PenFed

[Anonymous]

Based on the information obtained here, I opened a savings account with PenFed this morning. When I checked my CR's as I do every day I found that they had pulled a hard inquiry on equifax (duh!!! ok so I'm stupid). Anyway...so I decided what's the harm in asking for a credit card since they already pulled..so I went back on the site and applied for the Visa Gold....APPROVED $15,000!!!! and a car loan for $35,000 (never would I buy a car that cost $35,000)....I'm impressed...

[Anonymous]

Penfed is a great CU. I have their CC and a PLOC and a savings with them. They only do one pull on EQ for 60-90 days so if you want to apply for anything else within that time they won't do another hard pull. I set up a savings and applied for the CC at the same time and a few days later applied for the PLOC and they used the same pull on all 3. I was also pre-approved for the new car loan but turned it down. Penfed likes to see low utilization on CC's when they pull your credit. They are also really fast. I received the CC within 7 days of the time it was disbursed and the PLOC within 4 days of the time it was disbursed.

Message Edited by onmyway3161 on 08-19-2007 03:08 PM

[ah32]

Do they always pull eq?

[ah32]

Also, what was your score?

[Anonymous]

EQ=736

[Anonymous]

My EQ score was 714, no baddies. And they always pull EQ.

[ah32]

Well, that was worthless.  I don't know why I bothered applying.  My EQ score is the lowest, currently at 604.  Of course you'll get approved with scores over 700.

[Anonymous]

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onmyway3161 wrote:
Penfed is a great CU. I have their CC and a PLOC and a savings with them. They only do one pull on EQ for 60-90 days so if you want to apply for anything else within that time they won't do another hard pull. I set up a savings and applied for the CC at the same time and a few days later applied for the PLOC and they used the same pull on all 3. I was also pre-approved for the new car loan but turned it down. Penfed likes to see low utilization on CC's when they pull your credit. They are also really fast. I received the CC within 7 days of the time it was disbursed and the PLOC within 4 days of the time it was disbursed.

Message Edited by onmyway3161 on 08-19-2007 03:08 PM

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So exactly how does this PLOC work?

[Anonymous]

You can use the PLOC any way you like. You make monthly payments on it. The payments depend on how much of the loan you use. They send you the paper work for the loan and you call them and they can either issue one check for the total amount, issue you a book of checks to use or they can wire transfer the loan into your checking account (which is what I did) After you pay so much on the loan you have that much LOC again. For example if you borrow 5000.00 and use it all then pay that down to say 1,000 then you have 4,000 in your account again.

[ronq]

I belong to a CU (Navy Federal) and I have since I was in the military years ago. I shifted all of my accounts to them a year ago and wish I had done it sooner. I know they do soft pulls every so often and I have asked for a CLI on my CC with them 2 times this year it only had a 1800 CL since 18 years ago. It was all online and very easy. My score is 700+ now but back when I first did the CLI I was in the low 600s and I have a over 30 Baddies on my CR.