Penfed

[Anonymous]

Is it a hard pull to open an account with Penfed? Like just a savings and then maybe later something else?

thanks!

[Anonymous]

It's a hard pull via Equifax.

[Jazzzy]

There will be a hard pull to open a savings account. After that, however, that hard pull can be used for other products within a certain timeframe. We have both a credit card and an auto loan. The auto loan was a bit more than 60 days out, but all these products were done on one pull.

[Anonymous]

It's a hard pull on EQ when you app for membership, at which time you must deposit at least $5. That INQ will be used for all credit app's you make during the next 60 to 90 days.

[Anonymous]

If you are lucky they will use the same pull for products applied for within 60 - 90 days. Many people have reported an additional pull from TU for an additional product. Penfed is not consistent, it's a roll of the dice. If you want to guarantee that you will only get EQ pulls then freeze the other bureaus. The smart move is just to pass on Penfed.

[Anonymous]

It also depends on how you apply.  If you app online, each app will result in hard pull.  If you call in and request that they use previous pull, they usually will if it is recent enough UNLESS they see things they want to check out more recently.

[haulingthescoreup]

In fact, very few people here have reported additional pulls on TU. Obviously, it can happen, but I don't think it's very accurate to state that "many" people have experienced this.

One common theme that I've seen from those who had a second report pulled was a thin credit file. I'm sure that there are other factors as well.

[Jazzzy]

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@Anonymous wrote:

It also depends on how you apply.  If you app online, each app will result in hard pull.  If you call in and request that they use previous pull, they usually will if it is recent enough UNLESS they see things they want to check out more recently.

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Hi txjohn...this does not always seem to be the case.

We were between 60-90 days out from having joined and apped for a used auto loan. They had a 1% discount in interest rate if you apped online. It was an "online only" special. We apped, assuming they would do another hard pull...but they didn't.

[Anonymous]

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@Anonymous wrote:

It also depends on how you apply.  If you app online, each app will result in hard pull.  If you call in and request that they use previous pull, they usually will if it is recent enough UNLESS they see things they want to check out more recently.

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There is no difference with PenFed, txjohn. All app's are completed online. The difference is whether you do it yourself or do it with the assistance of a CSR who acts as a facilitator and enters the information for you. PenFed's process is automated - some approvals require an MR, while other approvals are automatic. If you have an onfile credit report within the last 60 to 90 days PenFed will use it if you app and very rarely pulls a second CBR either from EQ or elsewhere. Many have reported that PenFed would not make a fresh CBR pull for them even if they begged them to.