topic Re: Pencfed app in Credit Card Applications

Penfed app

Howaboutthat — Sat, 18 May 2019 11:16:19 GMT

I joined Penfed a week ago and the csc kept asking if I was interested in their other products, auto, cards and such. I said no because I wasn’t sure of a hard pull or not. Read here that they use the same initial pull for a month. Is that so? If so I’ll app for one of their cards. My Eq score last month was 667 so I imagine it’s a bit better now as I continue to clear debt. I do have a baddie, other than that my file is clean. While I know no one can definitively answer I’m wondering about my chances.

Re: Pencfed app

GenesisLS — Fri, 17 May 2019 18:57:05 GMT

Not sure what your "baddie" is but as I understand Penfed, any unpaid collection or charge off is an instant denial. They've also tightened up their UW most suggest 700 or real close to it for a good chance at approval. I have one bad mark on my reports (3 year old auto loan charge off as the cosignor) and that was the reason for denial for me. Ymmv good luck.

Re: Pencfed app

Howaboutthat — Fri, 17 May 2019 19:07:53 GMT

Yeah it’s an unpaid collection. I’ll pay it off and wait awhile. But if it’s really and truly a soft pull what’s the harm.

Re: Pencfed app

GenesisLS — Fri, 17 May 2019 23:21:41 GMT

If you pay it off and let it report as paid, it might push your score just high enough to be in good shape with Penfed. Just a thought. Good luck and let us know what happens.

Re: Pencfed app

Howaboutthat — Sat, 18 May 2019 00:21:22 GMT

So will it be a soft pull being a I just joined.

Re: Pencfed app

FinStar — Sat, 18 May 2019 02:19:31 GMT

@Howaboutthat wrote:
So will it be a soft pull being a I just joined.

If you apply for any credit products, it will be a HP.

Re: Pencfed app

Anonymous — Sat, 18 May 2019 06:54:38 GMT

I can add to this...

I have Savings only from 2004 with Penfed and asked just 2 days ago about opening checking/draft account and whether it would be a hard pull or soft as I was an existing member... HARD PULL, while she was very friendly, she made it very clear that If I didn't apply for CC, OverDraft, etc at the same time that she could guarantee an additional HP would be made.

I received the same info via secure message from another rep, HP good for "that day" only.

Re: Pencfed app

AverageJoesCredit — Sat, 18 May 2019 12:24:49 GMT

Even 700's get denied

Re: Pencfed app

CreditInspired — Sat, 18 May 2019 16:26:01 GMT

@Anonymous wrote:
I can add to this...

I have Savings only from 2004 with Penfed and asked just 2 days ago about opening checking/draft account and whether it would be a hard pull or soft as I was an existing member... HARD PULL, while she was very friendly, she made it very clear that If I didn't apply for CC, OverDraft, etc at the same time that she could guarantee an additional HP would be made.

I received the same info via secure message from another rep, HP good for "that day" only.

I agree that it would have to occur at the same time; otherwise a HP.

Re: Penfed app

JGGM — Sat, 18 May 2019 21:13:26 GMT

PenFed is an odd sort. I have been reading on here the stories of people not getting approved with solid scores, 700+. I think when I originally got in with PenFed (back when they were a hot topic here on MF) with a 650 score?? I have the Power Cash Rewards and the Promise. They were generous on both credit limits and it was a near-instant approval on both if memory servies me correct (at this point combined it's $38k, I think the starting limit was around $20k combined). I do have one blemish that's going to fall off this year (a $300 paid collection). I will say, with PenFed, much like with NFCU, I just assume any time I ask for a CLI or a different product there will be a HP.

My biggest gripe with PenFed is their online system - it seems so antiquated, like back to the 90's or something. Then again, I really don't use their cards often, but I like the utilization padding. I'm sure they'll slash it at some point for non-use.

Re: Pencfed app

Meanmchine — Sun, 19 May 2019 03:03:24 GMT

@GenesisLS wrote:
Not sure what your "baddie" is but as I understand Penfed, any unpaid collection or charge off is an instant denial. They've also tightened up their UW most suggest 700 or real close to it for a good chance at approval. I have one bad mark on my reports (3 year old auto loan charge off as the cosignor) and that was the reason for denial for me. Ymmv good luck.

When i joined 2 years ago, I was approved for a PCR card $3500 720ish EQ and 2 unpaid chargeoffs

Re: Pencfed app

Green456 — Sun, 19 May 2019 19:18:04 GMT

@AverageJoesCredit wrote:
Even 700's get denied

800 here got denied due to student loans.

Re: Pencfed app

Anonymous — Sun, 19 May 2019 21:52:19 GMT

@GenesisLS wrote:
If you pay it off and let it report as paid, it might push your score just high enough to be in good shape with Penfed. Just a thought. Good luck and let us know what happens.

Are you sure about this? I thought that simply paying a collection off and having it report as "paid" or with a zero balance doesn't affect your credit score because it still lists as a collection on your credit report, which is a score-killer. Just like it doesn't matter if the collection balance is for $5 or $5,000. That's why you have to ask them if they will DELETE it after you pay, and that's how you get the score increase. At least, that's what happened in my case.

Re: Pencfed app

GenesisLS — Mon, 20 May 2019 00:51:19 GMT

I believe Penfed uses fico 9. The major difference between fico 8 & 9 is that 9 doesn't penalize you for fully paid collections. It will dock you for "settled for less" though. And if Penfed's uw doesn't like "unpaid" collections it will help in that way too. GL

Re: Pencfed app

GenesisLS — Mon, 20 May 2019 00:59:37 GMT

I stand corrected... settled collections also do not affect fico 9 scores as long as the balance is zero.
https://businesscreditreports.com/facts-you-need-to-know-about-the-new-fico-score-9/

Re: Pencfed app

Anonymous — Mon, 20 May 2019 16:49:03 GMT

Roger that.