topic Re: Best Double Dip Method? in Personal Finance

Best Double Dip Method?

KalVerse — Mon, 15 Aug 2022 19:18:58 GMT

Hey all (735 cc) here

I am looking to establish relationships with credit unions now so that 90 days from now I can utilize double dipping. Trying to align each reporting bureau to two CU's. As in two credit unions per credit bureau

So far this is what I have come to:

Equifax: SECU (double-triple dip off products)

Transunion: Alliant CU (not sure if i can double dip products or not)

Experion: I have heard good things about Penfold Soft pulls, Loans and LOC using Experion, skipping cc as they use equifax

Also maybe Service credit union (experion i believe)

Any other ideas or tips. (no access to NFCU) Looking to get maximum credit as i can around December. Thanks!

(im no expert so feel free to correct any misinformation above).

Re: Best Double Dip Method?

coldfusion — Mon, 15 Aug 2022 19:26:58 GMT

"Penfold"? Or do you mean PenFed? If so, what is it that you heard about them and soft pulls?

I assume that by double-dipping you mean that you can reuse a hard pull within (usually) 30 days to apply for a different credit product. Is that correct?

Have you looked at this thread to get some additional ideas of who pulls from each CRA? https://ficoforums.myfico.com/t5/General-Credit-Topics/Which-Report-Will-They-Pull-Part-2/td-p/6379773

Re: Best Double Dip Method?

KalVerse — Mon, 15 Aug 2022 19:31:56 GMT

yes, Penfed! Also yes that is what I mean for double dipping. I saw on YT video that they pull experian for loans and lines of credit which could allow for only one hard pull.

I will look through that list, definitely helps a ton. Im just seeing if theres any solid guide as to which places typically are the best to maximize

Re: Best Double Dip Method?

Cookiegrabber — Wed, 17 Aug 2022 04:27:44 GMT

I'm unfamiliar with double dips and more especially the methods posted on Youtube, so it would be interesting to find out how your adventure goes.

Regarding PenFed, I thought their double dip had become random since a couple of years ago based on old threads. I can, however, contribute my anecdotal evidence that I got pulled on EQ for the CC and EX for my personal loan (a year apart, no double dip attempted).

In my experience, CU membership apps were difficult to get approved for en masse because they all have different quirks, but then I'm basically a big quirk, too, so maybe I was the issue, lol. Back in 2018 I applied for about 15 different CUs to get membership and only got approved for 4. Well, I did have some more approvals that were later canceled, some with reasons provided and some without. For some, I just couldn't provide the physical address documentation they wanted as our area is dependent on PO Boxes (USPS has no plans for home delivery). Some of them just ignored my emails and physical mail.

I do hope you have better luck as there are some really nice CU products out there. Please share your experiences with us!

Re: Best Double Dip Method?

KalVerse — Wed, 17 Aug 2022 12:46:51 GMT

Yes that helps a lot! Can now verify from two sources that Fedpen pulls diferently for CC and Loans (not that its the case for everyone). That does make sense that the CU's were wary of not being able to verify address. Although your situation definitely warrants for an excuse. Any red flag probably runs these people away. So far this is what I have gathered

Exp: Patelco (DD) & Service Credit Union

Eq: SECU (DD) & Andrews* (from what I gathered EQ is likely pull, Decent chance TU with, and the 1 story that had all three )

TU: Alliant (DD)

-Alliant is DD on CC&Loan while I believe the rest are CC&LOC

PenFed is definitely one im considering now, im not sure if you are able to double dip their LOC and Loan or if they pull twice. Will definitely be updating this journey, I have found people asking about these kinds of methods with no complete list or a lot of guidance

Re: Best Double Dip Method?

FireMedic1 — Wed, 17 Aug 2022 22:37:27 GMT

@KalVerse wrote:
Yes that helps a lot! Can now verify from two sources that Fedpen pulls diferently for CC and Loans (not that its the case for everyone). That does make sense that the CU's were wary of not being able to verify address. Although your situation definitely warrants for an excuse. Any red flag probably runs these people away. So far this is what I have gathered

Exp: Patelco (DD) & Service Credit Union
Eq: SECU (DD) & Andrews* (from what I gathered EQ is likely pull, Decent chance TU with, and the 1 story that had all three )
TU: Alliant (DD)
-Alliant is DD on CC&Loan while I believe the rest are CC&LOC

PenFed is definitely one im considering now, im not sure if you are able to double dip their LOC and Loan or if they pull twice. Will definitely be updating this journey, I have found people asking about these kinds of methods with no complete list or a lot of guidance

@KalVerse

Too funny. @coldfusion gotcha with "Penfold" My turn. Fedpen?

Cute..................Gotta love typos at times.