Penfed app

[Howaboutthat]

I joined Penfed a week ago and the csc kept asking if I was interested in their other products, auto, cards and such. I said no because I wasn’t sure of a hard pull or not. Read here that they use the same initial pull for a month. Is that so? If so I’ll app for one of their cards. My Eq score last month was 667 so I imagine it’s a bit better now as I continue to clear debt. I do have a baddie, other than that my file is clean. While I know no one can definitively answer I’m wondering about my chances.

[GenesisLS]

Not sure what your "baddie" is but as I understand Penfed, any unpaid collection or charge off is an instant denial. They've also tightened up their UW most suggest 700 or real close to it for a good chance at approval. I have one bad mark on my reports (3 year old auto loan charge off as the cosignor) and that was the reason for denial for me. Ymmv good luck.

[Howaboutthat]

Yeah it’s an unpaid collection. I’ll pay it off and wait awhile. But if it’s really and truly a soft pull what’s the harm. 

[GenesisLS]

If you pay it off and let it report as paid, it might push your score just high enough to be in good shape with Penfed. Just a thought. Good luck and let us know what happens.

[Howaboutthat]

So will it be a soft pull being a I just joined.

[FinStar]

---

@Howaboutthat wrote:
So will it be a soft pull being a I just joined.

---

If you apply for any credit products, it will be a HP.

[Anonymous]

I can add to this...

I have Savings only from 2004 with Penfed and asked just 2 days ago about opening checking/draft account and whether it would be a hard pull or soft as I was an existing member...   HARD PULL, while she was very friendly, she made it very clear that If I didn't apply for CC, OverDraft, etc at the same time that she could guarantee an additional HP would be made.

I received the same info via secure message from another rep, HP good for "that day" only.

[AverageJoesCredit]

Even 700's get denied

[CreditInspired]

---

@Anonymous wrote:

I can add to this...

I have Savings only from 2004 with Penfed and asked just 2 days ago about opening checking/draft account and whether it would be a hard pull or soft as I was an existing member...   HARD PULL, while she was very friendly, she made it very clear that If I didn't apply for CC, OverDraft, etc at the same time that she could guarantee an additional HP would be made.

I received the same info via secure message from another rep, HP good for "that day" only.

---

I agree that it would have to occur at the same time; otherwise a HP.

[JGGM]

PenFed is an odd sort. I have been reading on here the stories of people not getting approved with solid scores, 700+. I think when I originally got in with PenFed (back when they were a hot topic here on MF) with a 650 score?? I have the Power Cash Rewards and the Promise. They were generous on both credit limits and it was a near-instant approval on both if memory servies me correct (at this point combined it's $38k, I think the starting limit was around $20k combined). I do have one blemish that's going to fall off this year (a $300 paid collection). I will say, with PenFed, much like with NFCU, I just assume any time I ask for a CLI or a different product there will be a HP.

My biggest gripe with PenFed is their online system - it seems so antiquated, like back to the 90's or something. Then again, I really don't use their cards often, but I like the utilization padding. I'm sure they'll slash it at some point for non-use.