Hey all,
I've returned to posting from lurking. It's been great to see a lot of the success that has still been had, even during the current downturn.
When checking the mail yesterday, I had a letter from PenFed inviting me to apply for their card with a pre-approval and an interest rate that was mentioned rather than a range. I seem to recall a lot on here loving the PenFed card because of the higher limits they give. I do have a few questions though.
They mentioned you don't have to be in the military to be a member. I just wanted to confirm because when I was just clicking through online, it wanted to know more about my military affiliation.
You have to open an account (at least a Savings with $5) to be eligible. I don't mind doing that. Does anyone know if there's a hard inquiry to open an account with them for either savings or a checking account?
Does the amount that I open a Savings account (or checking) with have an impact on what my credit line would be?
Lastly, PenFed isn't nearby. They just have a lot of ATMs in my area. How difficult is it to have a banking relationship wtih them? (For those of you that aren't local to them either.)
Also, any other commens or feedback?
I don't have to have a new card, but the opportunity to join PenFed (based on comments here) really seems like a good one to look into. Honestly, I was kinda shocked to get the letter considering how many are restricting things.
As always, thanks!
(ACHIEVED!)
I joined in December 2018 and I really like my banking relationship with them. No issues at all. Very happy.
To answer your questions.
- No military affiliations needed. Just a small one-time donation.
- I have 3 PenFed EQ HP's!! I guess this is the one down side. They hard pull for everything though you can combine if you apply for credit products within a period of time. When I joined, I opened their regular savings, so I got HP there. Another HP for checking account some time after. 3rd HP for my Visa.
- Unless you put a lot of money into savings, probably not much of an impact on credit line. It might help acquiring cards for those with borderline credit scores though.
- I have a regular savings, online premium savings, Access America checking, and Power Cash Reward Visa. I have been able to handle all my transactions online, so not living near an office hasn't been an issue for me.
Thanks so far everyone! I appreciate the help!
Glad to know that I don't have to be military or ex-military to join. That's encouraging.
I've seen "donations" mentioned. I haven't seen that on the site. Can this be elaborated on?
I started the application just to see what was asked. Down at the bottom it says "I allow PenFed to obtain my credit report for the purpose of establishing PenFed membership or other financial services I may request." I see that EQ is their HP of choice. So, I'll have to give it some thought before adding two more inquiries. (I'd hate to make Chase upset with two new HP after opening with them 6 months ago.)
@mrcraft wrote:
- No military affiliations needed. Just a small one-time donation.
@cashorcharge wrote:... No military affiliation is necessary, you have the option of making a donation to join.
For the record, this is no longer necessary.
@Charmante wrote:
NO military affiliation. At the bottom it will have an option "None of the above but want to join", use that.
This is what to choose if you do not have any connection to the military.
@dsotm76 wrote:I've seen "donations" mentioned. I haven't seen that on the site. Can this be elaborated on?
See above. This is now outdated information.
@Charmante wrote:@dsotm76 You'll only receive a HP for the Visa. A few months ago PenFed changed their policy. They do NOT HP for Membership/Savings. Just loan products.
You're welcome to call to verify, so you're more comfortable. But I verified personally.
What was throwing me was one application for membership said an HP and one said an SP. I did call because I had questions about the two savings accounts they offer. After I got my answer to those, I asked about the check. She said currently it is a hard pull because who they use for the soft pull is having "technical difficulties." She couldn't give me a timeframe on when that's restored, just to contact them back later before applying for membership. So yes, it usually is a soft pull, but not at this time.