PenFed Questions - Please Help?!?

[Anonymous]

So I filled out the online application for PenFed, my goal is to establish a relationship with them and use them as my secondary bank and close my BofA as soon as I can.  I'm using a local CU for my primary account to have easier access to branches and ATMS, plus they have free wire transfers (but I digress).  Question, how do I know if I am '"approved for membership".  I received an email saying welcome to PenFed, congratulations on becoming a member when I setup the share account, I also applied for a checking account and it's showing up online under my accounts.......

Is that a good sign, or can they close those accounts after some sort of further review?  I opened them with a transfer from my CC and I already see it on my pending transactions.  My grandfather was military and so were many uncles.  Can't get into USAA or NFCU, I already looked into it........

Not sure what's next, if anyone could tell me what to expect, I would appreciate it so much!

[Anonymous]

I am sure others will chime in, but it looks good to me. PenFed, to my knowledge, is good about doing it right the first time. I joined a few months ago and opened two cards with them. I am happy with my relationship with them. 

[Anonymous]

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@Anonymous wrote:

I am sure others will chime in, but it looks good to me. PenFed, to my knowledge, is good about doing it right the first time. I joined a few months ago and opened two cards with them. I am happy with my relationship with them. 

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I'm not even going to try to open any products other than the checking and saving that I just did with them - I have the CH7 AND I'm sure the 28 inquiries on my EQ will not be working in my favor, lol!  Maybe in 2 years when they all fall off (can I tell you how much I hate auto lender inquiries, there's gotta be a better way than the current system for counting them against you.........) I'll see if they've loosened up at all with a bk on the record.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I am sure others will chime in, but it looks good to me. PenFed, to my knowledge, is good about doing it right the first time. I joined a few months ago and opened two cards with them. I am happy with my relationship with them. 

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I'm not even going to try to open any products other than the checking and saving that I just did with them - I have the CH7 AND I'm sure the 28 inquiries on my EQ will not be working in my favor, lol!  Maybe in 2 years when they all fall off (can I tell you how much I hate auto lender inquiries, there's gotta be a better way than the current system for counting them against you.........) I'll see if they've loosened up at all with a bk on the record.

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Oh, I see. I understand about the bankruptcy stuff. My Chapter 13 just fell off my reports in May of this year. I have 12 (inquiries-had to edit to add that.) from my August car purchase. It sucks!

[ddemari]

OP- I think you are good. If Penfed accounts are checking and share savings are showing up online for you, then that means they are opened. Did you try applying for other products? 

[Anonymous]

No I didn't. I have a 22 month old ch7 and like 28 EQ inquiries. They'd probably laugh me right out of the CU right now.......

I'm going to deposit 500 a month and then try an auto refi with them next August when a bunch of inquiries fall off. Hoping that by building my account up will help a bit.

[ddemari]

I think you are fine. Maybe tread lightly with the checking account and don't push any big payments or push any large deposits into the account just yet. PenFed has opened up their approval criteria. I was approved only a share account back in early 2014 with a 9 year old bankruptcy reporting at the time. Now I have many accounts with PenFed. 

[Anonymous]

I was planning on slow and steady with the checking and savings. Once I get all the ach info, I was planning on $250/semi-monthly from my direct deposit into the savings and fund the checking with the minimum from a bank transfer. After about about 6 months start making it my primary account. Let them get used to me before asking for anything.

I'm definitely more deliberate now and plan ahead all the time.

[ddemari]

Building a relationship with a lender is a good thing. I think in your case you will be fine. 

[CreditDunce]

If you are looking to add TL's after a BK, you should consider the thrifty overdraft protection.  It is close to automatically approved for $500 with new checking accounts.  Assuming you are in the first 30 days, they should use the same HP they used for membership.

Cons: Interest rate too high to be a used, except in emergencies.  Will decrease your AAoA. 

Pros: A TL with no annual fee.  Easy to keep open forever.  You don't need to show any usage with it.  A revolving account that should report a zero balance every month.

If you are approved, Penfed will provide you a quarterly NextGen score (not sure if you get the score without a credit product).  The SP's are used for pre-qual offers.  Although, there are threads saying if you join Penfed with a dirty EQ, they never give you pre-qual offers.