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Just joined Penfed by donating the $15, I'm wondering how soon I can apply for credit cards, loans, etc. Do I have to wait a while, or am I good to go as soon as I join??
You're running late already, assuming they have an account # for that deposit. Just make sure your EQ report and score are solid.
@Anonymous wrote:Just joined Penfed by donating the $15, I'm wondering how soon I can apply for credit cards, loans, etc. Do I have to wait a while, or am I good to go as soon as I join??
Congrats on getting in with Penfed!! I joined last month and immediately app'd for a credit card and PLOC (didn't get approved, however, as they cited 'pyramiding debt'--oh well, i'll try again at the end of the year). I also received the Thrifty Overdraft Line ($500 CL) right after approval. You have 90 days from joining to use the same HP, which is SO nice!! Best of luck with whatever you decide to app for!
It really does depend on your profile. Good luck whatever you decide to do.
@Anonymous wrote:Just joined Penfed by donating the $15, I'm wondering how soon I can apply for credit cards, loans, etc. Do I have to wait a while, or am I good to go as soon as I join??
I joined last summer over the phone. When I applied for the membership i opened the savings and checking account. On the same call applied for the credit card and was instantly approved. As soon as they've approved your membership and you have at least 1 account number, you're pretty much good to go with applying for the card.
Like mentioned, they let you use the same pull for up to 90 days, but i wouldnt get carried away applying. When i first applied for the card i was approved for $17.5k (blew my mind). When she mentioned it was good for 90 days, i also applied for the Amex - it was declined. Not because of profile stuff, but they had extended max credit on the first card. They did however let me just move some of the line over to the Amex and then approved me for the card.
They tend to give you their max on the first card so applying for a second is risky, unless you have a stellar report. If you EQ is in the 680+ space, you should be good. They are inquiry sensitive though so if you've applied elsewhere recently (at least 4-5+ times), i'd hang tight for a couple months (like 3 months at least). Good Luck!!
I applied for CC with membership was given $10K. Did a CLI request a few weeks later and they went to $30.5K (previous high CL ever was $25K).
Got greedy and applied for their CB card and they approved but at $2K. That was when I knew I was likely at their limit for me.
YMMV
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
Please let us know...
yes, i was approved the same day I opened the account......about 6 hours later I logged on to find out I was approved, $10k @13.24 %. The approval letter online said my Fico was 701.