PenFed preapprovals

[OnTheRebound]

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@Tommy5746 wrote:

I thought PenFed was easy to get a Credit Card with??

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That is funny. PenFed has been by far the most difficult CC we have EVER applied for. Very conservative. With pension, SS and self employment income, they required every financial statement known to man. Took forever to get approved. Well worth the hassle though. Great card, great company. Started with $5K CL. Auto CLI a couple months ago to $6K after 20 statements.

Citi Plat Select World MC $12K- Chase Freedom Visa $11K- Amex BCP $6K- PenFed Plat Cash Rewards Visa $6K- Lowes $10K- Care Credit $5K- Home Depot $2K.

[thrasher865]

They may be closed when I get off work at 5:30 EDT, but if not, I'll call.  I feel like I have a better shot at approval speaking to the rep.

[thrasher865]

Wow, never mind.  They close at 11pm.  I wonder if the LOs are there that late, or just customer service.  That's their loan app line, so I'd guess LOs are there.

[Anonymous]

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@thrasher865 wrote:

Wow, never mind.  They close at 11pm.  I wonder if the LOs are there that late, or just customer service.  That's their loan app line, so I'd guess LOs are there.

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LOs are there 7 days a week.  I got approved on a Sunday after a recon.  Would you believe I had to ask for a recon when my EQ score was 792 and $0 credit debt?  But later they approved me for an $18k LOC.

[Crashem]

Penfed one of most conservative lenders. But they have some great products. And are generous once you build history with them.

[thrasher865]

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@Crashem wrote:
Penfed one of most conservative lenders. But they have some great products. And are generous once you build history with them.

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I have 4 years of history with them!  I haven't touched that initial $5 investment into my savings account, and I've accrued $0.06 in interest! 

[Anonymous]

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@thrasher865 wrote:

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@Crashem wrote:
Penfed one of most conservative lenders. But they have some great products. And are generous once you build history with them.

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I have 4 years of history with them!  I haven't touched that initial $5 investment into my savings account, and I've accrued $0.06 in interest! 

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Good luck!  To lessen the pain if the application is declined, they will say "turn down" rather than "denied".  LOL

[Crashem]

One other thing, PenFed doesn't like "credit pyramiding."  So make sure you apply to them before anyone else and you have few/no inquiries.

[Anonymous]

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@thrasher865 wrote:

I noticed PenFed has redone their website.  Does anybody know if they still do preapprovals the same way?

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I've never seen a preapproval so, I would not recognize it if I saw it on their website.  HOWEVER, my husband has been receiving LOTS and LOTS of e-mails from them to apply for car loans and credit cards.  Nothing is said in the e-mails about a "preapproval" of any kind.  There's just a HUGE number of e-mails week after week.  Maybe instead of preapprovals, this is their new thing. 

[thrasher865]

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@Crashem wrote:

One other thing, PenFed doesn't like "credit pyramiding."  So make sure you apply to them before anyone else and you have few/no inquiries.

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As stated prior, I have no accounts or inquiries in the past 2 years.