Reply
Valued Member
awoodrow
Posts: 44
Registered: ‎02-19-2008

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
fishbjc
Posts: 3,294
Registered: ‎11-30-2007

Re: Penfed - Denied a bank account!

Penfed who?  NFCU is the ONE to go for.:smileyvery-happy:
Valued Member
awoodrow
Posts: 44
Registered: ‎02-19-2008

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
awoodrow
Posts: 44
Registered: ‎02-19-2008

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
cheddar
Posts: 6,794
Registered: ‎09-29-2007

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. :smileysurprised: )
New Contributor
ccats704
Posts: 105
Registered: ‎05-15-2008

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
krystofur
Posts: 387
Registered: ‎08-10-2007

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
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

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
awoodrow
Posts: 44
Registered: ‎02-19-2008

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
Marvintran
Posts: 184
Registered: ‎12-30-2007

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.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+