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PenFed HP question.

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Regular Contributor

PenFed HP question.

So my big question..... how successful were all of you in using the same HP. I know YMMV but trying to feel out the probability they will use yesterday’s HP. Also, should I push my luck with PF.

I really want their Visa Platinum for cash back on gas ⛽️


So I just took a HP yesterday to get a successful CLI from 2500 to 10K. I have been with PenFed for 6/7 months. I have 2 auto loans totaling 65K. Their soft pull was 749 but not sure what the new HP showed yet. Utilization 3%. Opened 13 new accounts in last 10 months. Added as authorized user on an additional 8 cards. My wife and I have been rebuilding since about that time and use each other to boost SUB and referral bonuses and Utilization as well.


1 baddie that’s 6 yrs old for $250 that has been paid but could not get a PFD.

Salary $250K/yr

Inquiries 11 since August last year including 2 from auto loan shopping.
Message 1 of 11
10 REPLIES 10
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Moderator Emeritus

Re: PenFed HP question.

The HP can still be reused, but the question would be whether PenFed is willing to extend additional unsecured credit given you just got approved for a CLI.

It doesn't hurt to try since the HP is still pretty fresh and it's possible that you can try your luck with their UW department.
Message 2 of 11
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Established Contributor

Re: PenFed HP question.

It is my understanding that PenFed uses the same HP for 90 days.  You can apply for other products in that time period without an additional pull.  If that is a concern to you I would advise calling and making sure the app for a new card won't result in an additional hard pull.

Message 3 of 11
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Valued Contributor

Re: PenFed HP question.

In my experience when getting the card I have with them, they used the same HP a few weeks later when asking for a CLI. I've been unders the assumption of "within 90 days" also, but ymmv.
                               

Total Credit: $240,100Credit Utilization: 1%AAoA: 5 years, 7 monthsInstallments: Car Lease, Marcus LoanNegatives: 0

LOWES-35k | BOA-32.5k | AMEX-30k | DISC-27.1k | ALLIANT-25k | NFCU-25k | BARC-15k | BBUY-12k | CHASE-10k | WAL-10k | CITI-9.7k | PENFED-9.7k


Message 4 of 11
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Contributor

Re: PenFed HP question.

I just did this a couple weeks ago and am fighting a 2nd hard pull from them. They are refusing to remove it or recode it since the policy is they "try" to use the same pull but can't guarantee the system won't re-pull. (Even though in my situation, it was 17 days after a 808 FICO pull and the rep ASSURED me that they would use the same pull - I asked like 3 times on the same call before proceeding.) So, YMMV.
FICO 8 (as of 8/23/2019) | EX: 823 | TU: 824 | EQ: 831
Inquiries (Total) | EX: 2 | TU: 1 | EQ: 1
Inquiries (Less than 1 year) | EX: 0 | TU: 0 | EQ: 1

PenFed Promise Visa $39,000 | Bank Americard Mastercard $35,000 | NFCU More Rewards Amex $25,000 | Macy's $25,000 | NFCU Go Rewards Visa $24,300 | Citi Simplicity Mastercard $21,000 | Synchrony Home (Mohawk) $17,600 | NFCU CLOC $15,000 | Citi Costco Visa $12,300 | PenFed Gold Visa $11,000 | Discover It $10,000 | Citi Diamond Preferred Visa $8,000 | Kohl's $3,000

Message 5 of 11
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Regular Contributor

Re: PenFed HP question.

It also depends who you speak to on the phone. Most will reiterate 90days same pull without any guarantees. One rep told us, absolute no, not possible. He was so stern with his I know everything attitude. Had gotten HP to open a shared savings account initially. DH also got a HP for being joint owner, but never joined as a member. A month later I decided to open a checking acct and they used same pull, no problem even though they told me new accounts warrant new pull. DH decided around then that he wanted to become a member too to get his own login/id and access the joint savings, so he called and spoke to that I know it all rep who told him he must do another HP and that “it was policy...law...blah blah blah.” EQ was locked so they couldn’t do it. Kept getting letters to compete his membership. So DH finally calls in again (about 40 days after initial HP) to ask about it and got a nice lady to help. She put us on hold to check w management and came back and was able to complete the membership for us without HP.
Granted, we didn’t apply for any cards or loans. But just annoyed we got different answers from different people.
Message 6 of 11
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Contributor

Re: PenFed HP question.

