topic Re: question before applying for Penfed or NFCU in Credit Card Applications

question before applying for Penfed or NFCU

Anonymous — Wed, 14 Oct 2020 03:41:55 GMT

I recently received a preapproval mailer from Penfed (with an offer code) and I'm also eligible for NFCU membership. I'm looking to add one or two cash-back cards, as I already have a bunch of travel cards and there's obviously not much travel going on right now.

I know many lenders have tightened up with credit approvals and CL right now, and I'd rather not waste a 5/24 slot on a new CC with a low CL. (My current CC CL range from $12,000 to over $50,000.)

Does Penfed or NFCU show your offered CL offer before the account is officially opened, or do they approve/deny and that's it? I know some CUs show the offered CL and then the person has to formally accept or reject it before the account is officially opened, but I'm not sure if Penfed or NFCU are among them. (If they don't do this, can anyone recommend a CU that does?)

Thanks for all feedback.

Re: question before applying for Penfed or NFCU

BmoreBull — Wed, 14 Oct 2020 09:24:31 GMT

Not sure about PenFed, but Navy does not show you an amount before the decision. If you have a PenFed mailer, it should have an offer code or something attached. You could try to input that and see if they show a solid apr or amount before accepting. There have been posts here about getting those mailers, but I can't remember what info was given after inputting the code.

Re: question before applying for Penfed or NFCU

AverageJoesCredit — Wed, 14 Oct 2020 11:23:02 GMT

No you wont see your limit. Id say dont go for either if you value 5/24 more and definetly dont go for either if you are expecting 50k . You can achieve high limits with both if you have good credit and high income but it isnt instant snd sometimes people will be sorelt disappointed with their sl then rant it doesnt match what they have. Understand that for sure possibilty exists ofhigh limit off the bat with more to come but being in Covid nothing is gaurenteed not even an approval.

Re: question before applying for Penfed or NFCU

addicted_to_credit — Wed, 14 Oct 2020 12:14:15 GMT

It would seem penfed is a tougher nut to crack

my first card started out and currently is at 15k

2nd card started out and is currently at 25k

It's my understanding that it is a HP to get the limit increased unless you have preapproved offers

Some folks here have reported getting approved for CLI's above the 25k mark and having some issues with actually getting it. I believe @Aim_High can attest to this.

Navy Pre COVID

1st card SL 7.8k currently at 20k

2nd card SL 25k currently at 29k

3rd card SL 25k currently at 29k

IME if you request a CLI via website or app it's a SP and always reviewed by someone so it takes a few hours to a few days to find out if it was approved.

Re: question before applying for Penfed or NFCU

coldfusion — Wed, 14 Oct 2020 12:47:23 GMT

The Penfed issue was due to a policy change of imposing a $25K CL cap on any card (existing cards were grandfathered - I still have a $45K PCR for example) when they still had outstanding CLI offers extended which would extend the CL over the $25K cap.

Other than offers extended as part of their quarterly Jan/Apr/July/October soft pull offering to members, Penfed does not disclose terms before executing a hard pull.

And yes Penfed used to be very conservative - it was not easy for new members to get more than a $5K SLon their 1st card and more than $10K was practically unheard of.

Re: question before applying for Penfed or NFCU

SouthJamaica — Wed, 14 Oct 2020 18:20:08 GMT

@Anonymous wrote:
I recently received a preapproval mailer from Penfed (with an offer code) and I'm also eligible for NFCU membership. I'm looking to add one or two cash-back cards, as I already have a bunch of travel cards and there's obviously not much travel going on right now.

I know many lenders have tightened up with credit approvals and CL right now, and I'd rather not waste a 5/24 slot on a new CC with a low CL. (My current CC CL range from $12,000 to over $50,000.)

Does Penfed or NFCU show your offered CL offer before the account is officially opened, or do they approve/deny and that's it? I know some CUs show the offered CL and then the person has to formally accept or reject it before the account is officially opened, but I'm not sure if Penfed or NFCU are among them. (If they don't do this, can anyone recommend a CU that does?)

Thanks for all feedback.

Neither does that. And I have never heard of anyone that does.

Re: question before applying for Penfed or NFCU

Anonymous — Wed, 14 Oct 2020 21:28:16 GMT

Thanks for the replies.

The Penfed offer code doesn't show a CL before it asks you to accept the offer.

I'm not expecting anywhere close to $50,000 for a new account, but I'm hoping to avoid anything under $10,000. Do starting CL with Penfed or NFCU typically fall into a range for people with good income and clean reports? I know Penfed has a rep for being conservative but some reports here have shown $10,000 to $20,000 in starting CL.

Thanks again.

Re: question before applying for Penfed or NFCU

Anonymous — Wed, 14 Oct 2020 21:31:24 GMT

"Neither does that. And I have never heard of anyone that does."

Doesn't NFCU do it for existing customers with the preapprovals? I thought I've seen people say they were preapproved, for example, for $16,700 toward a new CC or a CLI.

