topic Re: Penfed Promise in Credit Card Applications

Penfed Promise

CerebralZulu — Fri, 25 Dec 2020 01:07:16 GMT

I finally looked at the Penfed offers and I have an offer for the Promise card. However when I look at the cards offered on the website, the Promise isn't there. Can anyone tell me about this card? Also, has anyone other than @Aim_High had luck getting their cards over $25K?

Re: Penfed Promise

AllZero — Fri, 25 Dec 2020 01:10:56 GMT

Correct, PenFed Promise is no longer on the public line up for application.

I'm not sure if they will bring it back.

Re: Penfed Promise

CerebralZulu — Fri, 25 Dec 2020 01:16:28 GMT

@AllZero wrote:
Correct, PenFed Promise is no longer on the public line up for application.

I'm not sure if they will bring it back.

So being a member I can get it I take it. But what are the card benefits if any? And are all of the offers soft pulls? Even the auto loans?

Re: Penfed Promise

FinStar — Fri, 25 Dec 2020 01:31:30 GMT

@CerebralZulu wrote:
@AllZero wrote:
Correct, PenFed Promise is no longer on the public line up for application.

I'm not sure if they will bring it back.
So being a member I can get it I take it. But what are the card benefits if any? And are all of the offers soft pulls? Even the auto loans?

If you received the pre-qualified (quarterly) offers, yes they'll be processed as SP whether it's a CLI to an existing card, a vehicle loan (subject to no changes), or a new CC.

IIRC, the Promise Visa is a no-frills, low APR card. There's no rewards and I don't think it comes with any type of intro APR on new purchases (you may need to check your specific offer). That said, it comes with no fees of any kind, including FTFs.

Re: Penfed Promise

FinStar — Fri, 25 Dec 2020 01:35:05 GMT

@CerebralZulu wrote:
I finally looked at the Penfed offers and I have an offer for the Promise card. However when I look at the cards offered on the website, the Promise isn't there. Can anyone tell me about this card? Also, has anyone other than @Aim_High had luck getting their cards over $25K?

I was able to get my CLs shifted above $25K (even through combos) since my CCs were grandfathered under their old system. Not sure if you'll be able to accomplish the same under their current system, but you can definitely try. Worse case scenario they say no.

Re: Penfed Promise

CerebralZulu — Fri, 25 Dec 2020 01:48:06 GMT

@FinStar wrote:
@CerebralZulu wrote:
I finally looked at the Penfed offers and I have an offer for the Promise card. However when I look at the cards offered on the website, the Promise isn't there. Can anyone tell me about this card? Also, has anyone other than @Aim_High had luck getting their cards over $25K?
I was able to get my CLs shifted above $25K (even through combos) since my CCs were grandfathered under their old system. Not sure if you'll be able to accomplish the same under their current system, but you can definitely try. Worse case scenario they say no.

So @FinStar if I apply for the same card look for the credit limit option, and if its not there can I back out and still have the other options?

Re: Penfed Promise

FinStar — Fri, 25 Dec 2020 02:19:43 GMT

@CerebralZulu wrote:
@FinStar wrote:
@CerebralZulu wrote:
I finally looked at the Penfed offers and I have an offer for the Promise card. However when I look at the cards offered on the website, the Promise isn't there. Can anyone tell me about this card? Also, has anyone other than @Aim_High had luck getting their cards over $25K?
I was able to get my CLs shifted above $25K (even through combos) since my CCs were grandfathered under their old system. Not sure if you'll be able to accomplish the same under their current system, but you can definitely try. Worse case scenario they say no.
So @FinStar if I apply for the same card look for the credit limit option, and if its not there can I back out and still have the other options?

Yes, but I wouldn't back out per se, I think there's an option to cancel or withdraw the application. Technically, the offers are still there until you accept any of them (or decide not to pursue them).

Re: Penfed Promise

Meanmchine — Fri, 25 Dec 2020 03:01:58 GMT

@AllZero wrote:
Correct, PenFed Promise is no longer on the public line up for application.

I'm not sure if they will bring it back.

I re-checked my CLI offer from June 2020 and there it was.