I had the rep on the phone confirm no HP 3 times before submitting the app AND I had an email from PenFed stating same pull is used for 90 days. Still got the 2nd HP and they won't remove or recode it to a SP. Equifax won't dispute it because it's an inquiry. PenFed says go to Equifax, Equifax says go to PenFed. And PenFed just apologizes and says they've spoken with the 2 different representatives who gave incorrect information. Pain...
FICO 8 (as of 8/23/2019) | EX: 823 | TU: 824 | EQ: 831
Inquiries (Total) | EX: 2 | TU: 1 | EQ: 1
Inquiries (Less than 1 year) | EX: 0 | TU: 0 | EQ: 1

PenFed Promise Visa $39,000 | Bank Americard Mastercard $35,000 | NFCU More Rewards Amex $25,000 | Macy's $25,000 | NFCU Go Rewards Visa $24,300 | Citi Simplicity Mastercard $21,000 | Synchrony Home (Mohawk) $17,600 | NFCU CLOC $15,000 | Citi Costco Visa $12,300 | PenFed Gold Visa $11,000 | Discover It $10,000 | Citi Diamond Preferred Visa $8,000 | Kohl's $3,000

Message 7 of 11
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Moderator

Re: PenFed HP question.

I wish folks would put a disclaimer in their message when speaking of PenFed and them using the same HP if within a specific amount of time.  I can tell you from experience that it isn't always true.  Yes, a good majority of the people can slide through without an additional pull but that isn't always the case and it provides false hope to those who read such.

 

I've been told on more than one occasion that if at the time, regardless of timing since last HP (even same day which I think is crazy but their money, their rules) you request credit it is their right to pull credit (I know we all know this but I'm mentioning it again because this is a very frequent conversation on this here forum).  I was further informed that if your request strattles the fence of approval or denial, an underwriter can pull about bureau at their descretion.  

 

Most things regarding credit is YMMV.  I treat every application or request for increase from a lender the same way I do NFCU;  expect an HP to happen and be thankful if it doesn't.

Message 8 of 11
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Contributor

Re: PenFed HP question.

Definitely agree, and my motto now. Just wish the reps themselves gave the disclaimer too. The supervisors I spoke with after the fact kept saying all reps give the disclaimer. However had that been the case, I wouldn't be calling to dispute it. My rep didn't. And neither did the rep in the email.

So yes, definitely NOT guaranteed and should expect one just in case. Lesson learned.
FICO 8 (as of 8/23/2019) | EX: 823 | TU: 824 | EQ: 831
Inquiries (Total) | EX: 2 | TU: 1 | EQ: 1
Inquiries (Less than 1 year) | EX: 0 | TU: 0 | EQ: 1

PenFed Promise Visa $39,000 | Bank Americard Mastercard $35,000 | NFCU More Rewards Amex $25,000 | Macy's $25,000 | NFCU Go Rewards Visa $24,300 | Citi Simplicity Mastercard $21,000 | Synchrony Home (Mohawk) $17,600 | NFCU CLOC $15,000 | Citi Costco Visa $12,300 | PenFed Gold Visa $11,000 | Discover It $10,000 | Citi Diamond Preferred Visa $8,000 | Kohl's $3,000

Message 9 of 11
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Regular Contributor

Re: PenFed HP question.

Well from my experience and talking to some CSR. If it’s a CLI without any quarterly pre approval it most likely will be a hard pull. That hard pull is USUALLY good for other credits products and personal loans. If it’s auto loans and or other secured product it may result in a new hard pull. Also if it is a product that is offered in conjunction with any other third party, that third party may require a new HP. As always YMMV though.
Message 10 of 11
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