Penfed members,
I opened up a savings account with Penfed, 2 weeks ago. I was going to open a checking account with them and the application process warned that there would be a credit pull to open the checking account.
I'm planning on applying for a PCR in about 6 months. If I open the checking, will they do a HP or will it be off the original pull 2 weeks ago? Should I wait to open the checking and PCR at the same time or just knock out the checking now?
Thoughts?
Yes, the opening of a PenFed membership account will prompt a HP. It is a credit union, and this is not out of the ordinary. However, are you sure a HP has not yet occurred for the savings? That is generally the case and if you open a checking account now (2 weeks after savings opening) another HP should not ensue. If you are planning on a 6 month timeframe for a CC app you can expect another HP as PenFed retains the initial pull for only 90 days.
EDIT: Saw you did receive an initial HP, you should be fine due to within 90 days.
EDIT: Saw you did receive an initial HP, you should be fine due to within 90 days.
I'm not sure how PenFed are these days. Expect a HP for everything.
Are you attempting this online?
Perhaps, try calling csr to see if they can recycle the HP from 2 weeks ago for the checking account.
Are you attempting this online?
Perhaps, try calling csr to see if they can recycle the HP from 2 weeks ago for the checking account.
So I called and the rep could not say one way or another if I would get another HP. He said sometimes the same one is used sometimes it is not. I don't feel like having another HP. I think I'll just open later when I apply for the PCR.
@Openwater wrote:So I called and the rep could not say one way or another if I would get another HP. He said sometimes the same one is used sometimes it is not. I don't feel like having another HP. I think I'll just open later when I apply for the PCR.
That is probably a good choice, thanks for the update
@SarahJo wrote:
Yes, the opening of a PenFed membership account will prompt a HP. It is a credit union, and this is not out of the ordinary.
I know alot of you guys have offered DP's on HP's for CU's, but I have NEVER been HP'ed for membership (savings share, no checking) for the ones I belong to:
NFCU
Penfed
Fort Knox
Vantage West
Nusenda
If it's checking with OD coverage, I can understand...but than that's not a HP for membership.
@OmarR wrote:
@SarahJo wrote:
Yes, the opening of a PenFed membership account will prompt a HP. It is a credit union, and this is not out of the ordinary.
I know alot of you guys have offered DP's on HP's for CU's, but I have NEVER been HP'ed for membership (savings share, no checking) for the ones I belong to:
NFCU
Penfed
Fort Knox
Vantage West
Nusenda
If it's checking with OD coverage, I can understand...but than that's not a HP for membership.
The OP stated that they received a HP for the initial app...if you have never had a HP for your CU accounts then that is wonderful :-) There have been recent DP's that PenFed account opening and CC opening at the same time even resulted in a double pull, one for each task. Also, with PenFed, in order to receive the 2% CB some (myself included, a simple transfer) run the deposit amount required per month through the checking account, which is not "savings share/no checking." It all depends on what someone is looking for to work for them. As the saying goes, YMMV!