Credit Cards

[jsucool76]

I'm tempted to open up a penfed account myself and throw a minimum deposit in or something to see if I will ever get any pre-approvals. 

[thrasher865]

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jsucool76 wrote:

I'm tempted to open up a penfed account myself and throw a minimum deposit in or something to see if I will ever get any pre-approvals. 

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Penfed doesn't issue preapprovals until you already have a credit product with them.

[Crashem]

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thrasher865 wrote:

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jsucool76 wrote:

I'm tempted to open up a penfed account myself and throw a minimum deposit in or something to see if I will ever get any pre-approvals. 

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Penfed doesn't issue preapprovals until you already have a credit product with them.

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that is not quite true.  Much more likely to get preapprovals with credit product as they will do the quarterly soft pull.  Best way to see if they are soft pulling you quarterly.  If they are, you aren't meeting their standards for preapprovals.  If you aren't getting soft pulled, kind of voodoo science to get them to start.  Friend of mine got preapproval after about 1 year and half with only checking/savings.  But he was actively using their checking account.

[slarano]

I was pre-approved for an Auto Loan on the first day I logged into my online account to check out my newly acquired credit product. I did a one time donation to join PedFed the day I app'd and was instantly approved for the card.

[jsucool76]

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Crashem wrote:

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thrasher865 wrote:

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jsucool76 wrote:

I'm tempted to open up a penfed account myself and throw a minimum deposit in or something to see if I will ever get any pre-approvals. 

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Penfed doesn't issue preapprovals until you already have a credit product with them.

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that is not quite true.  Much more likely to get preapprovals with credit product as they will do the quarterly soft pull.  Best way to see if they are soft pulling you quarterly.  If they are, you aren't meeting their standards for preapprovals.  If you aren't getting soft pulled, kind of voodoo science to get them to start.  Friend of mine got preapproval after about 1 year and half with only checking/savings.  But he was actively using their checking account.

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I thought if you opened a checking account with them you got a LOC/Overdraft protection thing. Does not everyone get that, or does that not count as a "credit product" for their pre-approvals?

[Crashem]

Shrug.  Only way to see if you are eligible for pre-approvals is to check Equifax credit report and see if they soft pulled you (so you need raw equifax report) on the quarterly basis.  Last one happened in late June.  If they didn't, you won't get a preapproval.  If they did, it means they didn't see good enough credit to offer you preapproval (although this doesn't mean you wouldn't get approved through regular process).

[mr_postman]

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haiti222 wrote:

Have some good cards, then don't open up or apply for anything new for a year or more. Then, apply to Penfed, showing no new cards and no inquiries for a year. Call for recon if you get declined, seriously.  PenFed dislikes new cards and inquiries, but they do want to see recent positive history. 

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I must be one of the luck ones that got by with 6 new accounts in the last 6 months but show no inquiry since i bumped them off before i app my scores was at 706 zero inquiry with instant approval 20.5K