topic Re: PENFED HP for Checking??? in Personal Finance

PENFED HP for Checking???

Openwater — Wed, 29 Jan 2020 02:36:53 GMT

Penfed members,

I opened up a savings account with Penfed, 2 weeks ago. I was going to open a checking account with them and the application process warned that there would be a credit pull to open the checking account.

I'm planning on applying for a PCR in about 6 months. If I open the checking, will they do a HP or will it be off the original pull 2 weeks ago? Should I wait to open the checking and PCR at the same time or just knock out the checking now?

Thoughts?

Re: PENFED HP for Checking???

Anonymous — Wed, 29 Jan 2020 02:49:23 GMT

Call them and ask if they can use the same HP since it's so soon would be my suggestion. Never really understood the need to HP for a deposit account to begin with.

Re: PENFED HP for Checking???

SarahJo — Wed, 29 Jan 2020 02:54:02 GMT

Yes, the opening of a PenFed membership account will prompt a HP. It is a credit union, and this is not out of the ordinary. However, are you sure a HP has not yet occurred for the savings? That is generally the case and if you open a checking account now (2 weeks after savings opening) another HP should not ensue. If you are planning on a 6 month timeframe for a CC app you can expect another HP as PenFed retains the initial pull for only 90 days.

EDIT: Saw you did receive an initial HP, you should be fine due to within 90 days.

Re: PENFED HP for Checking???

AllZero — Wed, 29 Jan 2020 02:50:47 GMT

I'm not sure how PenFed are these days. Expect a HP for everything.

Are you attempting this online?

Perhaps, try calling csr to see if they can recycle the HP from 2 weeks ago for the checking account.

Re: PENFED HP for Checking???

LittleSal — Wed, 29 Jan 2020 02:54:15 GMT

Definitely expect a HP

Re: PENFED HP for Checking???

Openwater — Wed, 29 Jan 2020 21:57:21 GMT

So I called and the rep could not say one way or another if I would get another HP. He said sometimes the same one is used sometimes it is not. I don't feel like having another HP. I think I'll just open later when I apply for the PCR.

Re: PENFED HP for Checking???

M_Smart007 — Wed, 29 Jan 2020 22:29:47 GMT

@Openwater wrote:
So I called and the rep could not say one way or another if I would get another HP. He said sometimes the same one is used sometimes it is not. I don't feel like having another HP. I think I'll just open later when I apply for the PCR.

That is probably a good choice, thanks for the update

Re: PENFED HP for Checking???

OmarR — Fri, 31 Jan 2020 02:40:22 GMT

@SarahJo wrote:
Yes, the opening of a PenFed membership account will prompt a HP. It is a credit union, and this is not out of the ordinary.

I know alot of you guys have offered DP's on HP's for CU's, but I have NEVER been HP'ed for membership (savings share, no checking) for the ones I belong to:

NFCU

Penfed

Fort Knox

Vantage West

Nusenda

If it's checking with OD coverage, I can understand...but than that's not a HP for membership.

Re: PENFED HP for Checking???

SarahJo — Fri, 31 Jan 2020 14:04:23 GMT

@OmarR wrote:
@SarahJo wrote:
Yes, the opening of a PenFed membership account will prompt a HP. It is a credit union, and this is not out of the ordinary.

I know alot of you guys have offered DP's on HP's for CU's, but I have NEVER been HP'ed for membership (savings share, no checking) for the ones I belong to:

NFCU
Penfed
Fort Knox
Vantage West
Nusenda

If it's checking with OD coverage, I can understand...but than that's not a HP for membership.

The OP stated that they received a HP for the initial app...if you have never had a HP for your CU accounts then that is wonderful :-) There have been recent DP's that PenFed account opening and CC opening at the same time even resulted in a double pull, one for each task. Also, with PenFed, in order to receive the 2% CB some (myself included, a simple transfer) run the deposit amount required per month through the checking account, which is not "savings share/no checking." It all depends on what someone is looking for to work for them. As the saying goes, YMMV!

Re: PENFED HP for Checking???

Anonymous — Fri, 31 Jan 2020 21:52:53 GMT

@SarahJo wrote:
Yes, the opening of a PenFed membership account will prompt a HP. It is a credit union, and this is not out of the ordinary. However, are you sure a HP has not yet occurred for the savings? That is generally the case and if you open a checking account now (2 weeks after savings opening) another HP should not ensue. If you are planning on a 6 month timeframe for a CC app you can expect another HP as PenFed retains the initial pull for only 90 days.

EDIT: Saw you did receive an initial HP, you should be fine due to within 90 days.

Actually, that is out of the ordinary. My wife has worked at two big CU's. If you are being HP'ed for a simple membership, that is a newbie CSR not doing it correctly. That is why you will find data points going both ways on that one. HP's will be for credit and anything for overdraft purposes. Membership pull will be Chex.

And since we are dealing with green CSR's, don't be surprised if they HP you again, since the first HP wasn't supposed to have happened and they will claim that it can't count towards your credit pull, even if it's under 90 days. Ask for a supervisor!!

Re: PENFED HP for Checking???

SarahJo — Sat, 01 Feb 2020 00:58:32 GMT

Okey dokey then...anywho, good luck on your future app for the PCR, OP! Hopefully aging your account a bit will get you a lovely SL! I enjoy mine and PenFed has been nice to do business with so far, so keep us posted :-)

Re: PENFED HP for Checking???

VPExecutive — Sat, 01 Feb 2020 17:51:16 GMT

@Anonymous wrote:
Call them and ask if they can use the same HP since it's so soon would be my suggestion. Never really understood the need to HP for a deposit account to begin with.

My guess is: they'll reuse the recent hard pull, but they don't have to.

A hard pull is used to determine your creditworthiness, obviously. I am guessing some financial institutions want to see if you pay your bills and that the person is who they say they are.

Per Doctor of Credit:

"When you open a checking account, your new bank wants to know you are creditworthy. Why? Because those with low credit scores are more likely to overdraw their accounts and then abandon those accounts to avoid paying fees."

Since credit unions are owned by their members, they don't want to annoy other members with those who cost the financial institution money by defaulting on their checking accounts.

Re: PENFED HP for Checking???

FalconSteve — Sun, 06 Sep 2020 22:15:46 GMT

That could be accomplished with a soft pull

A soft pull gives them the same info without dinging your credit

@VPExecutive wrote:
@Anonymous wrote:
Call them and ask if they can use the same HP since it's so soon would be my suggestion. Never really understood the need to HP for a deposit account to begin with.
My guess is: they'll reuse the recent hard pull, but they don't have to.

A hard pull is used to determine your creditworthiness, obviously. I am guessing some financial institutions want to see if you pay your bills and that the person is who they say they are.

Per Doctor of Credit:
"When you open a checking account, your new bank wants to know you are creditworthy. Why? Because those with low credit scores are more likely to overdraw their accounts and then abandon those accounts to avoid paying fees."

Since credit unions are owned by their members, they don't want to annoy other members with those who cost the financial institution money by defaulting on their checking accounts.