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PenFed accounts SP/HP update

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Valued Member

PenFed accounts SP/HP update

Hey guys, I have seen a good bit of people talking about hp vs sp for PenFed memberships related to checking and savings accounts. I know some people have expected sp's based on other people's success (I did) and got hit with a hp so I wanted to pass along the info I received from PenFed yesterday when I joined. 

 

I went online and applied for the High Yield Savings Account and membership two days ago, this one can only be applied for online and not via phone. I got the error, can't process message, but that they could process a standard savings and was asked to call in. When I called i spoke with a rep who explained what's been going on. They currently have two different systems they are having to run through. He said they have the old system that they have always used and a new system for processing applications that they are trying to switch everything over to but they have been having some issues with it. He said my application was hung up in the old system and he couldn't push it through but it did look like I may have got a hp from it and that he could take my app for the savings account which could possibly result in another hp, he couldn't tell me with pull it would be. I told him I didn't want to risk two hp's for an account with them but I would think about it. 

 

I decided to freeze my EQ and try again to see if it would sp and approve it. After I placed the freeze I applied for the standard savings account and the account was approved. I received my account info and added my 5 bucks. Yesterday morning I was trying to add money to the account but was unable to. I called them again and the rep told me that they needed to verify my identity and asked me to send in a copy of my DL, SS card and electric bill, he sent me a secured link to upload it. He said my account was on hold pending that and once they received it I would be able to add funds. I asked if there was a hp and he advised it looks like they had processed one. I thought it was odd since I received no alerts, but know those can be delayed, and my EQ was frozen. 

 

Yesterday evening I still had not heard from them or got an email update so I called again and got a really nice, helpful rep. She is the one who shed some light on what's going on. She said that I did have a membership with them but that my account had not been finalized because they still needed to do a credit check and that it appeared my EQ was frozen. I explained to her what had happened and why I froze it since I did not want multiple hp's for an account. After a brief hold she came back and said that they had tried to pull credit but none had gone through. She said they tried for a hp 2 times! and a sp 2 times. She explained that they have two systems and depending on which one your app hits will decide which pull. Since I had applied once and got the error then applied again I had two applications in their system that they were trying to approve, which is why the hp and sp's. I told her I did not want a hp for membership and if it couldn't be a sp i didn't want to move forward. She asked me to hold to speak with a manager. After some back and forth and some extra questions she told me that she would delete the first app and if I unfroze EQ they would guarantee a sp only since she was manually reviewing it. I did that while I was on the phone and my membership was finalized. 

 

She also told me that they cannot do hp's or sp's with a frozen account. She did since I now have an approved membership with no holds I could apply for any other accounts online, High Yield, etc and that it would be a sp only and those would now be approved. Of course credit cards, loans etc wouldn't apply to that.

 

I had also seen a few people advising that PenFed might use the same HP from setting up your membership and accounts (if you received one instead of a hp) for any credit card applications made within the first 60 days but she told me that was not the case. She said they have two different departments for those two items and that a cc app would require another hp and they aren't able to use 1 for both, just an FYI. 

 

I don't know that there is a way to make sure you get a sp instead of a hp but I wanted to pass this info along for clarification on what's been going on with them. 

 

P.S. I know some people mentioned it may be specific to which platform you apply on, PC vs mobile. Both of my apps were done on PC, resulting in hitting the HP system and the other the SP system.

 





NFCU SSL Builder Loan $3,010 @ 2.25% on 60 months. Immediately paid down to 8% loan utilization. I'm letting it ride until the last payment on 7/26/2025!
Message 1 of 14
13 REPLIES 13
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Valued Member

Re: PenFed accounts SP/HP update

On June 30 I joined PF using my PC. First it took me to a membership app and I only checked the box for savings account. Then it said that I give consent to a credit pull. I was concerned that it may be HP so I closed the browser. Later I tried again but it took me to a savings account app that did not say anything about a credit pull. My membership was instantly approved and I immediately had online access to my account. PF did SP on EQ and EX. 

