topic Re: PSECU Question for txjohn! in Credit Cards

PSECU Question for txjohn!

Anonymous — Thu, 10 Sep 2009 21:30:03 GMT

I solved my membership field qualification issue today so I am good to go at anytime. I am also in no rush either. My question is what type of INQ's do they pull, when and what are they good for?

Re: PSECU Question for txjohn!

Anonymous — Thu, 10 Sep 2009 22:14:15 GMT

They pull EX exclusively.

Membership is a hard pull.

Their Platinum CC is a reward card. They have no BT or cash fees. Currently they have a BT promo 3.9% till December 2010. Regular purchase & cash rate is 9.9%, so not the best, but definitely not the worst. They provide the ability to BT online, transfer cash online and convenience checks. They also allow you to use credit accounts as backup overdraft (no fee).

I like their PSL/Visa (personal service loan / visa combo account). This is a LOC and Visa with CL's combined and mutually accessible. You can use any promo offer or rate for your full combined CL.

This reports as 2 separate TL's, but each reports the "COMBINED" CL. So if you have a $20k PSL/Visa (equals $10k LOC and $10k Visa) you will get reported the LOC with $20k and the Visa with $20k, appearing to be $40k. So this is my circumstance. I have a $20,000 PSL/V CL reporting as two separate accounts (the LOC and Visa) but each show my combined CL. If I ever decide to use and carry a balance, it would be this account since my uti percentage will always be better. I'd use another card, then probably BT to the 3.9% for a year or so.

The benefit is that if you use your CL and carry a balance, you have much lower FICO utilization ding. Even if you maxed your CL, it would only report as 50% used.

The downside of this account is that it is 2 TL's meaning you will have both affect your AAoA and new accounts age.

They have credit standards similar to NFCU, IMO. I don't have any derogs, but EX is my worst CR, by far (half the age in both oldest account and AAoA), and I applied for PSECU dead last after around 8 other new accounts reporting and multiple inquiries.

First I joined. Then I applied for $10k Visa - approved. Then a few weeks later I app'ed for the PSL/V for a total CL of $20k (their max revolving CL) - approved.

They also have some decent auto loan rates.

Message Edited by txjohn on 09-10-2009 03:14 PM

Re: PSECU Question for txjohn!

Anonymous — Thu, 10 Sep 2009 22:12:48 GMT

CWCID,

They softed my EQ but hard pulled EX. Their CC is a good card and like txjohn mentioned, their auto loans are good rates. I am thinking about doing what txjohn mentioned - the half loc half visa resulting into two accounts and two seperate TL's. They are a little slow right now since colleges have started so they are VERY backed up with membership and CC apps.

Re: PSECU Question for txjohn!

Anonymous — Thu, 10 Sep 2009 22:15:50 GMT

@Anonymous wrote:
CWCID,

They softed my EQ but hard pulled EX. Their CC is a good card and like txjohn mentioned, their auto loans are good rates. I am thinking about doing what txjohn mentioned - the half loc half visa resulting into two accounts and two seperate TL's. They are a little slow right now since colleges have started so they are VERY backed up with membership and CC apps.

Membership will take 2 weeks...or 3. But once that is done, loans are usually turned around in a few hours to a day at most.

I haven't noticed any soft on my EQ, but hey that would only help me since EX is my worst.

Re: PSECU Question for txjohn!

Anonymous — Thu, 10 Sep 2009 22:23:55 GMT

I hear you,

EQ is my strongest with no inquries at all. I applied with PSECU last week and sent my documents same day - they confirmed they have received everything and I noted the top of the app that I was interested in the CC - I will call them tomorrow again and request if they can use same pull for the half and half loc and CC.

2 - 3 weeks is a reasonable timeline - this is my second week since I apped. They cleared the check though for membership minimum deposit.

Re: PSECU Question for txjohn!

Anonymous — Thu, 10 Sep 2009 23:21:24 GMT

@Anonymous wrote:
I solved my membership field qualification issue today so I am good to go at anytime. I am also in no rush either. My question is what type of INQ's do they pull, when and what are they good for?

Congratulations CWCID! Best of luck with PSECU, I truly hope you achieve what you want to with PSECU when you decide what and when that is. You have always been very helpful to me and I wish you the best!

