topic Re: JOINED PENFED TODAY AND QUICK QUESTIOS. in Credit Cards

JOINED PENFED TODAY AND QUICK QUESTIOS.

nathan — Tue, 20 May 2008 17:00:00 GMT

Does penfed do a hard pull for opening a new saving acct? After joining on their website, they were immediately asking me to apply for cc or auto loan but I decided to visit the forum first before I pull the trigger. My fico eq is 659 and I understand they pull exclusively from eq. I currently have 2 cc with navyfed for $5000 (0 bal), and $15.000($190 bal). I also have hooters, 15000(0 bal) and the crappy orchard, 400(0 bal). I have one 5 yrs old unpaid collection on my eq and that is my only baddy. Do I have a shot at penfed and how much is their lowest limit. I don't want anything less than $5000, I can wait till my eq reaches 680 and up. I just refinanced my truck with navy fed two mos ago from 12% with citi to 9.25%. Penfed is advertising a 4.25 for refinance and I was wondering if I should try to see if they can beat navyfed. If they do, is it okay to refinance within two mos? How will my fico react to this. I would like to use the one pull for every thing from penfed and apply for a cc and refinance. Please those with penfed experience, I need your advice before I make any decision.

Re: JOINED PENFED TODAY AND QUICK QUESTIOS.

Creditaddict — Tue, 20 May 2008 17:12:59 GMT

I would say go for it and apply and for sure see about refi your auto again!

Re: JOINED PENFED TODAY AND QUICK QUESTIOS.

Anonymous — Tue, 20 May 2008 17:13:18 GMT

Yes they do that one hard on EQ when you join and it is good for any products you wish to apply for.

It is either good for 60 or 90 days I forget exactly what the CSR told me on the phone.

They are nervous about alot of recently opened accounts so if your INQ on EQ are low you should be fine.

Re: JOINED PENFED TODAY AND QUICK QUESTIOS.

smallfry — Tue, 20 May 2008 20:48:29 GMT

When I spoke to a CSR on the phone last Friday I was told there is really no guarantee the pull is good past that day. Most if not have said the pull is good for at least 60 days but I am not sure. Maybe another CSR would give you a different answer. I would go ahead and apply for the refi and go for a 5K or so CC. Thing with Penfed is they do not like a lot of new credit so if you plan on going for more credit within the next year with them, which you should most definitely do, do not apply for any other cards. Once you get your card and have established 6 months payment history ask for a healthy CLI. Keep the ut. down get the score up and you'll have a 20K card within the year. Good luck.

Message Edited by smallfry on 05-20-2008 04:48 PM

Re: JOINED PENFED TODAY AND QUICK QUESTIOS.

smallfry — Tue, 20 May 2008 20:49:51 GMT

BTW I think 9.25% is kinda high for a Navy refi.

Re: JOINED PENFED TODAY AND QUICK QUESTIOS.

haulingthescoreup — Tue, 20 May 2008 23:15:04 GMT

I joined PenFed in February and got the hard for the basic joining up. The way that all CU's work is that you have to open a share (savings) account for at least $5. With PenFed, once that inq goes through, you can go for anything else you want during that time period of 60-90 days, and it's covered.

I app'd over the phone for the gas card. I was chicken, because my 30-day late still wasn't quite one year old, and asked for $5K and immediately got it. The CSR then offered me the car loan, and I jumped on it. I don't know about the re-fi part, but I don't think that would be a problem. I had actually already bought my car, writing a check out of my HELOC, and I wanted to get that $12K out of there.

Two months later I went for a CLI to $10K on line and was approved immediately. (I'd been told that I could have gotten more than $5K initially, but like I said, I was chicken.)

Once they pulled your EQ, there's no harm in asking for anything else. At that point, they can say no, but at least it doesn't cost you more inqs. Good luck and hope that helps.

Message Edited by haulingthescoreup on 05-20-2008 04:15 PM

Re: JOINED PENFED TODAY AND QUICK QUESTIOS.

Anonymous — Wed, 21 May 2008 01:19:16 GMT

Hi Nathan,

I love PenFed - So far I've added a credit card and additional savings to my account and still only the one pull to join about 6 weeks ago.

Enjoy!

Re: JOINED PENFED TODAY AND QUICK QUESTIOS.

nathan — Wed, 21 May 2008 11:33:32 GMT

Thanks for all the advice. I applied for the auto refinance and a platinum cc and application is in pending status. On the auto refinance application, it already gives me my monthly payment and due date. Is this a good sign? For the cc I asked for 150000 daring them to match my highest limit with navyfed. I will update when I get the results.

Re: JOINED PENFED TODAY AND QUICK QUESTIOS.

haulingthescoreup — Wed, 21 May 2008 14:58:52 GMT

@nathan wrote:

Thanks for all the advice. I applied for the auto refinance and a platinum cc and application is in pending status. On the auto refinance application, it already gives me my monthly payment and due date. Is this a good sign? For the cc I asked for 150000 daring them to match my highest limit with navyfed. I will update when I get the results.

Sounds good on the auto loan. I do hope that you didn't ask for $150K, though. There won't be enough for the rest of us to get CLI's. (sorry, I finally have someone else to harass besides ByrdMan)

Good luck!

