topic Re: PENFED multiple Inquiries for one application in Credit Cards

PENFED multiple Inquiries for one application

Anonymous — Fri, 08 Nov 2013 05:16:46 GMT

I applied for the penfed rewards card. They pulled two hard inquiries for the one application. I then got this message "Section 326 of the USA PATRIOT Act requires all financial institutions to maintain a Customer Identification Program (CIP) to verify the identity of each customer/member wishing to conduct financial transactions." When I called customer service to satisfy the requirement, i told them that my application was denied. The very nice lady on the line told me to type a letter, scan it, and email it to them why I think I should be approved. So I did. Guess what.... NOW I HAVE THREE HARD INQUIRES FOR ONE CREDIT APPLICATION. Who does that? Is it even legal for them to do this? Anybody else have the same experience? I wouldn't apply if you aren't looking for multiple inquires for one application.

Re: PENFED did a hard inquiry to set my PIN :(

Anonymous — Fri, 08 Nov 2013 05:07:27 GMT

Re: PENFED did a hard inquiry to set my PIN :(

09Lexie — Fri, 08 Nov 2013 05:16:14 GMT

@uspcredit

Welcome to the forum! Once you've submitted an application, the lender has permissible purpose to pull your CR's. That being said, you may ask them to remove one or two inq's but they are not required to.

Re: PENFED multiple Inquiries for one application

myjourney — Fri, 08 Nov 2013 05:19:29 GMT

Welcome to the forum

Sorry it happened to you and I hope you get approved but CAP1 does it all the time

1 app 3 HP's

Re: PENFED multiple Inquiries for one application

-Wade- — Fri, 08 Nov 2013 05:23:59 GMT

@Anonymous wrote:
I applied for the penfed rewards card. They pulled two hard inquiries for the one application. I then got this message "Section 326 of the USA PATRIOT Act requires all financial institutions to maintain a Customer Identification Program (CIP) to verify the identity of each customer/member wishing to conduct financial transactions." When I called customer service to satisfy the requirement, i told them that my application was denied. The very nice lady on the line told me to type a letter, scan it, and email it to them why I think I should be approved. So I did. Guess what.... NOW I HAVE THREE HARD INQUIRES FOR ONE CREDIT APPLICATION. Who does that? Is it even legal for them to do this? Anybody else have the same experience? I wouldn't apply if you aren't looking for multiple inquires for one application.

Are they on the same credit bureau or is it 1 on each of credit bureau?

Re: PENFED multiple Inquiries for one application

Anonymous — Fri, 08 Nov 2013 08:08:59 GMT

It is legal for them, and any other financial institution to do multiple inquiries on any credit app.

Chase, citi, Barclays, American Express, and many other banks do pull new inquiries for reconsiderations as well. If you do not want new inquires on top of what you already got for the initial app, then do not appeal the decision.

Re: PENFED multiple Inquiries for one application

09Lexie — Fri, 08 Nov 2013 08:21:00 GMT

OP,

I merged you post with your earlier post from another thread. To avoid confusion, please do not double post.

Thanks!

Lexie

Re: PENFED multiple Inquiries for one application

Anonymous — Fri, 08 Nov 2013 12:54:49 GMT

All three inquiries were on Equifax. One on the day I applied, one the next day, and the third the day after they received my letter. I am still shocked that they would pull three hard inquiries for one application. I would have really appreciated it if they would have communicated with me regarding the letter they suggested that I write, might result in an inquiry. I wouldn't have written the letter. myfico score is 717 on Equifax

Re: PENFED multiple Inquiries for one application

Anonymous — Fri, 08 Nov 2013 17:20:12 GMT

Citi for example can and has pulled 3-4 inquiries in total for some individuals' reconsiderations appeal. What penfed is doing isn't out of the extraordinary....

Anytime you appeal you are essentially giving the lender permission and telling them to review your files again.

Re: PENFED multiple Inquiries for one application

Anonymous — Mon, 11 Nov 2013 18:31:53 GMT

The reason that I was not expecting so many inquiries, is that other posts in the myfico forums have indicated that one pull would work for multiple accounts applied for, as long as they were within a two to four week time span. I received three inquires (two for the initial app. and one for the reconsideration letter) on the same credit bureau for one account applied for and one request to reconsider. Maybe others with higher credit scores have had a better experience than me. If I would have read a post like mine in the forums, I would not have applied for the card with them.

Re: PENFED multiple Inquiries for one application

Anonymous — Mon, 11 Nov 2013 19:15:05 GMT

@Anonymous wrote:
The reason that I was not expecting so many inquiries, is that other posts in the myfico forums have indicated that one pull would work for multiple accounts applied for, as long as they were within a two to four week time span. I received three inquires (two for the initial app. and one for the reconsideration letter) on the same credit bureau for one account applied for and one request to reconsider. Maybe others with higher credit scores have had a better experience than me. If I would have read a post like mine in the forums, I would not have applied for the card with them.

Not a good experience I agree, but a good lesson, what people report here isn't always a guide as to what will happen to you. In particular, a lot of people give advice here that you should recon, you have already taken the hit etc, failing to point out that recons can often cause additional hits.

But you have now done your part by posting your experience as a possible warning to others!