Reply
Senior Contributor
Posts: 4,520
Registered: ‎12-11-2011
0

Re: Strategy to get a PenFed card

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. 

;
Valued Contributor
Posts: 1,157
Registered: ‎05-21-2008
0

Re: Strategy to get a PenFed card


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. 


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


Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


Take the FICO Fitness Challenge
Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
0

Re: Strategy to get a PenFed card


thrasher865 wrote:

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. 


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


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.

               LIMITS IN CARD DESCRIPTIONS
Frequent Contributor
Posts: 281
Registered: ‎04-30-2008
0

Re: Strategy to get a PenFed card

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.


myFICO Starting Scores: TU 643 03.10.09 EX 676 01.09.09 EQ 638 05.24.09
Current Score: (WalMart FICO) TU 792 04.03.13 (Mortgage Lender - HP) EX 745 02.06.13 (Mortgage Lender - HP) EQ 771 02.06.13
Goal Score: 800+


Take the FICO Fitness Challenge
Senior Contributor
Posts: 4,520
Registered: ‎12-11-2011
0

Re: Strategy to get a PenFed card


Crashem wrote:

thrasher865 wrote:

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. 


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


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.


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?

;
Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
0

Re: Strategy to get a PenFed card

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).

               LIMITS IN CARD DESCRIPTIONS
Regular Contributor
Posts: 179
Registered: ‎01-17-2008
0

Re: Strategy to get a PenFed card


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. 


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:smileyvery-happy: my scores was at 706 zero inquiry with instant approval 20.5K

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.