Re: Penfed

Anonymous · ‎02-02-2012

@Anonymous wrote:
@CS800 wrote:

Penfed uses the new EQ FICO (Next Gen) which allocates more weight to util.

We recently applied for membership with PenFed and were accepted to open a share account. We received a mailing from them saying they used "Pinnacle" but no score could be given to us. They also said that if we send them any money to be deposited into our share account it will be placed on a 9-day hold. Also, the letter said that the 9-day hold would continue for the first year of our membership. Of course, we did not apply for any credit products with them. We simply wanted the share account for now. We joined this CU at the high recommendation of so many of you folks here at myFICO. Hopefully, down the line it will be worth it.

Same thing happened to me. I forgot my EQ was frozen when I applied for membership and the Promise card. After unlocking it they pulled a hard a few days later and removed the 9 day hold. A few days later I was approved for $3k. I called asking for a higher starting limit but was told $3k was max for me at this time based on what's on my credit report.

Anonymous · ‎02-02-2012

Actually Fusion, I think its because we don't have any FICO® score. The hard pull inquiry on Equifax is clearly being shown on my husband's CR.

Anonymous · ‎02-02-2012

@Anonymous wrote:
Actually Fusion, I think its because we don't have any FICO® score. The hard pull inquiry on Equifax is clearly being shown on my husband's CR.

My apologies...I was basing it off my experience but I can see I made a fool of myself

Anonymous · ‎02-03-2012

@Anonymous wrote:
@Anonymous wrote:
Actually Fusion, I think its because we don't have any FICO® score. The hard pull inquiry on Equifax is clearly being shown on my husband's CR.
My apologies...I was basing it off my experience but I can see I made a fool of myself

NO WORRIES! I do the same thing all the time.

On another note though -- I feel like my husband and I are making fools of ourselves signing up for membership with such a snooty credit union. The more I read about PenFed, the more I wonder if they are all that great.

CS800 · ‎02-03-2012

Pinnacle ? Good to know thats the new EQ

Anonymous · ‎06-23-2012

@RyVision wrote:
@Djuicee wrote:
I registered with PenFed, did the $5 deposit thing. And out of curiosity, you guys mentioned they do a Hard Pull so you can make the account...but I don't think I ever got one. At least not on my experian report or TU...

Now I am wondering if they do this HP after you mail them the letter back. They sent me a letter just requesting a signature to make sure all the information I entered was correct (name, SS, DoB...) and I have never mailed it back yet. It said my account would be active once they recieved the letter. So when exactly does the Hard Pull occur?
PenFed HP's EQ over 90% of the time. If they're requesting you return a "signature card" to confirm your account, you've been HP'd and have 90 Days to use that EQ pull to apply for a credit product if you feel you might qualify for one. Essentially, you might as well apply for a CC with them if you're interested in one, before te 90 days is up, you've already taken the INQ for it. Check your EQ later to be sure, if it's not there, I'm sure it will be soon since you were approved as a member.

So you know though. PenFed's CC, esp they're Platinum cash back card, are some of the hardest to obtain. I'll probably get scolded for saying so (some people get the cash back Plat that I wouldn't expect, it's just rare). If you're interested in the 5% cash back at the pump card (the 1 I'm talking about), it's good to have few INQ's, 720+ EQ score and no baddies, along with some time on your file. And frankly, it's not that great of a card to waste an INQ on if there are any doubts in getting it, other than the 5% at the pump and 1% elsewhere, it's still a high interest rate for the criteria it takes to obtain it. However they are a great CU to get in with for other things, along with awesome CSR's.

I have a question on this one? Which Platinum card do you think is better? Once gives the 5% cash back and one gives 5% rewards on gas? Does anyone else know what I'm talking about? I think the Platinum cash back is better than the Platinum rewards one if your only going to use it for Gas which I am, please slap me if I'm wrong I just wanted to make sure I'm accurate on this one! I have a Costco AmEx card that I use for Groceries so I don't think the rewards one would do me justice if I just wanted the gas perks!!

Thanks