topic Re: Penfed PowerCash Pre Approval Offer in Credit Card Approvals

Penfed PowerCash Pre Approval Offer

Anonymous — Tue, 22 Oct 2019 15:31:36 GMT

Hello everyone. I was browsing through my penfed account and noticed a pre-approval for a credit card for $50k. They were offering powercash or power rewards or promise. The offer was $50k at 11.74%.

I don't really need the card but it was a great offer with a large SL.

I went ahead and accepted it and it went through.. got a congrats notice and options on where to send card and how.. I chose express mail.for $15.

On my final step I needed to e-sign the loan docs but it kept going to error and logging me out.

I was hoping someone had some experience with the online application or if anyone had experienced something similar.

Thanks for your feedback.. this forum is awesome.

Re: Penfed PowerCash Pre Approval Offer

CreditCuriosity — Tue, 22 Oct 2019 15:33:48 GMT

Huge limit indeed. Assume they are one of your FI if not main? Care to share any stats such as your EQ score they provide etc? Great limit and APR

Re: Penfed PowerCash Pre Approval Offer

Anonymous — Tue, 22 Oct 2019 15:36:43 GMT

Congrats on the Pre Approval offer!!

I don't know about the error message, but if you keep having problems I would call a CSR at PenFed.

Do you have other credit cards or loans with PF?

Re: Penfed PowerCash Pre Approval Offer

Anonymous — Tue, 22 Oct 2019 15:40:06 GMT

Wow that’s a nice SL! Congratulations!

Re: Penfed PowerCash Pre Approval Offer

bigpoppa09 — Tue, 22 Oct 2019 19:13:59 GMT

I thought i read where Penfed changed how high the limit can be on one card to 25K grandfathered cards had higher limits than 25K did they change policy again?

Re: Penfed PowerCash Pre Approval Offer

CreditCuriosity — Tue, 22 Oct 2019 19:20:57 GMT

@bigpoppa09 wrote:
I thought i read where Penfed changed how high the limit can be on one card to 25K grandfathered cards had higher limits than 25K did they change policy again?

policies are an evolving thing. It has changed again a few months back it appears.

Re: Penfed PowerCash Pre Approval Offer

bigpoppa09 — Tue, 22 Oct 2019 19:27:16 GMT

@CreditCuriosity wrote:
@bigpoppa09 wrote:
I thought i read where Penfed changed how high the limit can be on one card to 25K grandfathered cards had higher limits than 25K did they change policy again?
policies are an evolving thing. It has changed again a few months back it appears.

I need to him them up then my PCR is camped out at 25K.

Re: Penfed PowerCash Pre Approval Offer

CreditCuriosity — Tue, 22 Oct 2019 20:50:22 GMT

@bigpoppa09 wrote:
@CreditCuriosity wrote:
@bigpoppa09 wrote:
I thought i read where Penfed changed how high the limit can be on one card to 25K grandfathered cards had higher limits than 25K did they change policy again?
policies are an evolving thing. It has changed again a few months back it appears.
I need to him them up then my PCR is camped out at 25K.

call and validate first that can go above 25k as I am above, but was before the 25k cap rule went into place. Better being safe than sorry, but believe the rule has changed as can be seen on this post and others on the forum. Still nothing wrong with a recorded conservation over the phone to cover yourself

Re: Penfed PowerCash Pre Approval Offer

Aim_High — Tue, 22 Oct 2019 20:57:36 GMT

@Anonymous wrote:
Hello everyone. I was browsing through my penfed account and noticed a pre-approval for a credit card for $50k. They were offering powercash or power rewards or promise. The offer was $50k at 11.74%. I don't really need the card but it was a great offer with a large SL.

Congrats on your approval for a great card and absolute KILLER SL!

I had heard PenFed typically allowed total credit lines of $50K but not heard of anyone getting that on a preapproval SL out-of-the-gate!

Please do provide more DPs on your relationship with PF, scores, DTI, etc.

Re: Penfed PowerCash Pre Approval Offer

bigpoppa09 — Tue, 22 Oct 2019 21:05:21 GMT

@CreditCuriosity wrote:
@bigpoppa09 wrote:
@CreditCuriosity wrote:
@bigpoppa09 wrote:
I thought i read where Penfed changed how high the limit can be on one card to 25K grandfathered cards had higher limits than 25K did they change policy again?
policies are an evolving thing. It has changed again a few months back it appears.
I need to him them up then my PCR is camped out at 25K.
call and validate first that can go above 25k as I am above, but was before the 25k cap rule went into place. Better being safe than sorry, but believe the rule has changed as can be seen on this post and others on the forum. Still nothing wrong with a recorded conservation over the phone to cover yourself

Good advice.

Re: Penfed PowerCash Pre Approval Offer

Anonymous — Tue, 22 Oct 2019 22:05:45 GMT

Well.. I just called Penfed to get a status update on the application and spoke to someone who said I was Approved for the Offer and that I should receive a card in 2-4 business days as I opted for Express mail. I forgot to confirm the actual SL.

I beleive they pull EQ but I havent gotten any pulls as this was a pre-approved offer. In any case.. some of my vitals

EQ Fico - 830

Utilzation - 1%

Total Revolving Credit Line - $170k

Im about 8/24 .. really 8/12 on new cards

I had apped this card back in July and was denied for too many recent accounts. Then all of a sudden about a week ago, I was checking on a paypal transfer I made to my account and saw the offer. Was quite surprised to see the SL and Interest rate.

Still not sure if its actually confirmed but according to their CSR and screenshots below, seems to be

Just as a note.. I generally dont receive many pre-approval offers.. but I did open this account about 9 months because I wanted their cards. I have a few thousand dollars deposited with them and generally keep it in the account. Not a daily driver at by any means

Hope that helps people.. I hope others can receive similar offers

Re: Penfed PowerCash Pre Approval Offer

Pro-X — Tue, 22 Oct 2019 22:26:07 GMT

Congrats!!

Re: Penfed PowerCash Pre Approval Offer

WowCool — Tue, 22 Oct 2019 22:47:28 GMT

Nice offer from Penfed!! Congratulations!!!

Re: Penfed PowerCash Pre Approval Offer

AllZero — Tue, 22 Oct 2019 22:56:13 GMT

Congratulations on your monster offer! I'm sure it took away the sting from being denied the first time.

Re: Penfed PowerCash Pre Approval Offer

Anonymous — Tue, 22 Oct 2019 23:57:48 GMT

For sure... I feel a little vindicated after the last time I spoke with them post denial. I'm still not sure if this is the real deal.. I mean a 50K SL with one of the lowest interest rate cards (although I PIF everything its nice to have if you need some quick cash to borrow short time).. with so far what seems to be an SP??

Yay for PenFed.. or maybe I should reserve it until I get the actual card

Re: Penfed PowerCash Pre Approval Offer

AllZero — Wed, 23 Oct 2019 00:30:21 GMT

Their soft pull offers are pretty solid. I think you're good to go. I'd be apprehensive too until I get card in hand and charge something on it like a 🚗 or ⛵ or 🍺. 😉

Re: Penfed PowerCash Pre Approval Offer

Anonymous — Wed, 23 Oct 2019 12:58:59 GMT

As an update... looks like it cleared.. 50k SL on Power Cash.. 11.74. I wasn’t initially offered the Pathfinder card but it may be better considering no AF , $250 SUB, and $100 annual travel credit.. essentially they pay you $100 to hold the card every year.. not bad

Has anyone had experience with Penfed in terms of transferring CL to another card. I’m assuming I would be so luck to get away with another SP for that card?