ETA: I thiink txjohn's approach to PSECU revolving credit is a good one.

Message Edited by plasticman on 09-10-2009 04:21 PM

Re: PSECU Question for txjohn!

Anonymous — Thu, 10 Sep 2009 22:34:31 GMT

@Anonymous wrote:
I hear you,

EQ is my strongest with no inquries at all. I applied with PSECU last week and sent my documents same day - they confirmed they have received everything and I noted the top of the app that I was interested in the CC - I will call them tomorrow again and request if they can use same pull for the half and half loc and CC.

2 - 3 weeks is a reasonable timeline - this is my second week since I apped. They cleared the check though for membership minimum deposit.

Doc's = membership paperwork you have to print and mail back? That's it?

Re: PSECU Question for txjohn!

Anonymous — Thu, 10 Sep 2009 23:17:16 GMT

@Anonymous wrote:
@Anonymous wrote:
I hear you,

EQ is my strongest with no inquries at all. I applied with PSECU last week and sent my documents same day - they confirmed they have received everything and I noted the top of the app that I was interested in the CC - I will call them tomorrow again and request if they can use same pull for the half and half loc and CC.

2 - 3 weeks is a reasonable timeline - this is my second week since I apped. They cleared the check though for membership minimum deposit.

Doc's = membership paperwork you have to print and mail back? That's it?

Yes, you can actually just print them, sign it and send it to them. I also sent them a copy of my DL and first page of bank statement for address verification.

Re: PSECU Question for txjohn!

Anonymous — Thu, 10 Sep 2009 23:24:27 GMT

Can the documents be faxed to PSECU as well to speed up the process?

Re: PSECU Question for txjohn!

Anonymous — Thu, 10 Sep 2009 23:32:10 GMT

Good Question and that was my first question to PSECU member services (I already knew the answer, but I tried anyway - I work for a CU so am familiar with the guidelines)

A fax would not work - they need you actual signature and writing in pen in ink - this is for security and signature verification purposes - they can only accept mailed forms for membership establishment.

Re: PSECU Question for txjohn!

Anonymous — Thu, 10 Sep 2009 23:41:48 GMT

I have faxed signed docs to NFCU and to Discover via their secure fax lines. They then sent me the same docs by mail to resend later. They did accept the faxed docs for approval and did not need to wait for the actual ones to move forward.

However, your explanation makes complete sense to me. Different policies for different lenders.

ETA: Thanks for the informed response!

Message Edited by plasticman on 09-10-2009 04:41 PM

Re: PSECU Question for txjohn!

Anonymous — Thu, 10 Sep 2009 23:44:39 GMT

I am in no rush to get this done. I may wait to see what changes come with USAA by the end of the year and I am not excited to destroy my AAoA. The door is now open and that won't change. That said...

Is the membership EX hard pull good for an app or do you get harded again when you app?, and

txjohn, I thought you joined and then got your $10K card in response to a pre-app offer, then upped the ante. Is that true or did I make it up?

Re: PSECU Question for txjohn!

Anonymous — Thu, 10 Sep 2009 23:57:15 GMT

The Visa/LOC loan docs can be faxed.

Re: PSECU Question for txjohn!

Anonymous — Fri, 11 Sep 2009 03:47:26 GMT

CWCID,

As long as you have the door open. The pull is a hard pull for membership - some CU's have hard and some soft - the one I work for is a soft pull. When you apply - you can notate on your membership that you want a CC as well and they will use the same initial credit pull for the CC. I have only seen one pull and that is it so far. (I pulled experial today).

Re: PSECU Question for txjohn!

Anonymous — Fri, 11 Sep 2009 03:50:46 GMT

Plasticman,

No problem sir, you are welcome. Discover and other major banks I guess do have secure fax lines but with CU's (except NFCU I guess) do actually make you sign some kind of documentation to keep on file (the paper is scanned and put online on the server anyway so I am thinking fax should be fine) - but who knows!!!

I had to sign docs for the current CU I work for(they only do direct deposit into my acct with them) and I had to follow these guidelines for PSECU, Penfed (awaiting docs) and New Mexico Educators FCU.

