Back when I was joining Navy, I also tried to join Penfed... got stuck in the app where it kept asking me to upload copies of my ids etc which I would do and just an on-going circular loop. Got approved for Navy and didn't follow through.
So tonight I decided to give it another shot... had been reading that they are an EQ hard pull so thawed that (only 1 inquiry there from last October). Chex and Sagestream are frozen (can't find my sooooper secret pin for chex to thaw it)
So went through the screens -- it asked for my vitals -- gave me the waiting blue line of suspense and then asked how it wanted me to fund my savings account. I funded it with a debit card. Then had me set up online banking and sure enough -- I logged in and there was a savings acount. So figured "well, might as well see about opening a checking account!" Once again, it simply asked how I wanted to fund the account, gave it my debit card and now my online banking shows both accounts.
So far no hard pull. It didn't ask for copies of my DL or Social Security card or any sort of ID.
So --- ASSUMING I'm not a member, what's the best strategy for trying to get a credit card here? Do I need to let my Navy cards age 6 months? A year? Minium fico score? Are they generous like Navy or will I have to wait 6 months to a year just to be considered for a credit product?
Thanks in advance for any Penfed whisperers out there...
Welcome to PenFed!
I joined because of an upcoming auto loan need.
From what I gather, if you want to apply for card with a HP, you can do so anytime.
They do pull from EQ - I had to call them to release the "hold" on the deposits and they did a SP.
If you wait until you get an offer (right side of login screen), you will have a better chance.
I have been with PenFed for 3 years and never asked for a card, but last week I got a pre-approved offer in the mail for Platinum Rewards.
I understand from other members, a pre-approved means most likely a SP if you call in.
Thanks! if you don't mind me asking, what kind of scores do they look for? Any rules in terms of amount of new credit or recency of "baddies" (I had a CO from several years ago but the status updated so it makes my stooopid credit reports look like I just had a CO in February).
Thanks again!
@FinStar Yeah -- I feel really stooopid since the thread was just farther down on the list. Good thing I wasn't hunting for a snake!
Interesting reading -- it almost seems like Penfed is trying to compete with Navy now for Patron CU/Saint of Rebuilding Fico-'ers...
Feel free to lock this thread if you would like!
Congratulations on your membership!
@AllZero wrote:Congratulations on your membership!
Thanks everyone. If this works out like Navy, (as it appears it could based on the Penfed thread) then I'll have the opportunity to go from about 6000 (with 2000 of that being secured) in credit with 3 sub-prime toy limit cards to 26 - 30K since November and kicking the subprimes to the curb (still holding out hope that Citi may unsecure someday).
I'm at almost 25K right now and the relief is so amazing -- not having to constantly keep track of the 500.00 cards and statement posting dates so that they are don't post with a balance and busting out my utilization, etc. Never mind the thrill of hitting a LUV button and actually getting an increase (except for Synchrony -- not that I'm bitter or anything). Money -- and by extent, credit -- can't buy happiness... but a 0 percent BT can sure buy breathing room and some peace!
@designated_knitter wrote:Back when I was joining Navy, I also tried to join Penfed... got stuck in the app where it kept asking me to upload copies of my ids etc which I would do and just an on-going circular loop. Got approved for Navy and didn't follow through.
So tonight I decided to give it another shot... had been reading that they are an EQ hard pull so thawed that (only 1 inquiry there from last October). Chex and Sagestream are frozen (can't find my sooooper secret pin for chex to thaw it)
So went through the screens -- it asked for my vitals -- gave me the waiting blue line of suspense and then asked how it wanted me to fund my savings account. I funded it with a debit card. Then had me set up online banking and sure enough -- I logged in and there was a savings acount. So figured "well, might as well see about opening a checking account!" Once again, it simply asked how I wanted to fund the account, gave it my debit card and now my online banking shows both accounts.
So far no hard pull. It didn't ask for copies of my DL or Social Security card or any sort of ID.
So --- ASSUMING I'm not a member, what's the best strategy for trying to get a credit card here? Do I need to let my Navy cards age 6 months? A year? Minium fico score? Are they generous like Navy or will I have to wait 6 months to a year just to be considered for a credit product?
Thanks in advance for any Penfed whisperers out there...
Not to be a "Debbie Downer" but so far PenFed experience for me has been "meh" at best.
I was not aware they hard pulled for membership, I got no signs that they did when I apped for membership.
Next day I get a call from a rep saying "Since you have a HP for membership.." I was like "Wait, what?"
"..Since you have a HP for membership...would you like to try for a product to use that HP?"
I was totally not ready, and my status at the time I felt I would not get anything because of the recent accounts I opened. But since a HP was wasted already, I tried for a CC. *Instantly* denied. (and AFTER that denial is when I saw the HP come in 🤔)
I keep hearing that PenFed will give offers to their members. Well this story was back in May, and since then all I get is discounted offers for Turbo Tax 
But with that said, I hope your experience is MUCH better than mine - Good Luck!
