topic Re: Just joined PenFed..... in Credit Card Applications

Just joined PenFed.....

CashBackQueen — Tue, 04 Sep 2018 12:08:58 GMT

I'm finally in with a reputable credit union. Only signed up for their savings account so far, I love my current cashback checking account with another bank and don't see a need for two. I don't know much about any PenFed products, but I know they are very popular on these forums. Should I go for a card with them now or wait? The credit pull is good for 90 days right? Scores in sig are current, oldest account 11 years, AAoA 4 years, a bit of inquiries but many are starting to fall off now.

Re: Just joined PenFed.....

MrDFinance — Tue, 04 Sep 2018 12:32:55 GMT

I signed up for Penfed and Applied for thier Promise card the same day with only 5 bucks in the savings and got approved..... Its thier easier card to get so I just got it to start building some History with them to eventually go after the Platinum Rewards...... Penfed is very Hard pull happy.... They pulled my credit twice ....

Re: Just joined PenFed.....

CashBackQueen — Tue, 04 Sep 2018 12:43:33 GMT

Aww man, not twice in one day. Hmm, guess I need to decide how much a card with them is worth to me. I'm not even sure I'd get approved with my bankruptcy, but my rebuild has been going pretty well.

Re: Just joined PenFed.....

MrDFinance — Tue, 04 Sep 2018 14:02:12 GMT

Yeah not only that... Alot of thier applications including mine go into review with a loan officer.... I had to provide last 2 pay stubs to get approved....

If you don't want to take the route I took you could put their savings account to use and build history that way.....And apply for the credit cards after you have some months in that will increase your chances with the BK on your report

Re: Just joined PenFed.....

Anonymous — Tue, 04 Sep 2018 15:14:06 GMT

I signed up almost two weeks ago and they used the same HP when I applied for the platinum rewards the same day, it was an instant approval. They asked if I wanted to apply for another card they would just split my SL and I passed.

Re: Just joined PenFed.....

MrDFinance — Tue, 04 Sep 2018 16:10:09 GMT

I'm guessing it varies on the hard pull... They only gave me a $3,500 limit on the promise and Since the Platinum is a Visa Signature card with a Minimum limit of 5k I'm guessing that would of been a denial in my case... So I'm glad I took the route I did ..

Re: Just joined PenFed.....

Anonymous — Wed, 05 Sep 2018 00:10:38 GMT

I would wait till all the scores reach over 650 just to be safe, otherwise a denial of credit is most likely ...

@CashBackQueen wrote:
I'm finally in with a reputable credit union. Only signed up for their savings account so far, I love my current cashback checking account with another bank and don't see a need for two. I don't know much about any PenFed products, but I know they are very popular on these forums. Should I go for a card with them now or wait? The credit pull is good for 90 days right? Scores in sig are current, oldest account 11 years, AAoA 4 years, a bit of inquiries but many are starting to fall off now.

Re: Just joined PenFed.....

Loquat — Wed, 05 Sep 2018 11:42:16 GMT

Depending on your score and how old your BK is will play a huge role in what you can or can't get from PenFed.

Re: Just joined PenFed.....

Anonymous — Wed, 05 Sep 2018 13:21:23 GMT

@Loquat wrote:
Depending on your score and how old your BK is will play a huge role in what you can or can't get from PenFed.

As a DP, I was able to get a used-car loan at 3.99% in February 2017 at about 2 years 7 months from having filed my Chapter 7 BK, and got my Power Cash Rewards in July 2017 at the 2 year/11 month mark. PenFed was still using NextGen 2 at the time, so I believe my EQ scores then were around 690 on both occasions.