PenFed Approval....kind of

[InOZmK]

So I have been trying to get into a nice credit union, but due to one baddie from ChexSystems, I have been constantly denied.  My report shows that it was reported 2/2010, so I'm not sure if it falls off early next year (chime in if you have had experience with this).

Anyways, after doing a little research, I decided to jump in and apply for the PenFed CU.  I think I have been approved, as I was given an account number, and my login seems to work.  I tried to apply for a loan, but was denied due to a few things I need to fix up on my credit report.

Once I have the account number, that should mean I am in, right?

I think I was just dazed with the fact that they accepted me, but now I need advice on how to build a relationship with them.  I have a main account with another bank, so should I do small deposits into my savings account to build up a balance?  Any other suggestions?  Not sure if this is the right forum for this, but didn't know where to look.  Thanks in advance for your help!

[baller4life]

If they gave you an account number sounds like you are in. However, I hate to be the bearer of bad news but Penfed is extremely conservative. It's often adviced not to even join unless your Equifax is squeaky clean. So just concentrate on removing baddies. Can you join Nfcu? Any immediate family member or grandparent active or retired military? They are much more accepting to those of us with blemishes. They are very generous in fact.

[InOZmK]

Unfortunately, I am not directly related to anyone who is a service member.  I have heard the same about NFCU, but unless I decide to join the military for the sole purpose of achieving my financial goals, I'm stuck.  Haha.

[Tony275]

Sounds like you're in! Wait a year and then go for their cards!

[TheClub]

Congrats on your approval.

You should consider opening a shared loan account with them. It's like a secured CC but better because they will not do a hard pull and you automatically qualify as a member.

Check out the info I've received from them below!

Good luck!

Secured Share Loans:

A Share Loan is a secured loan, which uses your regular share account as
collateral for the loan. The funds are placed on hold at loan inception and are
released incrementally each time you make a payment on the loan.

Loan Limits: Amount of unencumbered (available) shares, no maximum (Minimum
loan amount is $250)
Repayment Terms: 142 months as long as monthly payment does not fall below $25
& 2% above current dividend rate.

Other Important Notes:

?No credit report is pulled for Share loans. Loans are guaranteed to be
approved.

?Share loans ARE reported to the credit bureaus and will appear on your credit
report.

?Shares in another member's account may be used as long as the owner of the
other account signs a Pledge of Shares form.

?Funds must have been on deposit for 30 days or more before loan will be
approved.

[takeshi74]

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@InOZmK wrote:

I think I was just dazed with the fact that they accepted me, but now I need advice on how to build a relationship with them.

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Membership isn't really that difficult.   Your recent derog was your problem but recent derogs are an issue with many creditors.  It's the credit approval that can be difficult with PenFed.

Relationship isn't as important (doesn't hurt but don't count on it alone) as addressing the items about your credit that concern them.  I was a member for 4 years before they approved me for a card and it was cleaning up my credit that made the difference.

[jetsfan2013]

I joined them at the start of the year and have just a savings. They wouldnt give me a checking even though my chexsystems is clean, due to the discharged BK from 3 years ago. It takes time, be patient, and hopefully it will pay off.