Re: question before applying for Penfed or NFCU

FinStar — Wed, 14 Oct 2020 22:18:42 GMT

@Anonymous wrote:
"Neither does that. And I have never heard of anyone that does."

Doesn't NFCU do it for existing customers with the preapprovals? I thought I've seen people say they were preapproved, for example, for $16,700 toward a new CC or a CLI.

Nope, not with NFCU even if you're an existing member.

There are some CUs that do provide some form of pre-approval, such as DCU, for instance. But, cracking anything above $10K with them won't be a fruitful effort (if you feel anything below $10K is subpar whereas for others it's a gold mine).

Banks like BBVA, Regions, PNC and a few others come to mind as far as being able to see some form of a pre-approved amount if you're currently a customer of theirs.

Re: question before applying for Penfed or NFCU

ccquest — Wed, 14 Oct 2020 22:39:34 GMT

I've seen PenFed shows the amount for an increase or new card through the offers on the site, but that's only if you're an existing customer.

As far as what you'll get, always a gamble but when I got my Power Cash Rewards, they gave me $10k and my only other reporting card at the time was a $8.9k BoA one.

Re: question before applying for Penfed or NFCU

Vu — Wed, 14 Oct 2020 22:54:31 GMT

I have 2 cards with NFCU and 2 cards with PenFed.

NFCU Cash Reward Visa - $20,000 SL on 10/2019 and now is at $28,000.

NFCU Platinum - $23,000 SL just applied this month.

PenFed back-to-back application: $17,500 PCR and then $7,500 Platinum Reward last month. This may be due to the maximum $25K limit for the new member.

Based on my personal experience, as long as you have low utilization, good DTI, decent income, good FICO scores, you should have no problem getting $10K+ SL with NFCU and PenFed.

Re: question before applying for Penfed or NFCU

AverageJoesCredit — Thu, 15 Oct 2020 01:47:01 GMT

@Anonymous wrote:
Thanks for the replies.
The Penfed offer code doesn't show a CL before it asks you to accept the offer.
I'm not expecting anywhere close to $50,000 for a new account, but I'm hoping to avoid anything under $10,000. Do starting CL with Penfed or NFCU typically fall into a range for people with good income and clean reports? I know Penfed has a rep for being conservative but some reports here have shown $10,000 to $20,000 in starting CL.
Thanks again.

No one can actually determine who gets what or how much from Navy despite credit score or income. There are people with extremely high income, good credit get welcomed to NFCU with $1k while other people with bk7 or many derogs jump out the gate with 25K. Dont believe it read Navy thread lol.

My main asvice is if you actually can join Navy , do it ! Most people cant access them and for those of us who can have been very satisfied

question re Penfed and NFCU application process

Anonymous — Tue, 27 Oct 2020 04:38:20 GMT

There are dozens and dozens of threads here re Penfed and Navy FCU but I couldn't find an answer. Are credit cards with Penfed and Navy considered open as soon as they're approved, like at Chase and most other banks, or does an approved applicant have to formally accept the offer/account after approval? Thanks.

Re: question re Penfed and NFCU application process

Anonymous — Tue, 27 Oct 2020 05:02:55 GMT

I was recently approved for a Navy card, and the new card appeared in my dashboard within a couple of days. However, the card has not reported to the bureaus as I am waiting to receive my card. Based on my other cards with Navy, once the card is reported, the date opened will report as the date the applicant was originally approved.

Hope this helps.

Re: question re Penfed and NFCU application process

Anonymous — Tue, 27 Oct 2020 06:50:45 GMT

Thanks for your reply.

Can anyone tell me if Penfed works the same way?

Re: question re Penfed and NFCU application process

FinStar — Tue, 27 Oct 2020 06:56:20 GMT

@Anonymous wrote:
Thanks for your reply.

Can anyone tell me if Penfed works the same way?

If approved, the account will display within 24-48 hours once the application status changes from Approved to Funded.

Re: question re Penfed and NFCU application process

Anonymous — Tue, 27 Oct 2020 08:21:31 GMT

Thanks. And that happens automatically, with no further actions required by the applicant after the app is submitted?

Re: question re Penfed and NFCU application process

FinStar — Tue, 27 Oct 2020 08:35:08 GMT

@Anonymous wrote:
Thanks. And that happens automatically, with no further actions required by the applicant after the app is submitted?

Unless it's a conditional approval which may require additional information such as identity verification or POI, for instance. They will inform you in either case.

Re: question re Penfed and NFCU application process

rostrow416 — Tue, 27 Oct 2020 11:30:06 GMT

My PenFed card showed up a couple days after I sent in POI (brand new member).

I can honestly say PenFed was looser for me than Navy.

MoreRewards opened on July with 1k

Early this month got denied Flagship but got MoreRewards cli to 3k

Opened PenFed account and apped for Platinum rewards, got same day conditional approval for 10k. Had to send in docs before it was put through and showed up.

Re: question re Penfed and NFCU application process

Anonymous — Tue, 27 Oct 2020 13:12:01 GMT

Very helpful. Thanks for the replies.