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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: PenFed finale ! I'm done for 1yr...

No problem at all: yes, any additional products that you want to apply for from PenFed will not cost you an additional hard inquiry during this time period. For the life of me, I can't remember what the CSR told me when I app'd back in February. I have 60 days kind of stuck in my head.

When I joined, it cost one hard on EQ. Two days later I app'd for the gas card and an auto loan, with no additional inqs. Presumably I have at least another week if I wanted something else.

I was scolded for being too chicken to ask for more than a $5K CL, and I sometimes mull over a CLI, but PenFed is notorious for accusing people of "pyramiding debt": opening additional credit lines, but not paying down debt. I don't think they'd say I've been doing that, and they've already softed me and seen all my other new cards and haven't said anything, but I don't want to rock the boat. I don't need the additional credit by any means, but it's nice to elevate the average CL on cards...
* 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
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CanDoAttitude
Posts: 878
Registered: ‎04-08-2008
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Re: PenFed finale ! I'm done for 1yr...

Our credit union (Freedom First) has the same 60-day policy.
They pull Equifax when you first join, and that 1 pull is good for
any credit applications you decide to submit during that time. I think I've heard
it called "all you can eat apps" in this forum. And even if you wanted
to do another pull during that 60-day period, they won't let you. The
policy is geared towards keeping members' inquiries to a bare minimum.
But you can use that 60 days to clean up any baddies on your reports.
That way, the next time they do another pull your chances for more credit
will be even more greatly enhanced...
 
And I should point out that you don't have to do a pull every 60 days. But if you
do give them permission to pull, it's good for 60 days from that date.
 
Now imagine if Navy Federal had a policy like that. Their credit lines are generous
enough now as it is, but people would go insane if they instituted a
once-every-60 day-pull...:smileyhappy:
 
Congrats again on the new PenFed credit line. I know you'll put it to good use!
 
CanDo
 
"The right attitude is everything"
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jaxstraw
Posts: 570
Registered: ‎03-29-2008
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Re: PenFed finale ! I'm done for 1yr...

You're right ,I was mistaken. PenFed pulled only my EQ. Sorry.
Jax

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Then you are a fool. Be thankful that when God gave you a face, he gave you a fool's face
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jaxstraw
Posts: 570
Registered: ‎03-29-2008
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Re: PenFed finale ! I'm done for 1yr...

[ Edited ]
Well here's a little update thanks to 'CANDOATTITUDE' and 'HAULINGTHESCOREUP' and the information they provided........... I went to the PenFed site last night and said 'what the heck'...........if they're only going to do a soft pull for 60 more days from now.......... it won't hurt my score and won't count as a hard pull................I'm going to put in a real high number that I don't think I'll get because the decline won't really count against me.............it's not really reneging on this post where I wasn't going to apply just to make my inquiries go away in a year because it isn't really an inquiry ( or that's what I'm telling myself)...............

and.......

Visa Gold 10,000 CL - approved !!!!

I'm still counting yesterday as day one, now the question is do I get rid of the lower CL cards or keep them to maintain a longer credit history ?

Again, many thanks for the info you provided.

Jax

Message Edited by jaxstraw on 04-13-2008 03:29 AM

Message Edited by jaxstraw on 04-13-2008 03:30 AM
Jax

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Then you are a fool. Be thankful that when God gave you a face, he gave you a fool's face
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: PenFed finale ! I'm done for 1yr...

Hmmmm... where do you apply for a CLI on their website? The closest thing that I can find is where you go to an existing loan and tweak it.

Just curious, you understand! :smileywink:
* 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
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CanDoAttitude
Posts: 878
Registered: ‎04-08-2008
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Re: PenFed finale ! I'm done for 1yr...

Congratulations Again Jax!!!
 
It must be straight butter...cuz you're definitely on a roll :smileyhappy:
 
I need to point out a couple of finer points to you about the 60-day policy
I mentioned in the last post:
 
--- Using your self-control and best judgment must be at the top of your list.
Lots of people are tempted to go "app happy" because they won't get dinged
multiple times for hard inquiries within the 60-day window. So only apply for
credit that you know you can handle.
 
--- Your credit snapshot on the day you authorized the hard pull from Equifax
is "locked in" for 60 days. If your credit somehow worsens during that time,
PenFed will still use what they pulled on the day you told them to. But if your
credit improves, you'l have to wait until the next hard pull (on a date you choose)
to take advantage of it.
 
So enjoy your new credit, always pay early (worst case, on time) so  the tradelines can
marinate on your reports, and clean up any baddies you might have.
Credit unions looooove members who handle their credit responsibly and are constantly
improving their financial situation. It creates a better situation for you and less risk for
them....which makes you more attractive in the future.
 
Anyway, Congrats AGAIN on your success. Enjoy the weekend!
 
 
CanDo
 
"The right attitude is everything"
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Sylviatob
Posts: 4,596
Registered: ‎09-14-2007
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Re: PenFed finale ! I'm done for 1yr...

Congrats jax! You've made the turn around thru your hard work. It's paid off for you well! Great opening cl on the PenFed card! :smileyhappy:

Time to chill on the apps. Let those things mature a little.
"Never ever, ever be late. Never" (FUTR)
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smallfry
Posts: 4,831
Registered: ‎04-20-2007
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Re: PenFed finale ! I'm done for 1yr...

Sign in. Top left tab. Apply for a loan. You can just as easily apply on the phone. I would wait until the work week and after noon Eastern because the underwriters aren't there. However you may just have a CLI waiting for you. I received a CLI late at nite a few weeks back. The website hung so I called and the CSR said i was already approved for the requested amount. I believe Penfed along with Navy are the two best credit contacts you could possibly have. Go for it. Just a B able EQ hard pull.
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: PenFed finale ! I'm done for 1yr...

[ Edited ]

haulingthescoreup wrote:
Hmmmm... where do you apply for a CLI on their website? The closest thing that I can find is where you go to an existing loan and tweak it.

Just curious, you understand! :smileywink:


Blundered on through, and approved for new CL of $10,000, which is what I should have asked for originally, but was too chicken.

Thanks for the inspiration! :smileyvery-happy:


edit to add: thanks, smallfry! That's exactly what happened with me; the site hung up, asking the same questions over and over, and wouldn't let me enter the data. So I logged out and logged back in, and there it was.

Message Edited by haulingthescoreup on 04-13-2008 07:30 AM
* 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
Senior Contributor
Sylviatob
Posts: 4,596
Registered: ‎09-14-2007
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Re: PenFed finale ! I'm done for 1yr...

Congrats Hauling! It just keeps getting better and better for you. :smileyhappy:
"Never ever, ever be late. Never" (FUTR)

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