@Openwater wrote:I've been reading up a lot on Pedfed lately. From what I've gathered they seem to be categorized as a conservative lenders
Additionally, I've noticed that many members on the forums have complained about them doing 2 HP, when apparently they are supposed to do 1 (90 days) if you apply for membership and credit.
So moving forward with them, how many people have applied for membership prior to a credit app? What does everyone think about applying and which order would provide the more favorable results.
Concur with above comments that PenFed is still a conservative lender.
*Everyone* gets a HP from PenFed just to join (open a share account) and even if you apply for a credit card the same day, it's still a double-HP. I even did it in-branch to try to avoid the 2nd HP but the customer service rep explained that they have two separate computerized systems that don't talk to each other when it comes to banking or credit. They aren't "supposed" to do only one HP; there's no restriction on how many times they can pull it, beyond what you authorize. And they tell you up-front that it's a HP for banking and a HP for credit. There are other banks or credit unions that pull your credit report just to open banking accounts, so while it's not required it's also not uncommon, especially with more conservative lenders.
I am honorably-discharged military veteran with high FICO, high income, and thick file. I was able to open an account and get a credit card approval same-day with a high (for them) starting limit of $15K. This won't work for everyone.
Former military seems to do much better in this regard, probably seeing how they were originally restricted to military people. If you are all-civilian and especially with less than exceptional credit and high income, it has appeared to me that your best odds for credit approval are to open banking accounts, use them for awhile (at least six months to a year) to establish a relationship and let them get to know you; then apply for credit. I would actually USE the accounts, don't just park $5 and expect that to help you establish relationship. They have good banking products, so it's worth putting some money towards them.
As stated above, PenFed requires you to be a "member" before you can open a credit card. You can do both at the same time but technically, the membership is always established FIRST before the card is processed.
Thanks for all the replies. Seems like to get the CC with them will be 2 HP, no matter what. I'm more interested in getting credit with them. Although from what everyone says they are a phenomenal CU. I think I will garden for a bit before jumping on board as I don't want 2 HP's for 1 CC. I don't think I have a use for the Credit Union at the time, so getting a HP just to hold my money wouldn't be in my best interests at the moment. Once I'm ready I'll go for the double HP for the credit card. Thanks for all the help, appreciated it.
