Does Penfed use the same HP within 30 days?

[Ron1]

You're welcome. I would prefer Penfed over DCU. DCU need at least 680 EQ FICO. You need to fax docs to verify your identity. They are really slow to process the membership. It took almost half a month to join for me last year. I don't know too much about the auto loan. They don't have many credit card choices. People want to join because of the free EQ FICO score. Penfed is conservative. I think they only pulled HP on EQ. for membership. They don't pull Chexsystem. They can use same HP membership for any credit products. It depends what you want to get from them. Penfed offers more credit products than DCU. They are more organize and efficient than DCU.

Hope it helps.


Ron.

[BluePoodle]

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@Ron1 wrote:
You're welcome. I would prefer Penfed over DCU. DCU need at least 680 EQ FICO. You need to fax docs to verify your identity. They are really slow to process the membership. It took almost half a month to join for me last year. I don't know too much about the auto loan. They don't have many credit card choices. People want to join because of the free EQ FICO score. Penfed is conservative. I think they only pulled HP on EQ. for membership. They don't pull Chexsystem. They can use same HP membership for any credit products. It depends what you want to get from them. Penfed offers more credit products than DCU. They are more organize and efficient than DCU.

Hope it helps.


Ron.

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Wow, great to know! Thank you! You mentioned DCU requires at least a 680. What about PenFed?  I have seen you and others mention they are more "conservative." What exactly do you mean by that? CL's, underwriting? Not sure what it refers to.   I have a clean chexsystem so I don't have problems there. 

[Ron1]

I am not sure about Penfed's requirement. It depends on your credit profile. I had over 700 when I joined. You won't get any pre-approval after a year. Sometimes, they require to fax paycheck stub for proof of income. You don't need to show income for membership. You have to join organization to qualify for membership. It's pretty quick. I didn't get more than $5k for credit cards.

They are both big credit union. It is up to you.

Ron.

[BluePoodle]

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@Ron1 wrote:
I am not sure about Penfed's requirement. It depends on your credit profile. I had over 700 when I joined. You won't get any pre-approval after a year. Sometimes, they require to fax paycheck stub for proof of income. You don't need to show income for membership. You have to join organization to qualify for membership. It's pretty quick. I didn't get more than $5k for credit cards.

They are both big credit union. It is up to you.

Ron.

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Ok, thank you for sharing! Congrats on your new accounts.

[Ron1]

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@BluePoodle wrote:

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@Ron1 wrote:
I am not sure about Penfed's requirement. It depends on your credit profile. I had over 700 when I joined. You won't get any pre-approval after a year. Sometimes, they require to fax paycheck stub for proof of income. You don't need to show income for membership. You have to join organization to qualify for membership. It's pretty quick. I didn't get more than $5k for credit cards.

They are both big credit union. It is up to you.

Ron.

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Ok, thank you for sharing! Congrats on your new accounts.

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You're welcome. Let me know if you have any question.

Ron.