Opened an account at PenFed this evening. Took a HP from EQ for the pleasure of it. No offers. Went to apply for card and they wanted to do another HP? What is up with that?
So now I have a crappy savings account with 0.05% APR. In order to get the 2.0% APR savings they want another application, assuming with another HP.
Should have listened to AJC!
@mikesonthemend wrote:Opened an account at PenFed this evening. Took a HP from EQ for the pleasure of it. No offers. Went to apply for card and they wanted to do another HP? What is up with that?
So now I have a crappy savings account with 0.05% APR. In order to get the 2.0% APR savings they want another application, assuming with another HP.
Should have listened to AJC!
Sorry to Hear That OP, Momma always said; "AJC knows Best"
Seems like Some Credit Unions are HP Happy
I got hit with a HP about 5 Months ago, for a checking and savings with Alliance (Now Excite CU)
I asked what the heck, they said "Oh, We had to pull your file to verify you"
I told the branch manager, not a nice way to impress a new customer. And walked out.
Sorry Mike. That stinks for sure. Funny thing is i have 2 locsl branches i could visit snd i see billboards for them while i drive. Its crazy but glad i let them go. I wasnt asking for the world but just show a member some love, especially if ones credit is good. Id like to show Penfed my OBLONGATA
Congrats on joining PenFed.
As a step on your rebuild, this gets you on the radar of a quality lender. Building a relationship with PenFed will take time, but the rates on their products can be quite good.
I opened a PenFed account in 2014, while I still had sizable balances. The CC app I thought I made was not anything, so a month later append a CC on a new HP, and got a denial. Talked with them and used the HP to open a $500 secured card. Used the secured card lightly for 14 months, then applied for a Promise card, approved mid-teens limit. Card balances overall were coming down a lot. Used that Promise card for some BT at the 5% rate offers. Took another HP 18 months ago, and they boosted it to $34k limit.
The HP always fades by a year, but building the relationship with a good bank lasts as long as you show good credit habits. All my PenFed HP are gone now.
@NRB525 wrote:Congrats on joining PenFed.
As a step on your rebuild, this gets you on the radar of a quality lender. Building a relationship with PenFed will take time, but the rates on their products can be quite good.
I opened a PenFed account in 2014, while I still had sizable balances. The CC app I thought I made was not anything, so a month later append a CC on a new HP, and got a denial. Talked with them and used the HP to open a $500 secured card. Used the secured card lightly for 14 months, then applied for a Promise card, approved mid-teens limit. Card balances overall were coming down a lot. Used that Promise card for some BT at the 5% rate offers. Took another HP 18 months ago, and they boosted it to $34k limit.
The HP always fades by a year, but building the relationship with a good bank lasts as long as you show good credit habits. All my PenFed HP are gone now.
Lol, sorry Nerbie, showing good credit hsbits means nothing to Penfed in my humble opinion. We are all case by case numbers to them and i understand they prefer to pick whom they wsnt to do better business with but when one does do the proper thing like pay on time, manage all accounts in a timely manner snd pay their own credit products on time and ggod fashion, it still finds ways to shun you. I wish Penfed worked like that but unfortunately, they have different standards for each member. My humble opinion of course
@mikesonthemend wrote:Opened an account at PenFed this evening. Took a HP from EQ for the pleasure of it. No offers. Went to apply for card and they wanted to do another HP? What is up with that?
So now I have a crappy savings account with 0.05% APR. In order to get the 2.0% APR savings they want another application, assuming with another HP.
Should have listened to AJC!
I try to avoid hard pulls too (even though I've read that they only have a small effect on FICO scores), so "ah feel yore paynnn" (Bill Clinton - 1992). At some time in the future, though, it might be useful to you to already have an account at PenFed.
A personal example:
I joined NFCU (because I was thinking about getting a credit card from NFCU) and doing so required a hard pull. Then I decided to get a credit card from BECU (a credit union) instead. I had joined BECU quite a few years ago because I was thinking maybe I should do a home mortgage refi. I don't remember whether or not joining BECU required a hard pull, probably because I didn't pay much attention to such things at the time. I didn't refi my home mortgage, but quite a few years later, my BECU membership proved to be useful to me after all, because I already had the membership so I just applied for the credit card.
Edit: I forgot to add that I recently got a credit card from NFCU after all, so twice I've gotten a credit card from a credit union quite a while after I joined.