I recently opened a Savings account with Penfed. I want to start my relationship building with them and am looking for suggestions about the best way to go about it. I also was happy to learn that they give your EQ Fico for free. Unknown to me when I tried to access it I found out that a savings account does not qualify for access to your score. See the email below
So I decided to also open a free checking account and was approved for it. Below are my DP's
New file
I have an oldest account of 4years 3 months but it is through rent reporters. Other then that all accounts are starting from February this year.
2/22- Cap 1 Platnum Secured $301 SL
2/22- Discover it Secured $300 SL
2/22- Open Sky Secured $200 SL
3/22- NFCU NRewards Secured $200 SL
3/22- 3 self report util bills and 1 rent reporting
4/22- Amex BCE (AU) 30k
Checking/Savings W/Citizens-NFCU-Penfed-Del-one FCU
2/24 Inquiries for TU/EQ/EX
No derogs
No Judgements
EQ 8- 0 9-808
TU 8- 0 9-779
EX 8- 0 9-0 (rent reporters not on this report)
it should only be 2 months before I have a Fico 8 score.
I would like to open a CC with Penfed but want to establish a good relationship first
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@RobynJ wrote:I recently opened a Savings account with Penfed. I want to start my relationship building with them and am looking for suggestions about the best way to go about it. I also was happy to learn that they give your EQ Fico for free. Unknown to me when I tried to access it I found out that a savings account does not qualify for access to your score. See the email below
So I decided to also open a free checking account and was approved for it. Below are my DP's
New file
I have an oldest account of 4years 3 months but it is through rent reporters. Other then that all accounts are starting from February this year.
2/22- Cap 1 Platnum Secured $301 SL2/22- Discover it Secured $300 SL
2/22- Open Sky Secured $200 SL
3/22- NFCU NRewards Secured $200 SL
3/22- 3 self report util bills and 1 rent reporting
4/22- Amex BCE (AU) 30k
Checking/Savings W/Citizens-NFCU-Penfed-Del-one FCU
2/24 Inquiries for TU/EQ/EX
No derogs
No Judgements
EQ 8- 0 9-808
TU 8- 0 9-779
EX 8- 0 9-0 (rent reporters not on this report)
it should only be 2 months before I have a Fico 8 score.
I would like to open a CC with Penfed but want to establish a good relationship first
I find it fascinating that their list of accounts which qualify for viewing the credit score omits their only good account, the premium savings account.
It seems to me that the easiest way for you to get the credit score would be to get (a) the free checking account and/or (b) a debit card.
As to relationships with financial institutions, I always smile at that thought, because I never feel I have, or ever could have, a "relationship" with any of them. But of course if you want to build a track record with them, the more accounts you have with them the merrier, as far as they're concerned. And they will all love you to death if you deposit lots of money, getting no or low interest, and at the same time borrow from them, paying much higher interest. And nowadays they really seem to love people paying for things with their debit card, a practice which I consider inadvisable.
@GatorGuy wrote:I will say the only time I've ever received any preapproved offers for a CC from Penfed was when I had a CD with them. May have just been a coincidence.
I expect there are similar DP to the following, just mentioning them since there doesn't seem to be any issue creating the token share account/membership at the time of CC request.
A couple pre-approved offers via postal mail last year and this year -- The latest was for the power cash rewards ($100 bonus for $1500 spend/90 days) and prior to that in 2021 a gold card with the same bonus.
I'm uncertain if standard penfed practice, but both offers have fixed APR.
