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Valued Member
Posts: 44
Registered: ‎02-19-2008
0

Penfed - Denied a bank account!

I have read on here its very good to get in with a credit union.  So i applied for the checking about after paying my $25 fee.
 
I was denied a checking account because my scores are to low.  My scores are 525 - 550.
 
Just wanted to give everyone a heads up in case they try to apply.  When did they start pulling credit scores for bank accounts?
Senior Contributor
Posts: 3,534
Registered: ‎11-30-2007
0

Re: Penfed - Denied a bank account!

Penfed who?  NFCU is the ONE to go for.Smiley Very Happy
Valued Member
Posts: 44
Registered: ‎02-19-2008
0

Re: Penfed - Denied a bank account!

Oh Really they are easier to get into?  I will have to try and find them.  Thanks for your help!
 
I hope they except my scores
 
Valued Member
Posts: 44
Registered: ‎02-19-2008
0

Re: Penfed - Denied a bank account!

I can't get in... Penfed allows you because I donated money.  I dont see that with NFCU.
Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007
0

Re: Penfed - Denied a bank account!

You need a bona fide military connection to get in with NFCU.  Not so with Penfed.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
New Contributor
Posts: 105
Registered: ‎05-15-2008
0

Re: Penfed - Denied a bank account!



awoodrow wrote:
I have read on here its very good to get in with a credit union.  So i applied for the checking about after paying my $25 fee.
 
I was denied a checking account because my scores are to low.  My scores are 525 - 550.
 
Just wanted to give everyone a heads up in case they try to apply.  When did they start pulling credit scores for bank accounts?


Try for a savings account!
I'm better than blessed!
Frequent Contributor
Posts: 387
Registered: ‎08-10-2007
0

Re: Penfed - Denied a bank account!



awoodrow wrote:
I have read on here its very good to get in with a credit union.  So i applied for the checking about after paying my $25 fee.
 
I was denied a checking account because my scores are to low.  My scores are 525 - 550.
 
Just wanted to give everyone a heads up in case they try to apply.  When did they start pulling credit scores for bank accounts?


If they automatically offer overdraft protection they might be pulling your scores for that.  When I signed up with my local CU I had to specifically ask for no overdraft protection.  They had a hard time understanding that at first, but eventually gave me what I wanted.
Moderator Emerita
Posts: 28,095
Registered: ‎04-01-2007
0

Re: Penfed - Denied a bank account!

PenFed always pulls an EQ credit report upon joining, period. Once you've joined, you can try for any product they have --checking, CC's,, car loans, etc-- for the next 60-90 days without an additional hard.

I suppose you could say that the hard inq is for that $5 share (savings) account that all CU's require when joining.

I agree with the other poster, open (or expand) your savings account with them and try again for other stuff when your scores rise. Have you tried talking to one of their CSR's about what would be best in your situation? I found them to be very helpful.
* 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
Valued Member
Posts: 44
Registered: ‎02-19-2008
0

Re: Penfed - Denied a bank account!

They did start me off with a savings account.
 
Do you think I could eventually get a checking account with them without them checking my scores?
Regular Contributor
Posts: 184
Registered: ‎12-30-2007
0

Re: Penfed - Denied a bank account!

Most CU these days require a decent FICO scores to open an account, and some
 
check the chex system I'm not sure if pen fed does, here is a link for you to get your
 
free annual chex report.
 
 
IMO, I would keep the saving account with them and once your score recover to the mid 600s
 
you can app for their products, such ass CC, LOC. and a checking account.

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