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Finally joining a credit union

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Snook_on_the_Line
Regular Contributor

Finally joining a credit union

So my thoughts about credit unions before reading up on them on these forums was that they were for people that couldn't get in with the big banks.  

Now that I know better I've decided to join one and start building a relationship with them. 

I filled out the application and uploaded my DL and SS card last night for a Penfed high yield online savings account.  They informed me I'd be getting an email in three to five days with instructions on how to fund my account. 

I'm going to transfer $100 from my Wells Fargo savings account as an initial deposit.  
My plan is to set up a recurring biweekly deposit of $100 and wait a few months for them to send me a pre approval for (hopefully) a Power Cash Rewards Visa Signature card.  

my ex and tu ficos are both under 700 with a collection

but my Eq fico8 is a pretty healthy 760 with no baddies. 

 

it is my understanding from reading up on here that Penfed hard pulls only from Equifax in Florida for new credit card accounts. 
Does that mean they won't soft pull from the other CRAs. 



Starting Score:FICO8s 505ex, 508 eq&tu
Current Score:FICO8s 763ex,760tu,772eq
Goal Score: 800+


Take the myFICO Fitness Challenge
Current cards:
Cap1 platinum 200
Cap1 Walmart 1500
Credit one Amex 550
Mission lane visa 400
Lowe’s 30,000
Rebuilding since 12/2021

Always pif, never late
0/24 on inq’s & new accounts
AAoA 2yrs3mo
All time highs (fico8) :



Formerly known as @44456009a
My FIs. WF & AMEX
Message 1 of 7
6 REPLIES 6
Horseshoez
Senior Contributor

Re: Finally joining a credit union

@Snook_on_the_Line, I did more or less as you are doing now; I joined PenFed, put $100 in a savings account (only a soft pull for joining and opening the savings account), and let it sit there for a few months; I did not do direct deposit.  I then applied for a Platnium Rewards card and was instantly approved with a $6,000 starting limit; this application was via a single EX hard pull, no soft pulls anywhere else. 

I categorically refuse to do AZEO!

In the proverbial sock drawer:
Message 2 of 7
Snook_on_the_Line
Regular Contributor

Re: Finally joining a credit union

@Horseshoez ,

that would be the ideal scenario for me. 
do you mind sharing DPs from your approval

score, uti, x/24 inq and new accounts and AAoAs  would be helpful for comparison 

 

Starting Score:FICO8s 505ex, 508 eq&tu
Current Score:FICO8s 763ex,760tu,772eq
Goal Score: 800+


Take the myFICO Fitness Challenge
Current cards:
Cap1 platinum 200
Cap1 Walmart 1500
Credit one Amex 550
Mission lane visa 400
Lowe’s 30,000
Rebuilding since 12/2021

Always pif, never late
0/24 on inq’s & new accounts
AAoA 2yrs3mo
All time highs (fico8) :



Formerly known as @44456009a
My FIs. WF & AMEX
Message 3 of 7
Horseshoez
Senior Contributor

Re: Finally joining a credit union


@Snook_on_the_Line wrote:

@Horseshoez ,

that would be the ideal scenario for me. 
do you mind sharing DPs from your approval

score, uti, x/24 inq and new accounts and AAoAs  would be helpful for comparison 

 


At the time I was roughly a year since my Chapter 13 had been discharged; my credit reports looked something like this:

  • FICO 8 scores (EQ/EX/TU): 663/653/691
  • FICO 9 scores (EQ/EX/TU): 696/685/729
  • Utilization: < 1%
  • Inquiries:
    • 18/24
    • 18/12
    • 4/6
  • New accounts: 2
  • AAoA: 6 months
I categorically refuse to do AZEO!

In the proverbial sock drawer:
Message 4 of 7
Snook_on_the_Line
Regular Contributor

Re: Finally joining a credit union

@Horseshoez ,

thanks for the data points


I see that card in your signature 

how's that card working out for you today?

has it grown with you?

Any auto soft pull CLIs?

Starting Score:FICO8s 505ex, 508 eq&tu
Current Score:FICO8s 763ex,760tu,772eq
Goal Score: 800+


Take the myFICO Fitness Challenge
Current cards:
Cap1 platinum 200
Cap1 Walmart 1500
Credit one Amex 550
Mission lane visa 400
Lowe’s 30,000
Rebuilding since 12/2021

Always pif, never late
0/24 on inq’s & new accounts
AAoA 2yrs3mo
All time highs (fico8) :



Formerly known as @44456009a
My FIs. WF & AMEX
Message 5 of 7
Horseshoez
Senior Contributor

Re: Finally joining a credit union


@Snook_on_the_Line wrote:

@Horseshoez ,

thanks for the data points


I see that card in your signature 

how's that card working out for you today?

has it grown with you?

Any auto soft pull CLIs?


The card is decent, but at this point it spends most of its time in the proverbial sock drawer.  It got heavy usage for a couple of years before I found out PenFed does not do any soft pull/auto-CLIs; you need to request a CLI and it is always a hard-pull.  I felt any pulls would be better applied to other cards, hence the two Chase cards in my Signature.

I categorically refuse to do AZEO!

In the proverbial sock drawer:
Message 6 of 7
FlaDude
Established Contributor

Re: Finally joining a credit union


@Snook_on_the_Line wrote:

So my thoughts about credit unions before reading up on them on these forums was that they were for people that couldn't get in with the big banks.  


Glad you found more about CUs. My reason for banking with a CU is that they don't try as hard to nickel and dime you with fees as the banks do.

Scores: March 21 FICO 8: EX 810, TU 808, EQ 813
AoOA: closed: 36 years, open: 25 years; AAoA: 11.8 years
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Freedom Unlimited, Chase Amazon, Chase CSP, Chase United Explorer, Citi AA Plat, Sync Lowes, Sync JC Penney - total CL 145k
Loans: Chase car loan (35k/6yrs 0.9%)
Message 7 of 7
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