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