PenFed Account after applying for a credit card?

[ddemari]

I made the mistake of opening up a PenFed account thinking it would be a great credit union to join. I did some brief searching online before I opened up the account, paid the 20 dollars and then applied for a card. 

I have average credit, I should have done more research regarding the terms of their credit cards. I applied for one and it says pending/ application sent to a loan officer. This is for the Promise Visa. I applied for the gold PenFed card and was immediately declined. 

Does anyone know what I can do/ could do with this account open online? 

[Jlu]

+1 curious to know the answer to this too.. I've had $100 sitting in a new Penfed acccount for the past couple weeks and scores around 700. I heard that apps are SP for the first 60 days or perhaps they use your original report because they do HP upon joining.

[ddemari]

I told myself to stay in the garden but had this urge to apply. I am really regreting this decesion because my Score is 680 and these cards are for like perfect credit. I wonder if I can somehow establish myself with PenFed with  account other than credit? There is just so little information out there. 

[navigatethis12]

I'm not exactly sure what your question is. You say you submitted an application and it was sent to a loan officer for review, and you're unsure what to do with the deposit account you opened? Sent to someone for review at least means their system doesn't think you're that bad.

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@Jlu wrote:

+1 curious to know the answer to this too.. I've had $100 sitting in a new Penfed acccount for the past couple weeks and scores around 700. I heard that apps are SP for the first 60 days or perhaps they use your original report because they do HP upon joining.

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It's more like 90 days from my experience. I applied for and got approved for a card back in November and in February when I requested an increase they used the same report from November.

[ddemari]

My question is coming from a negative place, I feel like it is going to be declined and then I have this PenFed account? 

I just need to see what happens I guess. I am so impatient which is the worst thing lol. 

[navigatethis12]

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@ddemari wrote:

My question is coming from a negative place, I feel like it is going to be declined and then I have this PenFed account? 

I just need to see what happens I guess. I am so impatient which is the worst thing lol. 

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You're not the only one that's impatient. It took me one day I believe to hear back from them, and it was an incredibly slow day. I'd say just keep the account if it's declined and try again in six more months. I don't believe you can get your donation back, so there's no real benefit in closing it.

[ddemari]

Thank you! That makes sense! I guess I am just super unfamiliar with credit unions and how this works. So I am part of this credit union now? Do they send you papers in the mail about the account and what you can do with it? 

[navigatethis12]

Within one week you should receive documents on the account and a debit card, unless it's just a savings account. I can't remember if the documents had the account and routing number on them or not. Yes, you are a member of the credit union as long as the account remains open.

[ddemari]

If I am declined the Promise Visa, should I apply for a different card because I have the 30 day window or just hold off? 

[navigatethis12]

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@ddemari wrote:

If I am declined the Promise Visa, should I apply for a different card because I have the 30 day window or just hold off? 

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Most likely, if you're declined that, they won't approve for another. You should receive a message in the online message center(top of the page) with the reasons for denial if you are declined. Although, since they use the same report, you can try again for another card anyway.