topic Re: Penfed Membership: No hard pull in Personal Finance

Penfed Membership: No hard pull

arunkumarmm — Mon, 13 Apr 2020 16:08:51 GMT

Hi Guys,

I have wanted to start a relationship with Penfed for a long time. I have got couple of pre approval mailers from them earlier but never responded to that.

Yesterday, I decided to apply for membership. When clicked join now, they asked for my phone number to pull the details from "their sources". And sure did they pull my details and pre populated some of them. After that, it did not ask me the eligibilty or for the donation to get eligible to join.

They gave me the savings account number and prompted to sign up for online account.

I signed up and opened a checking account as well. I did not apply for any credit product or OD. I thought maybe there will be a HP today but nothing yet..

Its more surprizing that they did not do a HP and no donation for membership eligibility.

Is this normal with them? I tried searching and there is a post but no further update on that

Re: Penfed Membership: No hard pull

M_Smart007 — Mon, 13 Apr 2020 17:14:05 GMT

I think PenFed is finally changing their ways ..

I am sure tons of complaints, as they have been HP happy in the past!

Congrats on your membership.

Re: Penfed Membership: No hard pull

Anonymous — Mon, 13 Apr 2020 20:49:41 GMT

Oh man if they aren't doing HPs anymore, I can finally open up a PenFed account. Hopefully this continues to be the case. Thanks for the info. Hopefully more DPs come in and this wasn't just a fluke!

Re: Penfed Membership: No hard pull

Anonymous — Tue, 14 Apr 2020 04:37:12 GMT

I can second this..... just applied for membership and no hard pull or donation for me either

Re: Penfed Membership: No hard pull

AllZero — Tue, 14 Apr 2020 04:39:00 GMT

@arunkumarmm wrote:
Hi Guys,

I have wanted to start a relationship with Penfed for a long time. I have got couple of pre approval mailers from them earlier but never responded to that.

Yesterday, I decided to apply for membership. When clicked join now, they asked for my phone number to pull the details from "their sources". And sure did they pull my details and pre populated some of them. After that, it did not ask me the eligibilty or for the donation to get eligible to join.

They gave me the savings account number and prompted to sign up for online account.

I signed up and opened a checking account as well. I did not apply for any credit product or OD. I thought maybe there will be a HP today but nothing yet..

Its more surprizing that they did not do a HP and no donation for membership eligibility.

Is this normal with them? I tried searching and there is a post but no further update on that

Congratulations on your membership!

Re: Penfed Membership: No hard pull

AllZero — Tue, 14 Apr 2020 04:39:18 GMT

@Anonymous wrote:
I can second this..... just applied for membership and no hard pull or donation for me either

Congratulations on your membership!

Re: Penfed Membership: No hard pull

mikesonthemend — Tue, 14 Apr 2020 04:46:01 GMT

@arunkumarmm wrote:

Its more surprizing that they did not do a HP and no donation for membership eligibility.

Is this normal with them? I tried searching and there is a post but no further update on that

My experience is the total opposite of yours. Half of my EQ inquiries are from PenFed. 2 in the first day.

Re: Penfed Membership: No hard pull

Anonymous — Tue, 14 Apr 2020 05:25:04 GMT

They have indeed removed the HP for membership! Right before you submit, it says:

I authorize PenFed to obtain a consumer report from a consumer reporting agency to verify information provided in my application or for legitimate business purpose in connection with my PenFed account. This will not impact my credit score.

If it was a HP, it would not say it will not impact your score.

I decided not to go through with the app though. I'm still not sure about a CU that charges for a checking account and besides, if I join dirty I'll be waiting years to get offers. I'll wait til my BK is gone from EQ before I join.

Re: Penfed Membership: No hard pull

Anonymous — Tue, 14 Apr 2020 13:19:50 GMT

This is really good to know. They are on my list to join and it makes it a bit more attractive to bite the bullet of doing it online instead of a branch.

Re: Penfed Membership: No hard pull

Green456 — Wed, 15 Apr 2020 01:12:46 GMT

@Anonymous wrote:
They have indeed removed the HP for membership! Right before you submit, it says:

I authorize PenFed to obtain a consumer report from a consumer reporting agency to verify information provided in my application or for legitimate business purpose in connection with my PenFed account. This will not impact my credit score.
If it was a HP, it would not say it will not impact your score.

I decided not to go through with the app though. I'm still not sure about a CU that charges for a checking account and besides, if I join dirty I'll be waiting years to get offers. I'll wait til my BK is gone from EQ before I join.

