topic Re: PEN FED. NOW I REALLY AM UPSET - 2 HPS in Credit Cards

PEN FED. NOW I REALLY AM UPSET - 2 HPS

Anonymous — Wed, 17 Aug 2016 03:26:46 GMT

Hey All,

So, after a greatstart to our relationship, I'm feeling wronged.

I app'd for a Visa Sigggy Rewards and got an instant approval for 29K.

I then decided to open a checking and PLOC and categorically asked if

they would need to do another HP. The CSR assured me they wouldn't.

I was approved for a 10K PLOC but looked at my CR a few days later

and saw that they DID HP me again.

I've since called and after a long wait, I was told by the CSR that they

acknowledge I was given wrong information and that they would "see about

removing the second HP from my CR".

They said I need to fax a copy of my CR showing the two HPs to their

credit duspute department and that they would see about addressing it.

Does anyone have experience with this? HOw long has it taken to have this

addressed? Do they make you jump through hoops?

Please advise..

Re: PEN FED. NOW I REALLY AM UPSET - 2 HPS

AverageJoesCredit — Wed, 17 Aug 2016 04:15:01 GMT

Sounds like it could have been an honest mistake though i have heard it is not 100% that they will use same hp for different products within 90 days. I even remember reading that the ploc is a different beast all together so that in and of itself may warrant another hp. Im sure Baller or others with more Penfed experience will be along shortly but if they ask you to send in those documents i would just do so. They seem to me to want to work with their clients and you seem to be one they'd want to keep if you were approved for an instsnt 29 K credit card and a 10 g ploc. Hope everything work out for ya

Re: PEN FED. NOW I REALLY AM UPSET - 2 HPS

morgacj2004 — Wed, 17 Aug 2016 04:46:40 GMT

Honestly I would leave it alone. 39k in credit is certainly worth 2 HP.! There are people on this forum that would trade 10 HP for the two products u just got. Word to the wise don't make waves over this, PFCU has beenacting funny of late and I wouldn't rock the boat with them. Just my two cents. Baller can chime in and may have better advice. PenFed is her baby.

Re: PEN FED. NOW I REALLY AM UPSET - 2 HPS

Kenny — Wed, 17 Aug 2016 04:50:04 GMT

The 2nd HP was probably for the checking. But either way, you willingly obtained new credit, so you might not have expected a new HP, but they are well within their rights.

Re: PEN FED. NOW I REALLY AM UPSET - 2 HPS

creditguy — Wed, 17 Aug 2016 04:57:21 GMT

It was either a mistake or misinformation, they were very generous otherwise and I wouldn't really feel wronged at this point.

Re: PEN FED. NOW I REALLY AM UPSET - 2 HPS

CreditUnionFan — Wed, 17 Aug 2016 08:02:25 GMT

Usually the same credit report is used for up to 90 days. I recently decided to do more with my membership than the lonely savings account - opened up a Visa, an Amex, and checking. I probably could've gone for the PLOC, but I didn't see myself using the PLOC, so I didn't go there.

Years ago I saw PenFed take another HP when I asked them to reconsider a denied auto loan. Since I asked for the reconsideration, I didn't fault PenFed for it.

I had a credit union HP and SP my Experian report even though I didn't ask for any loans, line of credit, overdraft, etc., and was in person. I asked and was told that they would forward my request but that the HP would likely not be removed - it wasn't. The solace I have is that as time goes by, each HP factors in less and less, until they fall off the report in two years.

Since you've made the request, PenFed may remove the inquiry. They likely will. They might not. I'd just keep an eye on the credit report to see when it happens.

Re: PEN FED. NOW I REALLY AM UPSET - 2 HPS

takeshi74 — Wed, 17 Aug 2016 13:31:28 GMT

Don't rely on the "relationship" meme.

Always be careful relying on what CSR's say especially when it comes to hard pulls. Always expect separate HP's.

HP's are typically a small factor despite the common obsession over them. If 1 HP is a big deal then you have bigger issues with your credit profile that you need to address. That said, if you qualified for a $29K limit then don't worry over a single HP. Your profile's in good shape and the HP won't matter like it will for somone with a thinner profile and/or issues.

Re: PEN FED. NOW I REALLY AM UPSET - 2 HPS

kdm31091 — Wed, 17 Aug 2016 13:35:24 GMT

It's not like they were two wasted HPs. You got generous credit out of it. I'd just leave it alone and let it go. You are seeking credit and a distinct HP for each instance is the norm.

Re: PEN FED. NOW I REALLY AM UPSET - 2 HPS

Anonymous — Wed, 17 Aug 2016 17:43:35 GMT

I for one will take 2 HPs anyday of the week and gladly thank them for the credit of $39K! wow!

But I understand for some it's the principle.... so do you just FYI like everyone is saying here PenFed has been finicky in the last month and hopefully if you dont need that much attention, don't draw it

Re: PEN FED. NOW I REALLY AM UPSET - 2 HPS

trant3 — Wed, 17 Aug 2016 22:24:24 GMT

You've received 2 nice products from them in return for 2 HPs. Thats great! THey're well within their rights to pull your credit again, and likely, it was the PLOC and the "risk based pricing", unfavorable APR terms. Nonetheless, your exchange for 2 HP's was well worth it!

Re: PEN FED. NOW I REALLY AM UPSET - 2 HPS

CreditMagic7 — Wed, 17 Aug 2016 23:38:09 GMT

@trant3 wrote:
You've received 2 nice products from them in return for 2 HPs. Thats great! THey're well within their rights to pull your credit again, and likely, it was the PLOC and the "risk based pricing", unfavorable APR terms. Nonetheless, your exchange for 2 HP's was well worth it!

Can't believe how that's even an issue for OP.

There are many here who would give them DOUBLE on top the (2) INQ's for that level of generosity with those limits.

The last thing you want to do is rock the boat over the INQ's of which they do have "permissable purpose" legally anyway.