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Contributor
Posts: 99
Registered: ‎06-08-2017

Joining PenFed for future benefit?

[ Edited ]

Wanted to run this by everyone and get thoughts.  I have gone from 0 to 100 on repairing my credit in the last few months.  I have paid off all collections, with most removed though some are just reporting paid.  I have opened 6 new TL's, including NFCU membership and GORewards.  I am planning on gardening now, but was wondering if setting up a PenFed account in anticipation of coming out of the garden next summer would be beneficial.  Was just thinking about setting up the required savings account and putting a couple hundred dollars in it.  That way, I've been a customer for a year by the time I get around to applying for my first card.  Current scores are EQ:629 TU: 673 EX: 637.  Do you think this would provide any benefit?  With everything going on, my score hopefully shouldn't have any trouble hitting low 700's by next summer.   

Community Leader
Valued Contributor
Posts: 1,761
Registered: ‎09-28-2014

Re: Joining PenFed for future benefit?


MIDWESTCOAST wrote:

Wanted to run this by everyone and get thoughts.  I have gone from 0 to 100 on repairing my credit in the last few months.  I have paid off all collections, with most removed though some are just reporting paid.  I have opened 6 new TL's, including NFCU membership and GORewards.  I am planning on gardening now, but was wondering if setting up a PenFed account in anticipation of coming out of the garden next summer would be beneficial.  Was just thinking about setting up the required savings account and putting a couple hundred dollars in it.  That way, I've been a customer for a year by the time I get around to applying for my first card.  Current scores are EQ:629 TU: 673 EX: 637.  Do you think this would provide any benefit?  With everything going on, my score hopefully shouldn't have any trouble hitting low 700's by next summer.   


I like the way you think ahead! Thinking & planning  ahead has always been very beneficial for me. I think opening an account at Penfed now for use in the future is a good idea.For one, Penfed puts restrictions on new members for the first 6 months that include pulling in deposits from linked external accounts is limited to $50/24 hours, and if you have a credit product payments to that credit aren't released to Available Credit for 10 days, so you'll miss all that.

 

Just one suggestion: Penfed will pull your EQ credit report for membership, and that HP is good for at least 60 days if you app for a credit product. So you might consider applying for a CC or line of credit since it won't been any additional HP on EQ. And if you have a credit product Penfed does an account review every 90 days, providing you with your EQ score and possible pre-approvals for additional credit. Penfed uses their own "Nextgen" score for EQ which is different than a FICO score, but my EQ Nextgen & Fico 08 scores are very close. And in your future Penfed is very good for mortgage and/or car loans.


Fico 08: 720/721/719 TU/EX/EQ
Contributor
Posts: 99
Registered: ‎06-08-2017
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Re: Joining PenFed for future benefit?

Thanks!  Yeah, I am hoping to refinance my auto loan(10.5%) next year though either NFCU or PenFed.  I like the idea of using the HP to it's max potential, though I really don't want to spook any of my new creditors with too many new accounts.(Chase, US Bank, Disco & NFCU) I've already gone from $2k to $14.5k TCL within about 2 months.  Income is just under $100k though, so while the increase is large, it's still not a large TCL for the income.  Don't want any AA right now.  UTI is about 15%, due to a large purchase I threw on one of the 0% intro's.  Could pay that off, I suppose...

Contributor
Posts: 99
Registered: ‎06-08-2017

Re: Joining PenFed for future benefit?

[ Edited ]

**UPDATE**

 

Decided to set up the share account along with checking.  Just for kicks, called to see if I could use the HP to check on refinance.  Approved @5.9%, down from 10.49% with WFDS.  Reduced the term 12 months and kept the same payment.  Well worth it!  

 

Community Leader
Valued Contributor
Posts: 1,761
Registered: ‎09-28-2014

Re: Joining PenFed for future benefit?

That's terrific, congratulations!


Fico 08: 720/721/719 TU/EX/EQ
Established Contributor
Posts: 1,141
Registered: ‎02-07-2017

Re: Joining PenFed for future benefit?

Good going! I've been a Penfed member literally since I was a teenager (my parents originally set up my share account to save for my college tuition). and they've always been good to me. Depending on how things go and what your profile looks like, you might find pre-approved offers for credit cards or vehicle loans on your member main page after Penfed's next quarterly review at the end of August. These are really great because, when Penfed puts those offers up, they do so on a SP so your inquiry count isn't affected. If you get such an offer, all you'll need to do is complete the application and sign the credit-card agreement, submit it and wait for your new card!

Rebuilding credit since 12/14 Ch7 BK discharge. FICO 9/13/17:TU 658/EX 694/EQ 688 FICO 8 or 667 FICO 9 (Penfed), VS 3.0 9/13/17: TU 704/EX 684/EQ 697. $800 Amazon Prime Store Card, $951 Cap One secured Platinum MC, $1200 Walmart Store Card, $2000 Apple FCU Platinum Visa, $3000 Penfed Power Cash Rewards Visa, $3500 Cap One Quicksilver MC, $3600 Discover It, $4300 Overstock Store Card, $10k PenFed used car loan, $5k Navient student loan. In the garden as of 7/2/17 AND THIS TIME I REALLY MEAN IT!!! (unless I get a preapproval I can't refuse...)
Contributor
Posts: 220
Registered: ‎05-26-2017
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Re: Joining PenFed for future benefit?

Welcome to PenFed!  And of course, congrats on the Re-Fi!!

Community Leader
Senior Contributor
Posts: 6,485
Registered: ‎08-04-2014

Re: Joining PenFed for future benefit?


MIDWESTCOAST wrote:

**UPDATE**

 

Decided to set up the share account along with checking.  Just for kicks, called to see if I could use the HP to check on refinance.  Approved @5.9%, down from 10.49% with WFDS.  Reduced the term 12 months and kept the same payment.  Well worth it!  

 


Welcome to PenFed! Congrats on your auto loan refinance! Well done!

Gardening since xx/xx/xx Gardenversary xx/xx/xx Score: 08/21/17 EQ 781 TU 784 EXP 789
Current Score: 781
Goal Score: 800
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