Message 2 of 14
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Valued Member

Re: PenFed accounts SP/HP update

It sounds like your first app hit the "old" system and the second app went through the "new" system. That's is the same thing that happened to me, fortunately, I had my credit freeze so no hp on the first app. I just wanted everyone to be aware of the possibility of the hp and why.





NFCU SSL Builder Loan $3,010 @ 2.25% on 60 months. Immediately paid down to 8% loan utilization. I'm letting it ride until the last payment on 7/26/2025!
Message 3 of 14
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Senior Contributor

Re: PenFed accounts SP/HP update

I'm not sure if it's "old system" vs. "new system", but for any credit union you have open a "basic" savings account for your membership. It's called a "share account" because that's your share of ownership in the credit union, all CUs are member owned. The minimum is usually just $5, and once you have that set you can go about opening up other accounts. 


Message 4 of 14
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Valued Member

Re: PenFed accounts SP/HP update

Correct on the money, i had to give them the $5 for having the account. How they explained it to me was they are switching to a new platform "system" that they are processing applicants through which will allow them to only do a soft pull for memberships . They started transitioning that the end of last year/beginning of this year but have had some issues with it that they will hopefully have resolved within the next 1-2 months. Depending on how the application is processed, old vs new, is what causes some people to have a hard pull and others to only have the soft pull. I definitely don't know the ins and outs of it regarding them and am just referencing what i was told by 3 reps and a manager since we have had so many different people getting sp's and hp's. You may be correct on having to have a basic savings for membership prior to having a high yield, but i lead to believe by the first rep that was not the case and he advised i open the high yield only due to higher interest when i asked about the standard in my initial call with him which is why i went for that first. I didn't clarify that with them on any other calls.





NFCU SSL Builder Loan $3,010 @ 2.25% on 60 months. Immediately paid down to 8% loan utilization. I'm letting it ride until the last payment on 7/26/2025!
Message 5 of 14
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Valued Contributor

Re: PenFed accounts SP/HP update

My last new card and last cli were both SP and none of my reports are frozen.

 

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2020.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

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Message 6 of 14
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Frequent Contributor

Re: PenFed accounts SP/HP update

I am pretty sure that if you put in your phone number and the membership application prepopulates your information it is a soft pull for membership. (perhaps the "new" system). 

If you put in your phone number and it does not prepopulate your information you get the "hard pull" verbiage before submitting your membership app. 

 

-Just a few things a couple of my friends and I have noticed.


TU - 785
EX - 771
EQ - 779


Message 7 of 14
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Valued Member

Re: PenFed accounts SP/HP update

It sounds like that seems to be the case from what I've seen on here. 





NFCU SSL Builder Loan $3,010 @ 2.25% on 60 months. Immediately paid down to 8% loan utilization. I'm letting it ride until the last payment on 7/26/2025!
Message 8 of 14
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New Member
New Member

Re: PenFed accounts SP/HP update

Adding a D.P. for this.

 

Just applied for a Regular Savings account. My first product with PenFed.

Non-military. 

Tried applying with various browsers.

 

Chrome: Got HP language

Firefox: Got HP language

Safari: The application page looked entirely different. No HP language.

 

Applied on Safari browser.

Approved for Regular Savings account.

No notification of a HP from any of the 3 bureaus so far. 

No request for a donation to join. 

FICO SCORES 07.05.20


FICO 8: EQ-768  TU-778  EX-758


FICO 9: EQ-786  TU-802  EX-758

Message 9 of 14
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Super Contributor

Re: PenFed accounts SP/HP update


@AL5 wrote:

Adding a D.P. for this.

 

Just applied for a Regular Savings account. My first product with PenFed.

Non-military. 

Tried applying with various browsers.

 

Chrome: Got HP language

Firefox: Got HP language

Safari: The application page looked entirely different. No HP language.

 

Applied on Safari browser.

Approved for Regular Savings account.

No notification of a HP from any of the 3 bureaus so far. 

No request for a donation to join. 


Congratulations on your membership! Thank you for sharing the data points.

Message 10 of 14
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