topic Re: PenFed Questions - Please Help?!? in Personal Finance

PenFed Questions - Please Help?!?

Anonymous — Fri, 09 Oct 2015 14:28:00 GMT

So I filled out the online application for PenFed, my goal is to establish a relationship with them and use them as my secondary bank and close my BofA as soon as I can. I'm using a local CU for my primary account to have easier access to branches and ATMS, plus they have free wire transfers (but I digress). Question, how do I know if I am '"approved for membership". I received an email saying welcome to PenFed, congratulations on becoming a member when I setup the share account, I also applied for a checking account and it's showing up online under my accounts.......

Is that a good sign, or can they close those accounts after some sort of further review? I opened them with a transfer from my CC and I already see it on my pending transactions. My grandfather was military and so were many uncles. Can't get into USAA or NFCU, I already looked into it........

Not sure what's next, if anyone could tell me what to expect, I would appreciate it so much!

Re: PenFed Questions - Please Help?!?

Anonymous — Fri, 09 Oct 2015 14:34:24 GMT

I am sure others will chime in, but it looks good to me. PenFed, to my knowledge, is good about doing it right the first time. I joined a few months ago and opened two cards with them. I am happy with my relationship with them.

Re: PenFed Questions - Please Help?!?

Anonymous — Fri, 09 Oct 2015 14:59:15 GMT

@Anonymous wrote:
I am sure others will chime in, but it looks good to me. PenFed, to my knowledge, is good about doing it right the first time. I joined a few months ago and opened two cards with them. I am happy with my relationship with them.

I'm not even going to try to open any products other than the checking and saving that I just did with them - I have the CH7 AND I'm sure the 28 inquiries on my EQ will not be working in my favor, lol! Maybe in 2 years when they all fall off (can I tell you how much I hate auto lender inquiries, there's gotta be a better way than the current system for counting them against you.........) I'll see if they've loosened up at all with a bk on the record.

Re: PenFed Questions - Please Help?!?

Anonymous — Fri, 09 Oct 2015 16:24:49 GMT

@Anonymous wrote:
@Anonymous wrote:
I am sure others will chime in, but it looks good to me. PenFed, to my knowledge, is good about doing it right the first time. I joined a few months ago and opened two cards with them. I am happy with my relationship with them.
I'm not even going to try to open any products other than the checking and saving that I just did with them - I have the CH7 AND I'm sure the 28 inquiries on my EQ will not be working in my favor, lol! Maybe in 2 years when they all fall off (can I tell you how much I hate auto lender inquiries, there's gotta be a better way than the current system for counting them against you.........) I'll see if they've loosened up at all with a bk on the record.

Oh, I see. I understand about the bankruptcy stuff. My Chapter 13 just fell off my reports in May of this year. I have 12 (inquiries-had to edit to add that.) from my August car purchase. It sucks!

Re: PenFed Questions - Please Help?!?

ddemari — Mon, 12 Oct 2015 23:56:29 GMT

OP- I think you are good. If Penfed accounts are checking and share savings are showing up online for you, then that means they are opened. Did you try applying for other products?

Re: PenFed Questions - Please Help?!?

Anonymous — Tue, 13 Oct 2015 00:02:38 GMT

No I didn't. I have a 22 month old ch7 and like 28 EQ inquiries. They'd probably laugh me right out of the CU right now.......

I'm going to deposit 500 a month and then try an auto refi with them next August when a bunch of inquiries fall off. Hoping that by building my account up will help a bit.

Re: PenFed Questions - Please Help?!?

ddemari — Tue, 13 Oct 2015 00:05:34 GMT

I think you are fine. Maybe tread lightly with the checking account and don't push any big payments or push any large deposits into the account just yet. PenFed has opened up their approval criteria. I was approved only a share account back in early 2014 with a 9 year old bankruptcy reporting at the time. Now I have many accounts with PenFed.

Re: PenFed Questions - Please Help?!?

Anonymous — Tue, 13 Oct 2015 00:17:17 GMT

I was planning on slow and steady with the checking and savings. Once I get all the ach info, I was planning on $250/semi-monthly from my direct deposit into the savings and fund the checking with the minimum from a bank transfer. After about about 6 months start making it my primary account. Let them get used to me before asking for anything.

I'm definitely more deliberate now and plan ahead all the time.

Re: PenFed Questions - Please Help?!?

ddemari — Tue, 13 Oct 2015 00:19:32 GMT

Building a relationship with a lender is a good thing. I think in your case you will be fine.

Re: PenFed Questions - Please Help?!?

CreditDunce — Wed, 14 Oct 2015 02:14:56 GMT

If you are looking to add TL's after a BK, you should consider the thrifty overdraft protection. It is close to automatically approved for $500 with new checking accounts. Assuming you are in the first 30 days, they should use the same HP they used for membership.

Cons: Interest rate too high to be a used, except in emergencies. Will decrease your AAoA.

Pros: A TL with no annual fee. Easy to keep open forever. You don't need to show any usage with it. A revolving account that should report a zero balance every month.

If you are approved, Penfed will provide you a quarterly NextGen score (not sure if you get the score without a credit product). The SP's are used for pre-qual offers. Although, there are threads saying if you join Penfed with a dirty EQ, they never give you pre-qual offers.