Re: PSECU Question for txjohn!

wajj — Fri, 11 Sep 2009 12:28:41 GMT

@Anonymous wrote:

Is the membership EX hard pull good for an app or do you get harded again when you app?, and

Following txjohn's example, I managed to get my eligibility set up and joined. Got a hard pull on EX for the membership. Once I finally received my membeship documents (took about 10 days), I applied for a Visa (and was approved for $10K). That was a second hard pull. I'm waiting to receive and activate the card before I decide if I want to go for a PSL on top of it -- my EX report is pretty much destroyed (15 INQs, 13 in the last 6 months, and 12 new accounts all under 6 months old). If they will use the same pull, great. If not, then we'll see.

Re: PSECU Question for txjohn!

Anonymous — Fri, 11 Sep 2009 13:49:12 GMT

@wajj wrote:
@Anonymous wrote:

Is the membership EX hard pull good for an app or do you get harded again when you app?, and

Following txjohn's example, I managed to get my eligibility set up and joined. Got a hard pull on EX for the membership. Once I finally received my membeship documents (took about 10 days), I applied for a Visa (and was approved for $10K). That was a second hard pull. I'm waiting to receive and activate the card before I decide if I want to go for a PSL on top of it -- my EX report is pretty much destroyed (15 INQs, 13 in the last 6 months, and 12 new accounts all under 6 months old). If they will use the same pull, great. If not, then we'll see.

With that many inq's, what's one more gonna hurt? LOL. You might as well get that inq (if you have to take the hit) aging along side the other. But that's just MO

The fact that they approved you for $10k with that many inq's and new accounts just goes to support my theory that PSECU is generous and lenient when it comes to credit.

Re: PSECU Question for txjohn!

wndrwmn78 — Fri, 11 Sep 2009 16:06:10 GMT

@wajj wrote:
@Anonymous wrote:

Is the membership EX hard pull good for an app or do you get harded again when you app?, and

Following txjohn's example, I managed to get my eligibility set up and joined. Got a hard pull on EX for the membership. Once I finally received my membeship documents (took about 10 days), I applied for a Visa (and was approved for $10K). That was a second hard pull. I'm waiting to receive and activate the card before I decide if I want to go for a PSL on top of it -- my EX report is pretty much destroyed (15 INQs, 13 in the last 6 months, and 12 new accounts all under 6 months old). If they will use the same pull, great. If not, then we'll see.

What are your EFX and TU scores like? Do they have a lot fewer inquiries than EXP? I'm just wondering to get an idea of what your EXP score may be like, with the new accounts and inquiries.

And I agree - one more inquiry won't hurt at this point...at least they'll all fall off around the same time!

Re: PSECU Question for txjohn!

Anonymous — Fri, 11 Sep 2009 16:43:03 GMT

@Anonymous wrote:
@wajj wrote:
@Anonymous wrote:

Is the membership EX hard pull good for an app or do you get harded again when you app?, and

Following txjohn's example, I managed to get my eligibility set up and joined. Got a hard pull on EX for the membership. Once I finally received my membeship documents (took about 10 days), I applied for a Visa (and was approved for $10K). That was a second hard pull. I'm waiting to receive and activate the card before I decide if I want to go for a PSL on top of it -- my EX report is pretty much destroyed (15 INQs, 13 in the last 6 months, and 12 new accounts all under 6 months old). If they will use the same pull, great. If not, then we'll see.

With that many inq's, what's one more gonna hurt? LOL. You might as well get that inq (if you have to take the hit) aging along side the other. But that's just MO

The fact that they approved you for $10k with that many inq's and new accounts just goes to support my theory that PSECU is generous and lenient when it comes to credit.

I would agree.

txjohn - Did you see my question regarding whether you had received a post membership pre-app from them for a CC? I though you had, or maybe there is too much floride in the water down here. Also, how many hard INQ's have you gotten from them and when? I am trying to manage my EX INQ's carefully - they are low enough that it does matter. (3 showing, 1 counts)

wajj - What was your EX FICO at the time of your CC app?

Re: PSECU Question for txjohn!

wndrwmn78 — Fri, 11 Sep 2009 17:18:05 GMT

Also, does PSECU do a ChexSystems check? I looked at my report before applying for Alliant and it's all clear, but I was thinking of adding DH on to the account, and was wondering if I should wait for him to get his report before applying...his should be clear but you never know.