PenFed Application

[Anonymous]

So I have heard great stories about Penfed on here. Never been a member of a credit union. Was thinking of opening up a savings account with them. Do they pull all three reports just to open a savings account? Not really impressed with my local cu's in this small gown I live in so  I would like to apply even thought there is no branch here. Scores are 690 tu, 685 ex and   eq 688. 12 inq on each report including recently about 10 new accounts this year . 

[ojefferyo]

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@Anonymous wrote:

So I have heard great stories about Penfed on here. Never been a member of a credit union. Was thinking of opening up a savings account with them. Do they pull all three reports just to open a savings account? Not really impressed with my local cu's in this small gown I live in so  I would like to apply even thought there is no branch here. Scores are 690 tu, 685 ex and   eq 688. 12 inq on each report including recently about 10 new accounts this year . 

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They pull EQ, if there's anything bad on your EQ you won't get any quarterly offers from them. They will put you in the bucket of "no offers"

[baller4life]

EQ pull good for 90 days. Great CU. Any baddies on EQ?

[Gmood1]

OP sounds like me with my local CU..they suck. Lol
PenFed is great! Your scores are high enough.
I'm loving the Penfed Cash Rewards 💵. It's nice seeing that 5% on ever dolls I spend on gas come back too me! Don't confuse it with some cards that give 5% off a gallon. Those aren't worth the trouble to use IMHO.

[Anonymous]

My scores are very similar to yours, with 701EQ, 703TU, and 703EX.....Inquiries 5, 11, and 10....and boom, got denied for PenFed visa 2 weeks ago. However , I only have 2 years of credit history total, and have 5 new accounts this year. Just letting you know that they are a conservative lender. My utilization was about 12% with no baddies anywhere. Maybe wait 6 months and get the utilization down if it is up at all. 

[Anonymous]

went ahead and applied for regular savings and put a $5.00 deposit along with a $15  donation to open the account since I have no affiliation. My cc utilization is at 8% and I will bring it down next month with my student refund. Maybe I will apply for a credit card in a month or two.  This forum is fantastic. Thanks for the input. 

[B335is]

What is the status of your acct application? Once it says transferred apply for a card or PLOC. It's almost always the same HP.

[juniornj23]

Love penfed I have a collection paid they approve me for 8k after 5 days CLI to 12 2 days ago to 15. Plus a great rate on car loan

[CJ7]

My scores are near yours and they gave me a big fat NO, citing just about every possible reason imaginable.

Their "score" is nearly 100 points off and apparently consider 3 inquiries prior to theirs as "too many".

[ojefferyo]

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@CJ7 wrote:

My scores are near yours and they gave me a big fat NO, citing just about every possible reason imaginable.

Their "score" is nearly 100 points off and apparently consider 3 inquiries prior to theirs as "too many".

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That's just an excuse they give.