Not only that. They also have much lower high yield savings rates than ally or marcus. But it does make it more likely for me to try them again in the future. Hopefully by then they will improve their online banking.

Re: Penfed Membership: No hard pull

M_Smart007 — Thu, 16 Apr 2020 03:22:44 GMT

@Anonymous wrote:
They have indeed removed the HP for membership! Right before you submit, it says:

I authorize PenFed to obtain a consumer report from a consumer reporting agency to verify information provided in my application or for legitimate business purpose in connection with my PenFed account. This will not impact my credit score.
If it was a HP, it would not say it will not impact your score.

I decided not to go through with the app though. I'm still not sure about a CU that charges for a checking account and besides, if I join dirty I'll be waiting years to get offers. I'll wait til my BK is gone from EQ before I join.

They don't charge me for checking .. or two savings.

Re: Penfed Membership: No hard pull

Wavester64 — Sat, 18 Apr 2020 17:01:21 GMT

@arunkumarmm wrote:
Hi Guys,

I have wanted to start a relationship with Penfed for a long time. I have got couple of pre approval mailers from them earlier but never responded to that.

Yesterday, I decided to apply for membership. When clicked join now, they asked for my phone number to pull the details from "their sources". And sure did they pull my details and pre populated some of them. After that, it did not ask me the eligibilty or for the donation to get eligible to join.

They gave me the savings account number and prompted to sign up for online account.

I signed up and opened a checking account as well. I did not apply for any credit product or OD. I thought maybe there will be a HP today but nothing yet..

Its more surprizing that they did not do a HP and no donation for membership eligibility.

Is this normal with them? I tried searching and there is a post but no further update on that

Thanks for this post. Followed your lead and tried for a membership today and was approved for a savings account.

So far, no HP.

I am assuming since I have this membership that in the future it should be easy to apply for one of their CCs.

Re: Penfed Membership: No hard pull

Wavester64 — Sat, 18 Apr 2020 17:03:19 GMT

@Anonymous wrote:
I can second this..... just applied for membership and no hard pull or donation for me either

No HP for me, but I believe there was a donation.

When it asked to add funds, I added $50 - but when I go back and check, it says I have $45
so I am assuming that is the donation.

Re: Penfed Membership: No hard pull

Wavester64 — Sat, 18 Apr 2020 18:00:49 GMT

@M_Smart007

>>They don't charge me for checking .. or two savings.

I just got their "Regular" Savings - trying to see if there any minimum balances to avoid
fees but I can't find anything - can you confirm?

Re: Penfed Membership: No hard pull

Anonymous — Sat, 18 Apr 2020 18:15:46 GMT

@Wavester64 wrote:
@Anonymous wrote:
I can second this..... just applied for membership and no hard pull or donation for me either
No HP for me, but I believe there was a donation.

When it asked to add funds, I added $50 - but when I go back and check, it says I have $45
so I am assuming that is the donation.

No $5 is the cost of your share in PenFed. Most CUs will take your share amount away from available balance so you can't spend it.

Re: Penfed Membership: No hard pull

arunkumarmm — Sat, 18 Apr 2020 18:19:32 GMT

Thanks everyone

Re: Penfed Membership: No hard pull

arunkumarmm — Sat, 18 Apr 2020 18:21:02 GMT

Right, I never read it closely or Maybe was not paying attention.

Re: Penfed Membership: No hard pull

arunkumarmm — Sat, 18 Apr 2020 18:22:53 GMT

Their checking is minimum $500 or $500 DD month right?

I was trying to find this but that is what i understood from their website

Re: Penfed Membership: No hard pull

arunkumarmm — Sat, 18 Apr 2020 18:24:40 GMT

I don't think there is any minimum balance requirement for their savings account

@Wavester64 wrote:
@M_Smart007

>>They don't charge me for checking .. or two savings.

I just got their "Regular" Savings - trying to see if there any minimum balances to avoid
fees but I can't find anything - can you confirm?

Re: Penfed Membership: No hard pull

M_Smart007 — Sat, 18 Apr 2020 18:25:32 GMT

@Wavester64 wrote:
@M_Smart007

>>They don't charge me for checking .. or two savings.

I just got their "Regular" Savings - trying to see if there any minimum balances to avoid
fees but I can't find anything - can you confirm?

@Wavester64

They are not charging me any fee's ...at times I have kept a minimum of $20 in each account.