Pen Fed Application

[Anonymous]

When you get a notice from Pen fed, saying you are accepted for share membership, do they pull cra's?  Are pulls made only when you decide to apply for any financial products they offer? Ive been accepted as a member, what exactly does that mean? Thank you.

[Scamp]

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@Anonymous wrote:
When you get a notice from Pen fed, saying you are accepted for share membership, do they pull cra's?  Are pulls made only when you decide to apply for any financial products they offer? Ive been accepted as a member, what exactly does that mean? Thank you.

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They pulled when you opened the share account - EQ only.  Pull is good for 60-90 days, so any credit products you're interested in and think you qualify for (do a search on PenFed to find out more on their typical approval/denial criteria and issues), apply for them within that window - that one inq will cover those apps, too. 

They are conservative and picky (a good thing, nowadays!).

Congrats on getting a foot in the door with the share account, and good luck on any other apps you do with them!

[Anonymous]

Scamp, Any idea of the basic FICO score Pen fed may require to open a share account? Is it possible to be given a share privillege, but disqualified for any credit products they offer? Is the score different for share and draft vs credit lines? I would like to app. for a credit card with them. I would like a cl of 5k. i would be terribly content there. We looking at super high 600's? Thank you very much.

Message Edited by Scamp on 12-17-2008 08:01 PM

[Scamp]

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@Anonymous wrote:
Scamp, Any idea of the basic FICO score Pen fed may require to open a share account? Is it possible to be given a share privillege, but disqualified for any credit products they offer? Is the score different for share and draft vs credit lines? I would like to app. for a credit card with them. I would like a cl of 5k. i would be terribly content there. We looking at super high 600's? Thank you very much.

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FB_A, I think they want a minimum of 680 on EQ just to accept you for membership, but definitely run a search for 'PenFed'-related threads and research all you can about them on here, as their criteria, likes and dislikes have been discussed many times on here.

Yep, you can be ok'd for the share acct. but denied for other stuff, though I don't think they actually require higher scores for their products vs. just having a share account - happened to me when I opened up my share account back in May; got turned down for the CC for recent inq's and for 'pyramiding debt', which basically means they didn't like that I had a few new/recently-opened credit accounts and a chunk of cc debt that needed to be paid down.  I'll try re-applying sometime in the New Year, after my inqs have aged past 6 months and I've gotten my BT'd cc's paid down a good deal.

To maximize your chances for getting all you hope for with them, definitely wait to app until you're in a place where any inq's are at least 6 months old, along with any new TL's also at least that old, and with low or 0 util on your current revolving accounts, if possible.

Message Edited by Scamp on 12-17-2008 08:01 PM