Re: PenFed Questions - Please Help?!?

Anonymous — Wed, 14 Oct 2015 02:23:36 GMT

I don't have a BK but I have a year old Charge Off. They let me in last month.

Started a $50 savings account. I called last night as I forgot my signin and they were pushing opening a checking account. I stated it's my emergency fund account, like a chipmunk, a place to store my cash.

Anyway, they've recently emailed me about a their latest and greatest credit card. Apply today!

Always good to have your eggs in multiple baskets IMO.

Re: PenFed Questions - Please Help?!?

Anonymous — Wed, 14 Oct 2015 13:21:47 GMT

@CreditDunce wrote:
If you are looking to add TL's after a BK, you should consider the thrifty overdraft protection. It is close to automatically approved for $500 with new checking accounts. Assuming you are in the first 30 days, they should use the same HP they used for membership.

Cons: Interest rate too high to be a used, except in emergencies. Will decrease your AAoA.
Pros: A TL with no annual fee. Easy to keep open forever. You don't need to show any usage with it. A revolving account that should report a zero balance every month.

If you are approved, Penfed will provide you a quarterly NextGen score (not sure if you get the score without a credit product). The SP's are used for pre-qual offers. Although, there are threads saying if you join Penfed with a dirty EQ, they never give you pre-qual offers.

I can't figure out how to do this. I said no when I signed up for the checking because I wasn't sure what it was all about and didn't have time to research. Do you know how to do it on the website after? I can't seem to figure it out.

I know I entered with a dirty EQ, I'm going to see if I get anywhere with them next year on other products (i.e. car refi, credit cards) - it will be 2 years post discharge in December and I'm going to put money in the savings/checking every month. I'm holding off until August to apply for anything - want to see if they find other excuses besides the bankruptcy............

Re: PenFed Questions - Please Help?!?

CreditDunce — Wed, 14 Oct 2015 23:46:35 GMT

I signed up for the thrifty service when I opened the checking account. I am not sure how you would sign up if you didn't. My guess is it should be under the applications, apply for personal loan tab. But I don't see it there. I do have a pre-qual offer for a 20k thrifty account, but I think that is a CLI offer.

My best advice is to call them and ask if you can add it to your checking account. I am sure they can help you out.

Re: PenFed Questions - Please Help?!?

ddemari — Thu, 15 Oct 2015 02:35:23 GMT

How long have you had the account? It's it's been under 90 days call them and ask to add the thrifty only if no hard pull is needed. I say they will give it to u no problems. If u really want it though is what you research. I have it but haven't used it or really intend on using it.

Re: PenFed Questions - Please Help?!?

Anonymous — Thu, 15 Oct 2015 02:53:55 GMT

I think I'll call. If it reports as a TL that would be good for me. Even if they gave me a tiny limit, it'd be worth it reporting. Not sure I'd ever use it but something reporting is always good.

Re: PenFed Questions - Please Help?!?

CreditDunce — Thu, 15 Oct 2015 04:20:42 GMT

My thrifty account reports on the 3 major CRA's. It is fairly useless for most people. All it ends up doing is lowering the AAoA. However, if you are rebuilding, it is hard to find free TL's. It can become one of your anchor trade lines long term. If the tiny limit bothers you, you can always ask for a CLI once your CR is clean.

Re: PenFed Questions - Please Help?!?

Anonymous — Thu, 15 Oct 2015 12:34:21 GMT

@CreditDunce wrote:
My thrifty account reports on the 3 major CRA's. It is fairly useless for most people. All it ends up doing is lowering the AAoA. However, if you are rebuilding, it is hard to find free TL's. It can become one of your anchor trade lines long term. If the tiny limit bothers you, you can always ask for a CLI once your CR is clean.

That's the main reason I'm thinking about grabbing it, even though it throws me out of the garden (grr, why I can't I stay in, lol). I went on an app spree over the summer so everything will age together once the IIB accounts fall off. My AAoA is still over 4 years even with all the new accounts being added (I have 3 left to report). When the IIB accounts fall off, I'll have all those lines sitting at 7+ years, so for long term I'm in good shape.

I thinki I'll call them either today or Tuesday and inquire about it. Thank you!

Re: PenFed Questions - Please Help?!?

ddemari — Thu, 15 Oct 2015 21:53:47 GMT

They are nice to deal with on the phone. I would tell the rep. that you don't want a hard pull though to open the account. When I called to open a checking account because I was restricted from online opening, the rep opened it and i didnt tell her I had a hard pull on file very recently and she pulled my credit again for the checking. So their systems are not like in tune with everything. but if they can do it, they will do it.

Re: PenFed Questions - Please Help?!?

Anonymous — Fri, 16 Oct 2015 15:08:28 GMT

So I logged into my account this morning and the thrifty account was there. Maybe I said yes when I signed up for the checking account.

The limit may be small (only $500) but it's a good start with them given my ch7 is only 22 months old.

Re: PenFed Questions - Please Help?!?

ddemari — Mon, 19 Oct 2015 21:14:19 GMT

So you never called and the thrify just showed up? congrats!