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PenFed "new member" & savings account question

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Frequent Contributor

PenFed "new member" & savings account question

I know/heard the credit limit for new members is max $10k. 

 

I opened a savings with them a few years ago, does that alone qualify me as not a "new member" and just a regular member w potentially higher SL's? Or would I had needed a checkings or some other type of account?











10 REPLIES 10
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Established Contributor

Re: PenFed "new member" & savings account question

I don’t know the asnswer to your question. But I will direct you to a wonderful tool - google. Best wishes
Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 2 of 11
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Frequent Contributor

Re: PenFed "new member" & savings account question


@BrandonLane wrote:
I don’t know the asnswer to your question. But I will direct you to a wonderful tool - google. Best wishes

Just google'd..told me "see ficoforums" ill go look on dorkwallet or credit Dentist lol











Message 3 of 11
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Frequent Contributor

Re: PenFed "new member" & savings account question

I mean it says Im a member, but I dont get member offers like everyone else does who open credit products/checkings accounts so idk if it counts  **googling harder...**











Message 4 of 11
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Established Contributor

Re: PenFed "new member" & savings account question

I have been a PenFed member for two years.  I never got any offers either.  Well, I have gotten the $25k personal loan offer about 4 times, including in the mail yesterday.

 

You can still apply for a PenFed CC.  I did and was hit with "overextended" credit in relation to my income.

Message 5 of 11
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Frequent Contributor

Re: PenFed "new member" & savings account question

Do you have credit products w them currently or just a savings? 

 

thx











Message 6 of 11
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Established Contributor

Re: PenFed "new member" & savings account question

Just a savings account.  Funded with the original $5.

Message 7 of 11
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Valued Contributor

Re: PenFed "new member" & savings account question

Pretty sure you have to have a credit product to generate offers. 

I received my first offer at about 6 months.

 

Not sure on the new member question, sorry. AAshrugs.gif




Message 8 of 11
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New Contributor

Re: PenFed "new member" & savings account question

Been a PenFed member for approx. 6-7 years. Kept only minimum required in savings (don’t remember why I originally joined). Never received ANY offer for products. Logged in a few weeks ago and opened a checking account. Next day applied for 25k personal loan and 25k personal line of credit. Both approved within seconds. I do not have any of their credit cards. 

Message 9 of 11
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Moderator

Re: PenFed "new member" & savings account question


@CreditContractor wrote:

I have been a PenFed member for two years.  I never got any offers either.  Well, I have gotten the $25k personal loan offer about 4 times, including in the mail yesterday.

 

You can still apply for a PenFed CC.  I did and was hit with "overextended" credit in relation to my income.


A little over 2.5 years here.  Started with the $5 in the share account and a PenFed Defender Visa card.  Added an auto refi, an additional card (PCR), and did a few CLIs (now $1,000 shy of their total revolving cap).  But I've still never seen anything other than the Save $20 on TurboTax offer, and of course the obligatory "here's a $25,000 check for a personal loan with a high APR," which I also received another one of yesterday.

Message 10 of 11
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