Re: JOINED PENFED TODAY AND QUICK QUESTIOS.

nathan — Thu, 22 May 2008 16:35:11 GMT

Verdict! approved for platinum visa (5% cash back on gas, 2% on groceries and 1% on anythin else). Denied (withdrwn) auto ref because value of truck is too low as compared to balance. Truck is ford exp, 2003, curent value 13800, balance 16000. just checked website today and cc is approve, but does'nt say cl or apr. I asked for 15000. If cl is generous, i will apply for a mastercard too. I would like to maximize that inq lol. I will update for cli and apr. btw what is penfed lowest cl?

Re: JOINED PENFED TODAY AND QUICK QUESTIOS.

Anonymous — Thu, 22 May 2008 18:26:52 GMT

Nice! I faxed in my reconsideration letter yesterday and the result is currently pending. The wait is driving me crazy.

Message Edited by souper on 05-22-2008 02:26 PM

Re: JOINED PENFED TODAY AND QUICK QUESTIOS.

nathan — Fri, 23 May 2008 03:16:23 GMT

Update. I called today and was told that i am approved for the 15000 i requested with a 13.99% apr. I also got approved for a 22000 auto loan with a 4.25 apr. i know this is not an auto section but i need some advice. remember i said they would not refinance my 2003 ford expedition because of its low value. my current apr on this truck is 9.25. Will it make sense to trade it in for a 2004-2005 lincoln navigator and take advantage of this low apr. I still have 48 mos to go on my truck and my monthly payment is 455. I know i am upside down for like 5k and penfed doesn't mind unless the value of my new truck is too undervalued by the negative equity. btw i plan to keep this ride for like 5 years. Thanks again for all your advice. Go penfed. For those interested, my eq score was 659 before application and my only baddy is an unpaid cell phone collection from 2003.

Re: JOINED PENFED TODAY AND QUICK QUESTIOS.

Anonymous — Fri, 23 May 2008 03:28:59 GMT

nathan wrote:
Update. I called today and was told that i am approved for the 15000 i requested with a 13.99% apr. I also got approved for a 22000 auto loan with a 4.25 apr. i know this is not an auto section but i need some advice. remember i said they would not refinance my 2003 ford expedition because of its low value. my current apr on this truck is 9.25. Will it make sense to trade it in for a 2004-2005 lincoln navigator and take advantage of this low apr. I still have 48 mos to go on my truck and my monthly payment is 455. I know i am upside down for like 5k and penfed doesn't mind unless the value of my new truck is too undervalued by the negative equity. btw i plan to keep this ride for like 5 years. Thanks again for all your advice. Go penfed. For those interested, my eq score was 659 before application and my only baddy is an unpaid cell phone collection from 2003.

congrats, and yes i would trade that sucker! with the big suv's not moving and the rebates out there now i think with a preapproval in hand you can find someone to do a deal with.

also, since you are pre-approved i wouldn't sign any docs that say the dealer can pull a credit app. there have been many discusions about dealers having pp to pull when selling a car. i fall in to the camp that says no they don't, unless you are wanting them to seek financing.

Re: JOINED PENFED TODAY AND QUICK QUESTIOS.

jmbfl — Fri, 23 May 2008 04:21:21 GMT

PenFed are not horsetraders. There is only one APR for each card. They evaluate your credit when you apply and clear you for a certain amount (or nothing). If you asked for less you get it. If you asked for more you don't get it, but can ask for a recon. If they need more information they ask for it. If they don't they don't ask for anything. In my case they asked me for nothing and were very good to me. This outfit is great. I have been with them a few weeks and have moved deposits in as well as taken the credit card. I take them as seriously as I want them to take me. The CC, btw, is outstanding! The only knock I have on PenFed is that setting up the checking account is glacially slow and full access to EFT takes 6 months.

Re: JOINED PENFED TODAY AND QUICK QUESTIOS.

jaxstraw — Fri, 23 May 2008 09:15:14 GMT

I just got their checking acct two weeks ago after refinancing my truck for the 4.25.
Figured I'd do auto withdrawal. I can't transfer more than 50$ a day. Is that what you mean by 6 month EFT ? If so might have to move payments to another source.

I've been w/ them for 6 weeks. Got two CC's,sig loan,and auto refi. No complaints. Tried for overdraft protection above the $500 automatic, denied- pyramiding. No big deal, still have the 500. I'm happy w/ everything else.

Jax

Message Edited by jaxstraw on 05-23-2008 02:15 AM

Re: JOINED PENFED TODAY AND QUICK QUESTIOS.

Anonymous — Fri, 23 May 2008 15:21:11 GMT

@jaxstraw wrote:
I just got their checking acct two weeks ago after refinancing my truck for the 4.25.
Figured I'd do auto withdrawal. I can't transfer more than 50$ a day. Is that what you mean by 6 month EFT ? If so might have to move payments to another source.

I've been w/ them for 6 weeks. Got two CC's,sig loan,and auto refi. No complaints. Tried for overdraft protection above the $500 automatic, denied- pyramiding. No big deal, still have the 500. I'm happy w/ everything else.

Jax

Message Edited by jaxstraw on 05-23-2008 02:15 AM

That is what they meant by full EFT access. You can only x-fer $50 a day until you have been with them for 6 months. I'm told you can call them and they will transfer more than that.