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PenFed and CHEX system

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Established Member

PenFed and CHEX system

Hi,

I have a credit score in the low 700's and a lot of good credit history.  I am interested in signing up for cards from PenFed, but does this mean that they will require me to also open a checking and/or savings account with them?  And if I am listed on the Chex system for having an overdrafted checking account get shut down 3 years ago, then I am assuming that PenFed will probably not open me said required checking/savings account?   If this is the case, and I decided to go back and clear up the overdrafted checking liability, how long will it take for the Chex system to reflect that I am in good status with the checking account system again? 30 days? 60 days? etc. 

Message 1 of 10
9 REPLIES 9
Regular Contributor

Re: PenFed and CHEX system

Unless you plan on paying by paper check everytime, its not gonna not be easy to pay your card bill.

CSR, CFU. FREEDOM, USAA AMEX, NFCU PLATINUM, WF SIGNATURE.

Message 2 of 10
Established Member

Re: PenFed and CHEX system

I also have an active checking account at another bank which was set up before the first checking account got shut down.
Message 3 of 10
Valued Contributor

Re: PenFed and CHEX system

PenFed does not use Chex as far as I know- I joined with a dirty report
NFCU $60.4k/PenFed $22.5k/Commerce $15K/53 $11K/Synovus $14K/BBT $11K/CapOne $12K/DCU $7.5K/BMO $7.5K/Chase $14.5k/Cabelas $10K/ and many many more!
Total CL $398600, plus car and RV loan.
Ooh. Ooh. Getting closer to that $500K mark!
Message 4 of 10
Valued Contributor

Re: PenFed and CHEX system

And, since it is a CU, you HAVE to open a savings account to get any of their other products
NFCU $60.4k/PenFed $22.5k/Commerce $15K/53 $11K/Synovus $14K/BBT $11K/CapOne $12K/DCU $7.5K/BMO $7.5K/Chase $14.5k/Cabelas $10K/ and many many more!
Total CL $398600, plus car and RV loan.
Ooh. Ooh. Getting closer to that $500K mark!
Message 5 of 10
Frequent Contributor

Re: PenFed and CHEX system

I joined with a dirty report, no issue...they may not allow you to open a checking account (do not know from personal expereince only have credit produts) but it shouldn't be the reason they don't open a share account for you.

Message 6 of 10
Valued Contributor

Re: PenFed and CHEX system

They will pull your EQ report, but I haven't seen them using Chexsystem.

It wasn't PenFed, but another CU let my better half in for membership and savings, but not checking because of Chex.

Not sure if you'd want to call and ask PenFed up front, but that might be better than finding out when they shut you down afterwards
State Farm Rewards (3,000) ~ Marvel MC (8,000) ~ PenFed Power Cash (10,000) ~ PenFed Promise (1,000) ~ PenFed OLOC (500) ~ Discover ($1,100) ~ Citi DC (2,200) ~ NFCU cashRewards (6,200) ~ NFCU Platinum (2,700) ~ NFCU CLOC (15,000) ~ Venture (10,300) ~ DCU Visa (5,000) ~ Chase Freedom (3,000) ~ Amex Hilton Honors (5,000) ~ Amex SPG (1,000) ~ Amex BCE (1,000) ~ Care Credit (15,000)
Current Scores (6/6/18): 697 Transunion, 659 Equifax, 674 Experian
Message 7 of 10
New Member

Re: PenFed and CHEX system

I notice you have Navy Fed too.
Is there a way to get approved for membership if you are not in military or if you do not have a family member
Message 8 of 10
Senior Contributor

Re: PenFed and CHEX system

I joined Penfed with both checking & savings in May 2017, and then DCU in October. I know DCU required a Chex, I was opening checking & savings, because I had recently frozen Chex and was waiting for the mailed PIN to unfreeze it, and that caused a delay with DCU until I got that PIN.

 

DCU was nice enough to give me a PDF of my Chex report, and in checking it I do not see any inquiry from Penfed, they are apparently satisfied with a EQ hard pull. I recently opened a Cap One 360 Money Market account, and unfroze Chex thinking they would pull it. I was speaking with a Cap One rep when I had technical problems and mentioned that, and he told me they do not pull Chex for a savings account. I'm thinking many banks/CUs are that way - a savings account is limited to 6 transactions per month, so less of a target for scammers/crooks. With a checking account you get unlimited transactions + a book of checks, so much more of a target for the bad guys.


Fico 08: 734/716/734 TU/EX/EQ
Message 9 of 10
Regular Contributor

Re: PenFed and CHEX system

PenFed pulls EQ not Chex

 

I originally has just savings with them, opened tha in 2008. It's is the requird share account for membership.

 

I recently app'd for a Power Cash Rewards card with them and they pulled EQ only. (Jan 24th, 2018)

 

Then after I received my CC I realized if I parked $500 in a checking account I would get 2% cash back on everything instead of 1.5%. So, I opened a checking account. They used the same EQ pull they used for the CC. NO chexsystems.

Nov 2019 EX 780, TU 760 EQ 752, June 2019 EX 778, TU 788, EQ 790 April 2019 FICO EX 802, TU 790, EQ 804, Oct 2018 Fico'd EX 817, TU 811, EQ 798
June 2018 Fico's EX 830, TU 817, EQ 824
PenFed Power Cash Rewards $17K (Jan 2018), Discover IT $20.5k(Jan 2018), Capital One $7500 (Aug 2014), Chase Freedom (PC from FU Jan 2019) $4500 (Jan 2018), Sam's Club MC$10000 (Jan 2018), BBVA $25K (Apr 2018) ,WF Propel 15.5k(Jul 2018), USB Cash+ $14K(Jul 2018), Citi Best Buy Visa Platinum $12k(Sept 2018) Digital Federal Credit Union $15k (Nov 2018) BBVA Compass ClearPoints $8100 (June 2019) Williams Sonoma Visa Comenity $2300 (July 2019) Discover it 2 $4.5k (Nov 2019)

Campus USA CU Auto Loan 85k (Aug 2018) BBVA Compass Express Loan $15k (Nov 2018), PenFed personal Loan $27k
Rebuilder Cards: First Permier $1250 closed (6/11/18), FNBO $2600( Nov 2006)

AAoA 2.8 years UT 8%
Store Cards: HomeDepot $12000(May 1998), Saks $800(Oct 1978) Kohl's $2.5k (Nov 2018) AMZN Store Card $8.5K (Jan 2019) Target RedCard &2.5k (Apr 2019) Walmart MC $4k (Sept 2019)
Message 10 of 10
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