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Established Member
Posts: 41
Registered: ‎07-26-2009
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Re: NFCU & PenFed


Credit_repair wrote:

I had one car loan May 2009

One Chase Amazon Card opened Aug 2009

one Amazon Store card opened Aug 2009

One Discover more opened sept 2009 (TL reported on CR mid-sept)

got added as a CITI AU on brother's new card

2 inquiries from CITI bank, 2 inquiries from Discover, 4-5 inquiries for my car loan (I understand counts as one), one inquiry from GEMB, and a few inquiries from Aug/ Sept 2008 showing on my CR.

 

I applied for their Penfed platinum visa and got a $5000 CL.

 

I think my scores then were hovering around the 680-710 range (didnt check before app)

 

I think they are more lenient than the big banks. You already have the hit, might as well get a TL... :smileyhappy:

 

All the best


 

You're 100% correct.  Not really anything to lose.

 

Tell me, if I wait a week or so and apply online do I need to remind them not to pull my EQ again or will they automatically use the one they pulled previously?

Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
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Re: NFCU & PenFed

PenFed most definitely does preapprovals. They don't mail them out, though - they are available through the website. (I also had an extensive discussion with one of the CSR's regarding pre-app offers within the last 30 days.)

 

As for preapprovals before having a credit product I believe Her Ladyship was preapproved for an auto loan (I think it was $35K) at membership time. On a later round of pre-app offers that turned into a $50K auto loan and $40K credit card. She accepted $20K of the credit card offer and turned her $10K PCR Visa into a $30K PCR Visa.

 

As for PenFed being easier than _______. Nah - they are very tight. But if you joined and have a CBR working with them you might as well take the "free" app and try to get yourself a PCR Visa while the gettin' is good!

Established Member
Posts: 41
Registered: ‎07-26-2009
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Re: NFCU & PenFed


creditwherecreditisdue wrote:

PenFed most definitely does preapprovals. They don't mail them out, though - they are available through the website. (I also had an extensive discussion with one of the CSR's regarding pre-app offers within the last 30 days.)

 

As for preapprovals before having a credit product I believe Her Ladyship was preapproved for an auto loan (I think it was $35K) at membership time. On a later round of pre-app offers that turned into a $50K auto loan and $40K credit card. She accepted $20K of the credit card offer and turned her $10K PCR Visa into a $30K PCR Visa.

 

As for PenFed being easier than _______. Nah - they are very tight. But if you joined and have a CBR working with them you might as well take the "free" app and try to get yourself a PCR Visa while the gettin' is good!


 

When they do give pre-approvals, where on the website do they appear?

 

Also, if I wait a week or so and apply online, will they still pull another credit report or will their system automatically use the current one they pulled just recently?

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Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
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Re: NFCU & PenFed

Here's a screenshot of how the pre-approvals look on my screen:

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=158062#M158062

I'd say that there are two categories of pre-approvals: those that are offered when you first join, because when they pull your EQ, they're already salivating, and those that come after you've been there a while, and they've been softing you.

I seem to have gotten in just under the wire (Feb 2008) to have received these pretty much every 6-7 months or so. I seem to be on an April/ October cycle. Others who joined after me didn't get the first one until a year or something.

One interesting question about those like andyaycw who started getting pre-approvals after being there a while with only a share account: I suppose they're softing you. If so, is it a limited promo soft, or is it a full Account Review/ Account Maintenance soft? (This would show on your EQ full report.) If it's an AR/ AM soft, how do they say that they have an existing credit relationship with you? Would they be using that share membership? I suppose if they can pull a hard to qualify you for having a share membership, they could argue that they can do the full softs as well.

I don't mind a bit if they soft me daily. It's the source of the offers.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Contributor
Posts: 665
Registered: ‎03-31-2007
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Re: NFCU & PenFed

Both do pre-approvals for credit products.  When you log into PenFed, you will see their laundry list of pre-approved offers if you qualify.  Minimum EQ is 680 for PenFed.  I had offers for a CLI, car loan, and boat loan.  As for Navy, my pre-approvals were in my messages.
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