I just took a 20 point hit by becoming a memeber of PenFed and opening a small savings account. There was ZERO mention of a credit pull soft or otherwise. I've been banking a number of years and have never had a credit check performed when no credit was being applied for. Should I dispute this inquiry? I'm rebuilding so a 20 point hit was the LAST thing I was expecting trying to get a savings account.
... Should I dispute this inquiry?
No. You would have given permission for them to pull or they would not have done it. That you were unawares of the process is not their fault.
Some FCUs require a HP for membership. Penfed used to allow members to use that initial HP to apply for credit products. I don't believe they still play it that way.
Be assured this 1 HP did not decrease your FICO scores by 20 points. And whatever loss you did have will be fully restored once it has aged 12 months. Live and learn.
This is why they say "read the fine print". We're talking about a Financial Institution after all, do you sign Loan Docs without reading etc?
Granted a lot of Major Banks do not HP for opening an account, because you're not actually seeking credit. Though they still check you out.
But it is known that most CU's do perform a HP, for whatever reasons.
That said, a HP isn't the end of the world. Unless you wouldn't have opened an account if you had known, because you like keeping Inq low?
I may have missed the legalese.....but 3 step "processs" didn't lend to thinking that there would be a HP. 1) eligibility...join via association 2) enter name,number email to get started 3)open and account with Just $5+PenFed member. I missed the notification, its all on me. Just really shocked me. Should have done a little more research or double checked the fine print. Either way, it caused me physical pain, but the means justify the ends when I look a year down the road at the options I will have available. Sorry guys, original post was a knee jerk reaction to that 20 point drop through MyFico monitoring. Thanks for talking me down. Ultimately, it was my reponsiblity and "I have been weighed, I have been measured and I have been found wanting."