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PenFed - becoming a member and apps

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fittiger
Frequent Contributor

PenFed - becoming a member and apps

A few questions about becoming a member and applying for a credit card:

 

1) Do they do a hard pull when applying to become a member?

2) Can you apply for one of their cards the same day or do you have to wait to find out if your membership is accepted?

3) If you do apply the same day, do they do 2 hard pulls?

Message 1 of 6
5 REPLIES 5
dddfresh
Frequent Contributor

Re: PenFed - becoming a member and apps

Yes, yes, not in my experience. I think one pull is good for 30 days

9/2013: Fico EQ 676, EXP 686, Fico TU 686.
NFCU Flagship Sig. $14k..NFCU CashRwdsSig $14k..NFCU LOC $12.5k..USAA Amex 4k..AMEX Green NPSL..Discover IT $1.5k...BofA Cash Rewards123 $2.5k...Southwest Premier $2k..Chase Freedom $1.5k..CareCredit $3.5k..Cap1-$1.5k..HSBC $300...Lowes $1.5k...WalMart $1.5k...JCP $1k..Chevron $1.1k..Kays/Jerrod - $5k split. around 8% Util. Want to get in the 700's in 2013! Have three old paid charge offs. 15-20inq.. LAST APP 8/29/13
Message 2 of 6
newportguy
Frequent Contributor

Re: PenFed - becoming a member and apps


@fittiger wrote:

A few questions about becoming a member and applying for a credit card:

 

1) Do they do a hard pull when applying to become a member? YES

2) Can you apply for one of their cards the same day or do you have to wait to find out if your membership is accepted? You have to be a Member First ( so once your a member you can apply)

3) If you do apply the same day, do they do 2 hard pulls? NO ( 1 pull is good for 90 days)


 


Current Score: myFico EQ - 794 ( 11/ 29/2012 ) amexFico EX - 787 (10/15/2012) myFico TU - 780 (11/29/2012) Credit Sesame - 809 (02/04/2013) Goal Score * 800 Club *
****** Garden Club Member -- Last HP Jan 3rd 2013 *******
*** Amex - BCP 10 K * PenFed - CR 5 K * Amex - GDSM 5 K *
Discover - IT 5 K ***** NO MORE APPS FOR ME IN 2013 *****
Message 3 of 6
p-
Valued Contributor

Re: PenFed - becoming a member and apps


@fittiger wrote:

1) Do they do a hard pull when applying to become a member?

2) Can you apply for one of their cards the same day or do you have to wait to find out if your membership is accepted?

3) If you do apply the same day, do they do 2 hard pulls?


1.  Yes. I joined 4 months ago and it was an Equifax hard pull.

2.  I'm pretty sure I applied for a car loan the same day, immediately after joining.  If the "App Now" button appears, click it.

3.  Not for me, I did that app, plus a second auto refi app a few days later and they used the original pull.  Others have reported using the membership app as late as 30 days after for card apps.

 

One more thing - I believe they are still offering 1.49% auto refi's and loans, and .49% if you use their car buying service.  I used a similar service from USAA with a car purchase and it was definitely a savings.  If you are purchasing or able to refinance a car in the near term, try to line up your app to use the same pull.  And don't forget to optimize your utilization.

 

Good luck!

 

edit:  I did app same day, but got a 24 hour review message and was approved the next day (details)

Message 4 of 6
fittiger
Frequent Contributor

Re: PenFed - becoming a member and apps


One more thing - I believe they are still offering 1.49% auto refi's and loans, and .49% if you use their car buying service.  I used a similar service from USAA with a car purchase and it was definitely a savings.  If you are purchasing or able to refinance a car in the near term, try to line up your app to use the same pull.  And don't forget to optimize your utilization.

 

Good luck!

Do they pretty regularly offer such a low rate or is it just a current promotion? Would opening a credit card account with them help my chances of getting a low interest car loan in about a years time?

 

Message 5 of 6
p-
Valued Contributor

Re: PenFed - becoming a member and apps


@fittiger wrote:Do they pretty regularly offer such a low rate or is it just a current promotion? Would opening a credit card account with them help my chances of getting a low interest car loan in about a years time?

I think you can get the 1.49 as long as interest rates stay low.  And I'm sure that a year of good credit card history would only help you.

Message 6 of 6
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