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Regular Contributor
Posts: 201
Registered: ‎01-16-2008
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Re: Penfed - is that a LUV button???

Did you accept it?  I haven't as of yet and I'm not sure I'm going to.  The rate at 3.9% souns good but, my car is in good shape, has fewer than 75K miles on it and best of all, no payments.   
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
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Re: Penfed - is that a LUV button???


Kay_Cee wrote:
Did you accept it?  I haven't as of yet and I'm not sure I'm going to.  The rate at 3.9% souns good but, my car is in good shape, has fewer than 75K miles on it and best of all, no payments.   

 

The question was related to the telephone call. Both of us here have pre-app'ed auto loans and no one has ever called us from PenFed about it, or anything else for that matter.
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Frequent Contributor
Posts: 261
Registered: ‎01-20-2009
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Re: Penfed - is that a LUV button???


hobojon wrote:

creditwherecreditisdue wrote:

pattycake wrote:

I have not received the card.  I was just wondering what would happen if I touched it, like maybe I'd get the cooties if I wasn't supposed to. 


Go ahead an push it. All it's going to do is take you to the app screen.

 

It is not a "luv button". PenFed has no luv button. If you want a CLI it is an app. They don't just increase your CL either (auto CLI). If you are worthy af six months to one year you will start receiving pre-approved offers, which for at least HTSU and me are truly pre-app and have been accepted and approved without hard inquiry. These offers show up in a box under the "Help" choice on the main menu.


Actually they do offer an auto CLI in a weird way. When they offer you a preapproval for a second card you can opt to have the CL offered to be added to your existing card instead.



creditwherecreditisdue wrote:
What they actually offer you an additional amount of unsecured credit which you can accept in the form of almost any unsecured credit product, including adding it to your existing CC or adding another CC. You can accept all or part of what they offer you. I believe HTSU used her offer to add to her existing CC as did my SO. I took a second CC. All of these offers were accepted and approved without inquiry.

What unsecured products do they have besides credit cards?

Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
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Re: Penfed - is that a LUV button???

PenFed Unsecured Credit Products: 

 

1) Bill Consolidation Loan

2) Personal Loan

3) Thrifty Credit Service

4) Personal Line of Credit

5) Credit Cards

Frequent Contributor
Posts: 261
Registered: ‎01-20-2009
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Re: Penfed - is that a LUV button???


creditwherecreditisdue wrote:

PenFed Unsecured Credit Products: 

 

1) Bill Consolidation Loan

2) Personal Loan

3) Thrifty Credit Service

4) Personal Line of Credit

5) Credit Cards


 

Thanks for the list.

I just spoke to a Penfed CSR and she stated that credit card preapproval offers cannot be assigned to any other product. It looks like the rates on all those products are so terrible that nobody would want to anyway.

Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
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Re: Penfed - is that a LUV button???


hobojon wrote:

creditwherecreditisdue wrote:

PenFed Unsecured Credit Products: 

 

1) Bill Consolidation Loan

2) Personal Loan

3) Thrifty Credit Service

4) Personal Line of Credit

5) Credit Cards


 

Thanks for the list.

I just spoke to a Penfed CSR and she stated that credit card preapproval offers cannot be assigned to any other product. It looks like the rates on all those products are so terrible that nobody would want to anyway.


 

No one said or suggested that the preapproved offers could be moved to other products. The unsecured preapprovals are offered in parallel. Once one (unsecured) is accepted the remainder (unsecured) disappear while the secured offers may remain. I received offers for everything but the CC earlier and left them alone. (I have no need of those other things.) Eventually the CC offer came along, too.

 

Her Ladyship had $40K pre-app offers recently on all of the above and took $20K added to her CC. Someday I will figure out why one would need or want a $40K Thrifty Credit Service account.

Frequent Contributor
Posts: 261
Registered: ‎01-20-2009
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Re: Penfed - is that a LUV button???


creditwherecreditisdue wrote:

hobojon wrote:

creditwherecreditisdue wrote:

PenFed Unsecured Credit Products: 

 

1) Bill Consolidation Loan

2) Personal Loan

3) Thrifty Credit Service

4) Personal Line of Credit

5) Credit Cards


 

Thanks for the list.

I just spoke to a Penfed CSR and she stated that credit card preapproval offers cannot be assigned to any other product. It looks like the rates on all those products are so terrible that nobody would want to anyway.


 

No one said or suggested that the preapproved offers could be moved to other products. The unsecured preapprovals are offered in parallel. Once one (unsecured) is accepted the remainder (unsecured) disappear while the secured offers may remain. I received offers for everything but the CC earlier and left them alone. (I have no need of those other things.) Eventually the CC offer came along, too.

 

Her Ladyship had $40K pre-app offers recently on all of the above and took $20K added to her CC. Someday I will figure out why one would need or want a $40K Thrifty Credit Service account.


 

It seems to me that is exactly what you suggested in your previous posts.

No parallel preapprovals here. Only one for a credit card, which after being accepted (twice now) has resulted in a denial, once with a second credit pull on another bureau.

I'm not saying the latter is untrue for you but not everybody receives parallel offers like you suggest.

Frequent Contributor
Posts: 261
Registered: ‎01-20-2009
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Re: Penfed - is that a LUV button???

creditwherecreditisdue wrote:
What they actually offer you an additional amount of unsecured credit which you can accept in the form of almost any unsecured credit product


creditwherecreditisdue wrote:
No one said or suggested that the preapproved offers could be moved to other products.

 

????????????????

Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
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Re: Penfed - is that a LUV button???

C'mon, please stop quibbling.

The "Report Abuse to a Moderator" buttons are going to melt right off the forums.

In case you weren't aware, an awful lot of members are sick and tired of reading this endless wrangling over piddly-squat semantics.
* 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
Frequent Contributor
Posts: 261
Registered: ‎01-20-2009
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Re: Penfed - is that a LUV button???

It's not semantics. It's a matter of false info being posted over and over on multiple threads. That is what is getting old.
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