topic Re: Penfed - Denied a bank account! in Credit Cards

Penfed - Denied a bank account!

Anonymous — Fri, 30 May 2008 13:20:52 GMT

I have read on here its very good to get in with a credit union. So i applied for the checking about after paying my $25 fee.

I was denied a checking account because my scores are to low. My scores are 525 - 550.

Just wanted to give everyone a heads up in case they try to apply. When did they start pulling credit scores for bank accounts?

Re: Penfed - Denied a bank account!

fishbjc — Fri, 30 May 2008 13:30:08 GMT

Penfed who? NFCU is the ONE to go for.

Re: Penfed - Denied a bank account!

Anonymous — Fri, 30 May 2008 13:35:06 GMT

Oh Really they are easier to get into? I will have to try and find them. Thanks for your help!

I hope they except my scores

Re: Penfed - Denied a bank account!

Anonymous — Fri, 30 May 2008 13:46:18 GMT

I can't get in... Penfed allows you because I donated money. I dont see that with NFCU.

Re: Penfed - Denied a bank account!

Anonymous — Fri, 30 May 2008 14:11:24 GMT

You need a bona fide military connection to get in with NFCU. Not so with Penfed.

Re: Penfed - Denied a bank account!

Anonymous — Sat, 31 May 2008 06:03:13 GMT

awoodrow wrote:
I have read on here its very good to get in with a credit union. So i applied for the checking about after paying my $25 fee.

I was denied a checking account because my scores are to low. My scores are 525 - 550.

Just wanted to give everyone a heads up in case they try to apply. When did they start pulling credit scores for bank accounts?

Try for a savings account!

Re: Penfed - Denied a bank account!

Anonymous — Sat, 31 May 2008 13:26:24 GMT

awoodrow wrote:
I have read on here its very good to get in with a credit union. So i applied for the checking about after paying my $25 fee.

I was denied a checking account because my scores are to low. My scores are 525 - 550.

Just wanted to give everyone a heads up in case they try to apply. When did they start pulling credit scores for bank accounts?

If they automatically offer overdraft protection they might be pulling your scores for that. When I signed up with my local CU I had to specifically ask for no overdraft protection. They had a hard time understanding that at first, but eventually gave me what I wanted.

Re: Penfed - Denied a bank account!

haulingthescoreup — Sat, 31 May 2008 13:46:54 GMT

PenFed always pulls an EQ credit report upon joining, period. Once you've joined, you can try for any product they have --checking, CC's,, car loans, etc-- for the next 60-90 days without an additional hard.

I suppose you could say that the hard inq is for that $5 share (savings) account that all CU's require when joining.

I agree with the other poster, open (or expand) your savings account with them and try again for other stuff when your scores rise. Have you tried talking to one of their CSR's about what would be best in your situation? I found them to be very helpful.

Re: Penfed - Denied a bank account!

Anonymous — Mon, 02 Jun 2008 15:54:25 GMT

They did start me off with a savings account.

Do you think I could eventually get a checking account with them without them checking my scores?

Re: Penfed - Denied a bank account!

Marvintran — Mon, 02 Jun 2008 16:02:13 GMT

Most CU these days require a decent FICO scores to open an account, and some

check the chex system I'm not sure if pen fed does, here is a link for you to get your

free annual chex report.

https://www.consumerdebit.com/consumerinfo/us/en/index.htm

IMO, I would keep the saving account with them and once your score recover to the mid 600s

you can app for their products, such ass CC, LOC. and a checking account.

Re: Penfed - Denied a bank account!

llecs — Mon, 02 Jun 2008 18:29:42 GMT

Sorry to hear about that. The same had happened to me. Appd for a checking so as to develop a relationship with them for a future CC. I thought I was approved (yes, and EQ pull too) but they deposited my money into a share account instead. I have access to my account online, but cannot apply for a checking account or a debit card. $100 is just sitting in there collecting a wee bit of interest.

Many banks now pull your CR for a checking account. Others include BofA and Wachovia (in our experience).