Credit Cards

[FullBird]

I just joined PenFed and rejoined NFCU.  Both were done on the telephone so there were no pre-approved offers of credit like there was when I joined Alliant online.  PenFed pulled EQ and NFCU said they do not pull a credit report and use another method to verify identity.

I also do not intend to apply for a PenFed or NFCU credit card anytime soon, but I would look favorably on a pre-approved offer. 

My question is where and when do PenFed and NFCU pre-approved offers usually appear?

[manyquestions]

With Penfed some people get them and some never do.  I have no idea what triggers them..

[Credit_repair]

Since you already took the inquiry hit with PenFed, why dont you just apply for a credit card? they dont run a second credit check for 90 days so anything you apply for with them within the 90 days - they will use the same credit report.

[haulingthescoreup]

I don't remember ever seeing a post by a member who belonged to PenFed, didn't have credit, and got an offer. I'm certainly not saying that this couldn't happen. Most people join them for the Plat Rewards Visa, so there's not that large of a group of people who are PenFed lurkers, so to speak.

I'm a new Navy lurker. I have a savings account with $45 and a checking account with $0, woo-hoo, and I'm not planning on apping for credit any time soon. But if Navy plays Santa Claus and starts waving offers at me, I'll be sure to post.

[ottergo4]

  Joined NFCU back in Dec. 08. In Jan. got a letter to apply for nRewards along with an "acceptance number", didn't apply then though. Fingers are getting twitchy now though. lol

[FullBird]

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Credit_repair wrote:
Since you already took the inquiry hit with PenFed, why dont you just apply for a credit card? they dont run a second credit check for 90 days so anything you apply for with them within the 90 days - they will use the same credit report.

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You're right and I should. 

But although my EQ FICO is 698, I do have 7 inquiries in the past year and 5 new accounts within the past 1/2 year.  I'm almost positive they will not approve an application so I hesitate to even try.

[Romeoo47]

I'm one of those Pen Fed "lurkers."  I have been member for 2.5 years and I have never received a pre-approval offer for any of their credit products.  I was tempted to take them up on their car loans.  Anyway, I think Hauling is right that most, if not all, people receive pre-approvals with Pen Fed only after they have applied and been approved for one of their credit products.  Someone correct me if I'm wrong.

[Credit_repair]

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...

All the best

[andyaycw]

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haulingthescoreup wrote:
I don't remember ever seeing a post by a member who belonged to PenFed, didn't have credit, and got an offer.

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Romeoo47 wrote:
Anyway, I think Hauling is right that most, if not all, people receive pre-approvals with Pen Fed only after they have applied and been approved for one of their credit products. Someone correct me if I'm wrong.

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It does happen, and it happened to me. I have been a Penfed lurker since late 2007. I had only $5 in the member Share account and nothing more. Only recently did I receive a pre-approval for the Visa Platinum Cash Rewards card. I went ahead and accepted the offer. Only a $500 starting limit, but I'm still happy with it.

Not sure exactly what triggers the pre-approvals, as many with spotless credit have said they have never received any such offers, so I doubt posting my stats would be of much help.

Message Edited by andyaycw on 10-09-2009 09:12 PM

[armywifey85]

I was told by penfed they don't do pre approvals neither does NFCU atleast thats what the rep stated. Not sure how true it is with the economy in the shape its in im sure we will be getting way less offers in the mail.  The only letters I've received in the mail are the rates are going up etc. I was told with the new rules we will see less offers. The only card that will give out instant cli's is NFCU. My USAA luv button is gone I have to call and request it.