Langley fcu vs PenFed credit union.

[firefox100]

This Morning spent some time on the phone and on internet do research on both credit unions to see which was credit card deal. For Penfed you must join the credit union first before you can apply for any of ther cards, the customer rep told me that ther will be 2 hard inquiries one for joining the credit union then second inquiry will be for the credit card application. The customer rep tryed to tell me that was no big deal because the Fico model only consideres them as one hard pull because they happen in the same day. I thinkthat is wrong it is only for auto loans and mortages. The Power cash back visa is 1.5 percent card if you have saving account, to get 2 percent back you need a checking account which neans you need direct deposit or 500 dollar balance to aavoid a $ 10 monthly fee on the checking account. On other hand Langley credit union does only one hard pull if you open a credit card account with in thrity days. Ther is minimum to open a checking with Langley. I think the customer service rep wher nice knew more. I Think Langley is better deal all around. What do others think?

[blazerein]

There are some in here that mentioned NO Hard Pull for Penfed membership  https://ficoforums.myfico.com/t5/Personal-Finance/Penfed-Membership-No-hard-pull/m-p/5983332 .  I'm a member of Langley but waiting for my score to go up before applying for their credit card.

[Peazmom]

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@blazerein wrote:

There are some in here that mentioned NO Hard Pull for Penfed membership  https://ficoforums.myfico.com/t5/Personal-Finance/Penfed-Membership-No-hard-pull/m-p/5983332 .  I'm a member of Langley but waiting for my score to go up before applying for their credit card.

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Yes, I actually joined PenFed this morning and received no hard pull.

[kdm31091]

I think it's important to look beyond the initial hard pull and consider which one offers products that work better for your needs (and it may be neither of the two are the best choice for you). Just because they may be popular around here does not necessarily mean they're best for you.

If you're interested in the cash back cards, IMO at least the Langley one seems to have 5% categories. I have no idea if that's permanent or just a promotional thing though. Other than that, it's just a 1/2% card on certain things, nothing special. The Penfed 1.5% card is also very average and not really worth joining the CU on its own. Even at the 2% rate, it's good, but you can get 2% cards elsewhere with no requirements, so it really only seems useful if you wanted to join/bank with Penfed anyway.

Basically I'd step back, try and decide what you are looking for and go from there. The difference of one hard pull vs two should not really be a huge deciding factor IMO.

[Wavester64]

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@firefox100 wrote:

This Morning spent some time on the phone and on internet do research on both credit unions to see which was credit card deal. For Penfed you must join the credit union first before you can apply for any of ther cards, the customer rep told me that ther will be 2 hard inquiries one for joining the credit union then second inquiry will be for the credit card application. The customer rep tryed to tell me that was no big deal because the Fico model only consideres them as one hard pull because they happen in the same day. I thinkthat is wrong it is only for auto loans and mortages. The Power cash back visa is 1.5 percent card if you have saving account, to get 2 percent back you need a checking account which neans you need direct deposit or 500 dollar balance to aavoid a $ 10 monthly fee on the checking account. On other hand Langley credit union does only one hard pull if you open a credit card account with in thrity days. Ther is minimum to open a checking with Langley. I think the customer service rep wher nice knew more. I Think Langley is better deal all around. What do others think?

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When I applied for membership and opened both a savings and checking at the time, I was not aware (nor did I get any notification alerts) that Langley HPs for membership. It was not until the CSR called me the next day and said "because I had an HP" would I like to try for a CC under that same HP. 

[Anonymous]

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@firefox100 wrote:

... What do others think?

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I'll take Door #3 please.  Haven't had much success with either one. 

[CreditCuriosity]

With langley or penfed both consider DTI and available credit.  I dont know a ton about your profile, but in reality you could be turned down for 1 or both or neither...  HP's are way over rated regardless as well as numerous members on this forum continue to show.  So even if you did get hit 2 HP's life goes on and wont hurt you unless say you are in the 660 range where it could move score down, but if you have a solid profile, HPs are the least of your worried the hit of a new account is going to sting alot more..

[Meanmchine]

Good luck and keep us informed as to what you decide

[firefox100]

Ok thank you that is something think about. this is my spec, Fico scores are around 800 total credit lines 190K, total debt is 1,100 dollars no lates 15 accounts open income 80K. My top 2 cards are discover 29K Boa master card 25K. even though I have no lates and great score could be turned down for having to much credit available. I know that I could apply for a paypal mastercard or a BOA cash rewards card with no problem and get approved.

[gingerflower]

@firefox100  In my opinion I'D rather be with Penfed vereses Langley fcu! I have  Langley accounts but the customer service has been a pain in the butt lately! where as it is much easier to work with Penfed...But, thats just my opinion