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Valued Contributor
Posts: 1,157
Registered: ‎05-21-2008
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Who does penfed pull for membership?

I'm wanting to go ahead and get a membership with penfed and open a savings account, since their rates are much better than my bank.  And in a few months I'd like to try to get their platinum rewards card.  I just don't want an inquiry on my EQ.  I know a lot of credit unions pull EQ, can someone gimme some good news? Smiley Happy

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


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Valued Contributor
Posts: 2,791
Registered: ‎03-18-2007
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Re: Who does penfed pull for membership?



thrasher865 wrote:
I'm wanting to go ahead and get a membership with penfed and open a savings account, since their rates are much better than my bank.  And in a few months I'd like to try to get their platinum rewards card.  I just don't want an inquiry on my EQ.  I know a lot of credit unions pull EQ, can someone gimme some good news? Smiley Happy


Sorry, thrasher - PenFed's EQ all the way. 
_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

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Senior Contributor
Posts: 3,432
Registered: ‎08-27-2007
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Re: Who does penfed pull for membership?

eq for credit products. i think i read that someone posted a soft on eq for a savings account. they are a 24 hour operation just give them a call to confirm the soft only.
Valued Contributor
Posts: 1,157
Registered: ‎05-21-2008
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Re: Who does penfed pull for membership?

Yeah I searched for an old thread and found EQ, oh well.  I applied anyway.  I'm not applying for credit with them in the very near future.  I want to set up a money market savings account, they have a really low minimum balance requirement ($25) and I want to start putting $50 from every paycheck in there so I have some money aside for the next emergency car repair.....  Smiley Mad  stupid car. 
 
I'm hoping if I've had an account with them for 6 months or so it will look favorable on an application for credit.  If not, though, I think I'll be alright.

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


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Frequent Contributor
Posts: 339
Registered: ‎12-12-2007
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Re: Who does penfed pull for membership?

PenFed pulls equifax exclusively...and even on just setting up a savings account.
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Valued Contributor
Posts: 1,157
Registered: ‎05-21-2008
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Re: Who does penfed pull for membership?

I could maybe understand for a checking account, but why a savings account?

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


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Established Contributor
Posts: 729
Registered: ‎10-21-2007
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Re: Who does penfed pull for membership?



thrasher865 wrote:
I could maybe understand for a checking account, but why a savings account?



Cause its their product, you want it, and cuz they CAN! silly! lol
Senior Contributor
Posts: 3,279
Registered: ‎08-03-2007
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Re: Who does penfed pull for membership?

Not sure if you are interested or not, but I figured I'd just throw it out there anyway.

NFCU has great rates also, and seems to have pretty lenient lending standards if you or someone you are related to has a military affiliation.
Here we go again...
Valued Contributor
Posts: 2,791
Registered: ‎03-18-2007
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Re: Who does penfed pull for membership?



firstinlastout wrote:
PenFed pulls equifax exclusively...and even on just setting up a savings account.


FWIW, I was told by the PenFed CSR with whom I applied over the phone that for JUST doing the savings account join-up, the inq was only a soft one.
 
Unfortunately, I ended up not being able to resist trying for one of their CC's, so I can't confirm that this would have been the case.
 
Thrasher, if you're willing to just join up for now, with only the savings account, and to take that EQ hard inq later on when you want to apply for a cc, call them and ask them about their inqs for savings account-only join-ups - maybe the CSR I spoke to is correct and they only soft you in that situation.
_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

Backdoor Numbers, Credit Scoring 101, Understanding Your FICO Score PDF
Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007
0

Re: Who does penfed pull for membership?



thrasher865 wrote:
I could maybe understand for a checking account, but why a savings account?



That's why it makes no sense to apply for membership until you are ready for credit.
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