I'd been holding off joining PenFed for a while because I knew it'd cost an HP and I was hoping to have a better credit profile with which to piggyback a CC app onto that pull. But, perhaps I'd been emboldened a bit by some recent accounts I've seen of people getting PenFed CC's approved with BK7 less than 2 years old on their reports. I figured there'd be no harm in getting set up with PenFed savings/checking this afternoon, and if I wasn't approved for a CC at this time, then at least it wouldn't have cost me any extra pulls beyond the membership HP. At any rate, I am more interested in establishing a relationship with a CU again as part of my rebuild, and I'm looking toward refinancing my auto loan with them at some point -- bottom line, getting a better CC would just be the cherry on top.
I went down to my local branch to do everything in person... filled out paperwork and dropped some cash into my new checking/savings accounts. I had indicated to the banking rep that I'd like to be considered for a CC only if they'd use the membership HP for it, and she said that they would. Wanted to know which card to apply for and I said "whichever one I'm more likely to get approved for", explained that I'm rebuilding my credit at the moment and my EQ08 is in the high 660s. The rep said 650 is the minimum approval score, so I'd probably be fine with applying for the Power Cash Rewards card and I decided to go with it. She asked me the requisite questions and submitted the form... and it came back with the dreaded "Pending" status! Which of course could still end up being good news for me, but now I've got to wait all weekend for a decision, lol... Guess that's on me for deciding to do all this spur of the moment on a Friday afternoon.
Unfortunately, I went to grab my Equifax report after I was done at the CU branch, and they totally did hit me with double HPs, in addition to two SPs. So I'm a little irked about that... I wonder if it would have been better to have waited a few days to app the CC to ensure that it would have used the membership pull. Ah well, at least they'll fall off at the same time. Now it's time to play the waiting game!
Most PenFed Application's go to manual review.
Ya, the dreaded Friday .. been there
PenFed is trying to switch to a new system, but they are having difficulties integrating that.
I would call and explain about the double HP's and see if you could not get them to do something about that.
If a front line rep does not seem to be helpful, ask to escalate your issue to a supervisor.
You have nothing to lose in doing so.
Good Luck!
Congratulations on your membership. Good luck on your application. May the odds be ever in your favor.
As @M_Smart007 advised, get them to recode one as SP.
@HOODLUMZ007 wrote:PENFED may not approve you now. You will need to wait 6 months before trying to get a card. They are not Navy. The Cash Rewards card is an Experian pull. I got one yesterday $15 k and 17.99%. My score was 671. I've been with PenFed for over a year. Did a deposit and nothing else. Good luck!
I was a member for two weeks before I got approved for the PCR, scores right above 800 though.
Membership isn't supposed to be a hard pull anymore, but like someone else mentioned they're using two systems that aren't working perfectly together which is the reason some people are getting the double pull.
as of 1/1/23
Sorry for your denial. Dont give up on Penfed. Try again in 6 months 
