04-02-2013 05:22 PM
While I'm happily at USAA, I decided to join PENFED on the 31st of March of this year (used my NCOA membership). I put $50 into the share account and sent in the form for an ATM card for that account.
In April 2014 I'll app for a credit card from them so I'm setting myself up early by positioning myself now...BUT...
What's up with the hard pull of my Equifax report just to join???
Anybody know why they do that? What are they saying, that you can be denied a PENFED membership based on your credit report/score alone?
Anybody know about this??
04-02-2013 05:23 PM
Absolutely they do a HP to join. Almost every CU does.
04-02-2013 05:26 PM
That explains a lot - I didn't know that credit unions do a HP just to join! I still would have gone through with it had I known, but I was surprised afterwards to find out.
Either way, I think joining a credit union is a great idea so I'm happy to be with PENFED.
Any cases of anybody ever being denied for this because of their credit score??
04-02-2013 06:27 PM
04-02-2013 07:58 PM - edited 04-02-2013 08:00 PM
Yes to all! There have been persons on this board denied membership and Yes, most CU's do a credit HP for membership. ( I belong to more than one CU). For one HP you can get approved as a member, possibly a loan, and get their sponsored Credit Card. Once you have a working relationship, they offer lots of other services as well. PenFed has offered me 1.49% on a new auto loan and they have been very good at increasing my cli on my Visa Card. (edited for grammar)
04-03-2013 06:03 AM
I guess considering where I was credit score/credit wise just two plus months ago, I'm pretty grateful for the PENFED membership then!
I didn't join right off the bat and expected to be offered any credit of any kind (I'm highly inquiry heavy at the moment and opened quite a few new credit accounts recently), but I'm positioning myself a year early to app for PENFED next April!
I guess there's not too much further this topic can go, so I thank everybody for the general knowlege about credit unions and PENFED specifically!
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