topic Re: PENFED PRE approval in Credit Card Applications

PENFED PRE approval

The-Credit-Disciple — Fri, 10 Jan 2020 05:05:17 GMT

Good evening My FICO Fam!!😀 I got a pre approval offer in the mail from this credit Union today, they sound like a really good Credit union. Whats the criteria for joining? What's my chances of getting approved? I was pre approved for the Penfed Gold card. My data points are as follows:
Trans: 723 Ex 717 EQ 708
6 baddies on Ex they are medical bills , trans and Equifax are clean. Thanks for your Help 😀

Re: PENFED PRE approval

AllZero — Fri, 10 Jan 2020 05:28:38 GMT

They pull EQ9. Expect hard pull for membership. Expect another hard pull for CC application.

They may do secondary soft pull on your other CRA.

If your inquiries and new accounts are not obscene, you may be approved. Hard speculate without knowing the whole picture.

They're a great credit union. Some might consider them very conservative. They are adverse to pyramiding debt.

Re: PENFED PRE approval

mikesonthemend — Fri, 10 Jan 2020 05:28:09 GMT

@The-Credit-Disciple wrote:
Good evening My FICO Fam!!😀 I got a pre approval offer in the mail from this credit Union today, they sound like a really good Credit union. Whats the criteria for joining? What's my chances of getting approved? I was pre approved for the Penfed Gold card. My data points are as follows:
Trans: 723 Ex 717 EQ 708
6 baddies on Ex they are medical bills , trans and Equifax are clean. Thanks for your Help 😀

Dunno. They pull Equifax so that is in your favor. Believe they pull EQ9. They double pulled EQ on me when joining and applying. I went for the Signature and they didn't counter. Said my profile didn't support requested limit. 695 EQ, my guess it was Fico 9 not sure if it was bank card or straight. I had 708 Fico8 at last update but it was a few weeks old.

Re: PENFED PRE approval

FinStar — Fri, 10 Jan 2020 07:24:27 GMT

If your DTI, income, and overall profile is pretty strong, sure. How many accounts and/or inquiries in the past 6-12 months? How does your overall/individual utilization look like?

The results on these mailers (with or without PenFed relationship) have been mixed at best, so YEMV.

Re: PENFED PRE approval

The-Credit-Disciple — Fri, 10 Jan 2020 11:30:26 GMT

My inquiry in the last 12 months is 12
My overall utilization is 11%
New accounts opened in the last 6 months is 3

Re: PENFED PRE approval

FinStar — Fri, 10 Jan 2020 16:11:36 GMT

Based on the information you shared above, I'd hold off. That said, you know your profile best, so the decision to join and/or pull the trigger is ultimately up to you.

Re: PENFED PRE approval

Meanmchine — Sat, 11 Jan 2020 04:07:33 GMT

Good luck

Re: PENFED PRE approval

Anonymous — Wed, 22 Jan 2020 16:32:18 GMT

I got approved for pen fed too. They are a good company!

Re: PENFED PRE approval

thornback — Wed, 22 Jan 2020 16:48:33 GMT

@The-Credit-Disciple wrote:
My inquiry in the last 12 months is 12
My overall utilization is 11%
New accounts opened in the last 6 months is 3

I'd suggest waiting til you are 0/6 for new accounts and inquiries - for better approval odds. They may very well approve you now if your DTI is good, but the terms may not be great by way of a higher APR or low SL given the current number of new accounts and inquiries (12/12 is a lot - considered high risk).

Re: PENFED PRE approval

disney2 — Wed, 22 Jan 2020 17:44:40 GMT

I've been with them for years with almost no activity in my account and always got turned down. I recently app'd and was approved for 15k. It's my largest approval and I have a lot of inquiries, 29% uti, and a lot of new cards. No idea why they finally came through but I was happy!

Re: PENFED PRE approval

AllZero — Wed, 22 Jan 2020 19:20:08 GMT

@disney2 wrote:
I've been with them for years with almost no activity in my account and always got turned down. I recently app'd and was approved for 15k. It's my largest approval and I have a lot of inquiries, 29% uti, and a lot of new cards. No idea why they finally came through but I was happy!

Congratulations on your approval!

Re: PENFED PRE approval

Anonymous — Tue, 11 Feb 2020 16:29:45 GMT

congrats!