Credit Cards

[FullBird]

I know that when you join Alliant CU there is a chance of getting instant approval offers during the actual online application process, but what about NFCU and PenFed?

When you apply online for membership with NFCU or PenFed do they have offers for credit products?  Credit cards?

[refskuska]

I don't believe PenFed gives you any online preapprovals when you first join.

After a few months/years you might get online preapprovals if your credit is excellent.

After you join PenFed and get a hard inquiry on EQ you can ask PenFed to use it to apply for additional products - credit cards, car loans. In some cases that might result in an additional inquiry on TU, but in most cases it won't.

PenFed uses the same credit pull for up to 60 or 90 days(not sure which).

Message Edited by refskuska on 07-26-2009 11:56 PM

[FullBird]

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refskuska wrote:

I don't believe PenFed gives you any online preapprovals when you first join.

After a few months/years you might get online preapprovals if your credit is excellent.

After you join PenFed and get a hard inquiry on EQ you can ask PenFed to use it to apply for additional products - credit cards, car loans. In some cases that might result in an additional inquiry on TU, but in most cases it won't.

PenFed uses the same credit pull for up to 60 or 90 days(not sure which).

Message Edited by refskuska on 07-26-2009 11:56 PM

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Thank you!

I was hoping they were more like USAA or Alliant.  Do you know anything about NFCU?

Do you know of any other credit unions that work like Alliant and have online preapprovals when you join?

[pattycake]

Most allow you to apply online, but I don't know if that means you can have an instant answer. 

[FullBird]

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pattycake wrote:
Most allow you to apply online, but I don't know if that means you can have an instant answer. 

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I think we already know you can apply online for membership.  The question is whether or not they offer and special preapproved offers upon joining ... like Alliant does.

[FaircreditguyFL]

With Navy and PenFed, they will not automatically notify you with preapprovals.  If you don't not apply for any products upon joining, they will notify you. 

Message Edited by FaircreditguyFL on 07-27-2009 08:24 AM

[creditwherecreditisdue]

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refskuska wrote:

I don't believe PenFed gives you any online preapprovals when you first join.

After a few months/years you might get online preapprovals if your credit is excellent.

After you join PenFed and get a hard inquiry on EQ you can ask PenFed to use it to apply for additional products - credit cards, car loans. In some cases that might result in an additional inquiry on TU, but in most cases it won't.

PenFed uses the same credit pull for up to 60 or 90 days(not sure which).

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PenFed gives instant approvals at application. The SO got several.

The EQ credit pull they make at membership time is good for 60 to 90 days (normally). They rarely pull other credit reports. They may ask for income verification. (They have never asked either of us for anything,)

You will usually get more preapproved offers in less that a year's time. The better your credit the better your offers will be.

The preapproved offers are truly preapproved. Both the SO and I have recently received offers that we accepted. They were processed without delay or inquiry.

[txjohn]

I received multiple offers from Alliant upon memberhip application (Checking, CC, Auto, HELOC).

I did not see any signs of preapproval offers with membership on PenFed or NFCU.  I had to app each (approved), but it also resulted in hard pulls.  I don't believe I have heard of any reports of an offer upon membership for either.

However, NFCU only soft pulls for membership, so if you join then app for CC, you have 1 soft and 1 hard pull EQ.

PenFed pulled hard on me for everything.  Membership was a hard.  CC was another hard.  I didn't get the checking when I joined, and opened one a couple months later - another hard pull (I would not have done so had CSR told me it would be another pull - she told me NO pull).

[creditwherecreditisdue]

Read two posts back.

[score_building]

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FullBird wrote:

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refskuska wrote:

I don't believe PenFed gives you any online preapprovals when you first join.

After a few months/years you might get online preapprovals if your credit is excellent.

After you join PenFed and get a hard inquiry on EQ you can ask PenFed to use it to apply for additional products - credit cards, car loans. In some cases that might result in an additional inquiry on TU, but in most cases it won't.

PenFed uses the same credit pull for up to 60 or 90 days(not sure which).

Message Edited by refskuska on 07-26-2009 11:56 PM

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Thank you!

I was hoping they were more like USAA or Alliant.  Do you know anything about NFCU?

Do you know of any other credit unions that work like Alliant and have online preapprovals when you join?

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DCU, JFCU,