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PenFed Questions - Please Help?!?

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Anonymous
Not applicable

Re: PenFed Questions - Please Help?!?

I don't have a BK but I have a year old Charge Off.  They let me in last month.

 

Started a $50 savings account.  I called last night as I forgot my signin and they were pushing opening a checking account. I stated it's my emergency fund account, like a chipmunk, a place to store my cash. 

 

Anyway, they've recently emailed me about a their latest and greatest credit card. Apply today! 

 

Always good to have your eggs in multiple baskets IMO.

Message 11 of 26
Anonymous
Not applicable

Re: PenFed Questions - Please Help?!?


@CreditDunce wrote:

If you are looking to add TL's after a BK, you should consider the thrifty overdraft protection.  It is close to automatically approved for $500 with new checking accounts.  Assuming you are in the first 30 days, they should use the same HP they used for membership.

 

Cons: Interest rate too high to be a used, except in emergencies.  Will decrease your AAoA. 

Pros: A TL with no annual fee.  Easy to keep open forever.  You don't need to show any usage with it.  A revolving account that should report a zero balance every month.

 

If you are approved, Penfed will provide you a quarterly NextGen score (not sure if you get the score without a credit product).  The SP's are used for pre-qual offers.  Although, there are threads saying if you join Penfed with a dirty EQ, they never give you pre-qual offers.


I can't figure out how to do this.  I said no when I signed up for the checking because I wasn't sure what it was all about and didn't have time to research.  Do you know how to do it on the website after?  I can't seem to figure it out. Smiley Sad

 

I know I entered with a dirty EQ, I'm going to see if I get anywhere with them next year on other products (i.e. car refi, credit cards) - it will be 2 years post discharge in December and I'm going to put money in the savings/checking every month.  I'm holding off until August to apply for anything - want to see if they find other excuses besides the bankruptcy............

Message 12 of 26
CreditDunce
Valued Contributor

Re: PenFed Questions - Please Help?!?

I signed up for the thrifty service when I opened the checking account.  I am not sure how you would sign up if you didn't.  My guess is it should be under the applications, apply for personal loan tab.  But I don't see it there.  I do have a pre-qual offer for a 20k thrifty account, but I think that is a CLI offer.

 

My best advice is to call them and ask if you can add it to your checking account.  I am sure they can help you out.

Message 13 of 26
ddemari
Super Contributor

Re: PenFed Questions - Please Help?!?

How long have you had the account? It's it's been under 90 days call them and ask to add the thrifty only if no hard pull is needed. I say they will give it to u no problems. If u really want it though is what you research. I have it but haven't used it or really intend on using it.
Message 14 of 26
Anonymous
Not applicable

Re: PenFed Questions - Please Help?!?

I think I'll call. If it reports as a TL that would be good for me. Even if they gave me a tiny limit, it'd be worth it reporting. Not sure I'd ever use it but something reporting is always good.
Message 15 of 26
CreditDunce
Valued Contributor

Re: PenFed Questions - Please Help?!?

My thrifty account reports on the 3 major CRA's.  It is fairly useless for most people.  All it ends up doing is lowering the AAoA.  However, if you are rebuilding, it is hard to find free TL's.  It can become one of your anchor trade lines long term.  If the tiny limit bothers you, you can always ask for a CLI once your CR is clean.

Message 16 of 26
Anonymous
Not applicable

Re: PenFed Questions - Please Help?!?


@CreditDunce wrote:

My thrifty account reports on the 3 major CRA's.  It is fairly useless for most people.  All it ends up doing is lowering the AAoA.  However, if you are rebuilding, it is hard to find free TL's.  It can become one of your anchor trade lines long term.  If the tiny limit bothers you, you can always ask for a CLI once your CR is clean.


That's the main reason I'm thinking about grabbing it, even though it throws me out of the garden (grr, why I can't I stay in, lol).  I went on an app spree over the summer so everything will age together once the IIB accounts fall off.   My AAoA is still over 4 years even with all the new accounts being added (I have 3 left to report).  When the IIB accounts fall off, I'll have all those lines sitting at 7+ years, so for long term I'm in good shape.

 

I thinki I'll call them either today or Tuesday and inquire about it.  Thank you!

Message 17 of 26
ddemari
Super Contributor

Re: PenFed Questions - Please Help?!?

They are nice to deal with on the phone. I would tell the rep. that you don't want a hard pull though to open the account. When I called to open a checking account because I was restricted from online opening, the rep opened it and i didnt tell her I had a hard pull on file very recently and she pulled my credit again for the checking. So their systems are not like in tune with everything. but if they can do it, they will do it. 

Message 18 of 26
Anonymous
Not applicable

Re: PenFed Questions - Please Help?!?

So I logged into my account this morning and the thrifty account was there. Maybe I said yes when I signed up for the checking account.

The limit may be small (only $500) but it's a good start with them given my ch7 is only 22 months old.
Message 19 of 26
ddemari
Super Contributor

Re: PenFed Questions - Please Help?!?

So you never called and the thrify just showed up? congrats! 

Message 20 of 26
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