PenFed Membership

[Anonymous]

Hey everyone,

I've been looking for a good CU to join for awhile now and I've been lurking around this forum and PenFed seems to be a good choice. I was approved, opening a checking and savings account donating the $20. How long is the hard pull good for, in terms of applying for other products and what are my chances of approval?

All my scores are 720-47. But, two months ago I got a Chase Freedom ($2500), AMEX ED($4000 then 3x cli to $12000), Sallie Mae($5000), and last month I got a BOA Cash Rewards($2000). I have a Discover IT($3300) from April 2013 and a Cap 1 Secured(300) from Oct 2012. I am an AU on two macys cards from 12yrs($1300) and 9 yrs($2000).

Any advise is appreciated. Thanks!

[B335is]

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@Anonymous wrote:

Hey everyone,

I've been looking for a good CU to join for awhile now and I've been lurking around this forum and PenFed seems to be a good choice. I was approved, opening a checking and savings account donating the $20. How long is the hard pull good for, in terms of applying for other products and what are my chances of approval?

All my scores are 720-47. But, two months ago I got a Chase Freedom ($2500), AMEX ED($4000 then 3x cli to $12000), Sallie Mae($5000), and last month I got a BOA Cash Rewards($2000). I have a Discover IT($3300) from April 2013 and a Cap 1 Secured(300) from Oct 2012. I am an AU on two macys cards from 12yrs($1300) and 9 yrs($2000).

Any advise is appreciated. Thanks!

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The hard pull is good for up to 90 days.  They reused one of mine on the 88th day.  Whit is your EQ score, how many inq and what is your AAoA?

[jnt1231]

The HP from membership allows you 90 days for a SP for their products. Score wise you are ok, but they use Fico Nexgen score anyway, so YMMV. How many INQ on EQ and how many of those new accounts are reporting currently? Also, what is you utilization?

[Anonymous]

My utilization is 16%. I have 6 inq on Eq, 3 of which fall off in apr, aug, and then nov. And the only new account not currently reporting is the BOA, which im sure will be reporting by then end of this month. Do i have anything to lose since they are gonna use the hard pull i have from opening the account?

[jnt1231]

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@Anonymous wrote:

My utilization is 16%. I have 6 inq on Eq, 3 of which fall off in apr, aug, and then nov. And the only new account not currently reporting is the BOA, which im sure will be reporting by then end of this month. Do i have anything to lose since they are gonna use the hard pull i have from opening the account?

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No, nothing to lose now, you have taken the HP. Just decide what product seems the most fitting for your lifestyle. Good luck!

[B335is]

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@Anonymous wrote:

My utilization is 16%. I have 6 inq on Eq, 3 of which fall off in apr, aug, and then nov. And the only new account not currently reporting is the BOA, which im sure will be reporting by then end of this month. Do i have anything to lose since they are gonna use the hard pull i have from opening the account?

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Yeah just go ahead and apply for the card you want if you're still within the 90 day window.  I think all of the cards have the same underwriting criteria.  I heard the personal line of credit is more difficult.

[Anonymous]

Alright, thank you guys. If I get denied, can I apply again within those 90 days with another soft pull?

[B335is]

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@Anonymous wrote:

Alright, thank you guys. If I get denied, can I apply again within those 90 days with another soft pull?

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Absolutely.  That's what I ended up doing.  Sometimes the underwriters will shave off Instant online approvals.  You can also call and ask if they see anything you're pre-approved for.  They're super nice.

[Anonymous]

Oh okay, that's awesome. Thanks for the heads up!

[Anonymous]

It says, referred to loan officer. I will update when a decision is made.