Joining Penfed

[Anonymous]

I wanted to join Penfed for their auto loan rates through a household member. Do they do a hard pull when joining? I was on the second page of the signup process and they said they pulled a credit report? Would it be the same credit report from the same company that they would look at for an auto loan? Also I see the lower rate of 1.49% or up applies to new car loans only. IF I apply for the new car loan, get approved for the max amount and use the check to buy a used car (prior to 2016) instead would they not allow it?

How many points does the hard inquiry deduct from the fico score?

[Anonymous]

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@Anonymous wrote:

I wanted to join Penfed for their auto loan rates through a household member. Do they do a hard pull when joining? I was on the second page of the signup process and they said they pulled a credit report? Would it be the same credit report from the same company that they would look at for an auto loan? Also I see the lower rate of 1.49% or up applies to new car loans only. IF I apply for the new car loan, get approved for the max amount and use the check to buy a used car (prior to 2016) instead would they not allow it?

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To answer your first question, Yes they do a hard pull from Equifax when you join. I joined last week and that's what they pulled on me. Not sure on the other questions.

[Appleman]

Most people have had only 1 EQ pull when joining and applying for other products in the first 90 days.

I know I applied, was given the over-draft credit for the checking, a credit card, a personal line of credit and a credit line increase with my first pull (over a 90 day period0. A mortgage would likely be an additional pull.

Be aware that a few people have received additional pulls and I am not sure why. They also use a NexGen score which will be different than most scores you have seen.

They are very specfic on the model year for the loan. They have different rates for new versus used. I am sure if you were approved for new you could call and have them switch it to a used car. They would need information to ensure the car had enough value as compared to the cost of the used car.

[Glen_M]

They will do a hard pull for membership, but that one pull can be used for ~60 (90?) days to apply for numerous other credit products.  

There are a couple of exceptions, where different underwriting approval departments use a different score and you could see a second one, but off the top of my head I'm going to say that's just CLOC, and of course mortgage.

The number of points a new inquiry will cost you depends a lot on how many you already have, but generally 2-6, which will often fade to the low end of that range in a few months, and become irrelevant in a year.