and physically fit...
EQ - 723 FICO as of Aug 2010
TU - 757 FICO as of Sept 2010
EX - 742 FICO as of Oct 2010 (PSECU)
Established Contributor
Posts: 742
Registered: ‎12-19-2008
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Re: PSECU Question for txjohn!

Can the documents be faxed to PSECU as well to speed up the process?
Frequent Contributor
MyFicoAddict
Posts: 284
Registered: ‎05-11-2009
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Re: PSECU Question for txjohn!

Good Question and that was my first question to PSECU member services (I already knew the answer, but I tried anyway - I work for a CU so am familiar with the guidelines)

 

A fax would not work - they need you actual signature and writing in pen in ink - this is for security and signature verification purposes - they can only accept mailed forms for membership establishment.

Aim to be fiscally and physically fit...
EQ - 723 FICO as of Aug 2010
TU - 757 FICO as of Sept 2010
EX - 742 FICO as of Oct 2010 (PSECU)

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