topic Re: PenFed Approval in Credit Cards

PenFed Approval

Uncle_Money — Wed, 06 Jul 2016 23:51:37 GMT

Hi Guys - I was just approved for a HELOC with PenFed (great terms) but I have a credit card question, which is why I'm posting it here as opposed to the mortgage section.

They pulled my Equifax yesterday. Score was 798. From what I understand, one hard pull can be used to apply for multiple credit products. Since my pull was for a HELOC, can it still be used if I want one of their cards? Or would another hard pull be required?

Thanks,

Uncle Money

Re: PenFed Approval

Anonymous — Wed, 06 Jul 2016 23:53:20 GMT

The pull should be good for 90 days! Good luck if you decide to app! Great score too!

Re: PenFed Approval

Anonymous — Wed, 06 Jul 2016 23:55:28 GMT

They will use the same pull. Get in there and take advantage. Congrats on your Home Equity Line of Credit.

Re: PenFed Approval

baller4life — Wed, 06 Jul 2016 23:55:32 GMT

Should cover a cc app as well. Awesome score!! Go for it!

Re: PenFed Approval

Anonymous — Thu, 07 Jul 2016 00:10:00 GMT

There have been isolated reports of an additional HP when apping for an additional product. I have a hunch, though, that this happens with lower scores / marginal profiles. Not the case here.

Re: PenFed Approval

Uncle_Money — Thu, 07 Jul 2016 00:15:37 GMT

Thanks, guys. Appreciate it.

So no need to call them just choose the product I want then apply and I won't see another pull?

Thanks,

Uncle Money

Re: PenFed Approval

baller4life — Thu, 07 Jul 2016 00:48:06 GMT

@Uncle_Money wrote:
Thanks, guys. Appreciate it.

So no need to call them just choose the product I want then apply and I won't see another pull?

Thanks,

Uncle Money

You can call and app over phone with CSR so you can verify that it won't be an addtl pull.

Re: PenFed Approval

Loquat — Thu, 07 Jul 2016 01:43:08 GMT

@Uncle_Money wrote:
Thanks, guys. Appreciate it.

So no need to call them just choose the product I want then apply and I won't see another pull?

Thanks,

Uncle Money

It's a YMMV kind of situation. I know lots of folks have been successful with getting multiple products with the same pull (myself included) but there was an instance when I first joined where I was pulled twice in the same week. To avoid that happening to me again I just call whenever I want something so that I can specificially say that I want to use the report on file.

Re: PenFed Approval

Anonymous — Thu, 07 Jul 2016 01:50:44 GMT

What a great score! Let us know what you do!

Re: PenFed Approval

Anonymous — Thu, 07 Jul 2016 02:52:06 GMT

Dying to know the outcome..

Please come back and let us know...

I am living vicarously through your scores!

Woo Hoo

Re: PenFed Approval

Anonymous — Thu, 07 Jul 2016 03:06:30 GMT

Awesome! Should have no problem with your score!

Re: PenFed Approval

nrm — Thu, 07 Jul 2016 06:42:36 GMT

I should have sided with PenFed. Navy FCU HP me for checking account. Then they HP me one more time for a credit card application. Now I hate Navy FCU!

On a side note, I didn't even know why I applied for the NFCU credit cards, because none of their credit cards has something I can't have from my current cards with other financial institutions.

Re: PenFed Approval

Anonymous — Thu, 07 Jul 2016 10:36:41 GMT

@nrm wrote:
I should have sided with PenFed. Navy FCU HP me for checking account. Then they HP me one more time for a credit card application. Now I hate Navy FCU!

On a side note, I didn't even know why I applied for the NFCU credit cards, because none of their credit cards has something I can't have from my current cards with other financial institutions.

6/20 I was approved for PenFed, then a few day later I wondered would NFCU been a better choice ?

Then I read a few threads here and there and it validated my choice of choosing PenFed.

I app'd for the Rewards Visa and for a small personal line of credit (PLOC) for just in case.

Membership, Savings, Visa and PLOC all on 1 Hard Pull... (which is the norm in most cases)

But realize that if I was apping maybe for a House or my scores were on the border etc.. they may also do another HardPull.

But 95% of the time they work with 1 HardPull for up to 90 days ...

I chose PenFed for sometime down the road I may need another car for the road.... lol.

They have a lovely menu of credit options. That is all I am saying.

Re: PenFed Approval

Anonymous — Thu, 07 Jul 2016 12:22:15 GMT

Congrats!

Re: PenFed Approval

Anonymous — Thu, 07 Jul 2016 13:41:12 GMT

Congrats on the HELOC approval! Good luck on your credit card application!

Re: PenFed Approval

Anonymous — Thu, 07 Jul 2016 13:50:22 GMT

I think we need to temper telling people that a single HP will be used for 90 days. It's just not true in all cases anymore. I know myself because they pulled two reports for a credit card CLI and an auto refinance. I've also seen other people reporting the same. A HELOC is such a different product than a credit card that I wouldn't be surprised at all if they pulled another report.

Re: PenFed Approval

gdale6 — Thu, 07 Jul 2016 17:44:53 GMT

Thread is now closed to further posts and directed to CC approval thread here. http://ficoforums.myfico.com/t5/Credit-Card-Approvals/Approved-for-PenFed-CC/td-p/4668769