Re: Penfed Promise

CerebralZulu — Fri, 25 Dec 2020 03:06:14 GMT

Yes, but I wouldn't back out per se, I think there's an option to cancel or withdraw the application. Technically, the offers are still there until you accept any of them (or decide not to pursue them).

@FinStar got ya. Thanks for the knowledge. Also, do the quarterly deals for this quarter end at the end of December?

Re: Penfed Promise

FinStar — Fri, 25 Dec 2020 03:11:56 GMT

@CerebralZulu wrote:
Yes, but I wouldn't back out per se, I think there's an option to cancel or withdraw the application. Technically, the offers are still there until you accept any of them (or decide not to pursue them).
@FinStar got ya. Thanks for the knowledge. Also, do the quarterly deals for this quarter end at the end of December?

That's a good question. I honestly don't know the exact timeframe for how long they last. I would believe they are pegged somehow to whenever the last update was performed to your PenFed score online. If it were me, I wouldn't dwell on it too long if this is the appropriate timeframe to take advantage of the offers, unless there are other pressing matters you want to address and/or prefer to wait.

Re: Penfed Promise

CerebralZulu — Fri, 25 Dec 2020 03:12:28 GMT

@Meanmchine so they were still allowing limits over $25K in June. Man I am always late to the party smh.

Re: Penfed Promise

CerebralZulu — Fri, 25 Dec 2020 03:21:43 GMT

@FinStar if its a soft pull nothing really preventing it. Would rather have a CLI instead of new card for the no new account advantage. But probably best to go ahead and pull the trigger. Everyone is probably off until next week though lol.

Re: Penfed Promise

FinStar — Fri, 25 Dec 2020 03:26:45 GMT

@CerebralZulu wrote:
@FinStar if its a soft pull nothing really preventing it. Would rather have a CLI instead of new card for the no new account advantage. But probably best to go ahead and pull the trigger. Everyone is probably off until next week though lol.

Go for it @CerebralZulu. If it's auto-approved then it's a done deal. Worse case scenario it'll land in their pending queue, but you can reach out to them on Monday to finalize it.

Re: Penfed Promise

Aim_High — Fri, 25 Dec 2020 03:46:41 GMT

@CerebralZulu wrote:
I finally looked at the Penfed offers and I have an offer for the Promise card. However when I look at the cards offered on the website, the Promise isn't there. Can anyone tell me about this card? Also, has anyone other than @Aim_High had luck getting their cards over $25K?

@CerebralZulu, there have been quite a few with single credit lines over $25K with PenFed. I'm not alone but apparently one of the last ones. I know there were some (like @FinStar) who were grandfathered in and did it before the new $25K cap took place. And I know of several others on My Fico who had the same issue that I did and were able to appeal this year to have their credit line exceed $25K after PenFed erroneously offered it.

Here are three recent threads with approvals over $25K. I think there were others.

@PullingMeSoftly, @Anonymous, @RicHowe

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Navy-Federal-amp-PenFed-CLIs/m-p/6212745#M719529

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/PenFed-PCR-CLI-24-200-Confirmed/m-p/6152312

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/PenFed-Max-Achievement-Unlocked/m-p/6161111

Re: Penfed Promise

Aim_High — Fri, 25 Dec 2020 03:59:58 GMT

@CerebralZulu wrote:
@Meanmchine so they were still allowing limits over $25K in June. Man I am always late to the party smh.

@CerebralZulu, here is the link to my confusing approval thread back in June. (They approved it but it took me months of coordination to try to make them add it to my account. Read the full story at the link. Go to Page #4, message #36 in thread for my update on approval issues.)

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Surprise-Auto-CLI-from-PenFed-Woooo-Hooooo/td-p/6045251

By the way, several others have been approved since then, so there may still be hope.

Re: Penfed Promise

Anonymous — Fri, 25 Dec 2020 04:04:27 GMT

Why would they approve it and not let it reflect on your account? Mines just happened today so I'll wait and see what happens on Saturday. It took 2-3 days for the hard pull credit limit increase to reflect on my account last month.

Re: Penfed Promise

Aim_High — Fri, 25 Dec 2020 04:12:20 GMT

@Anonymous wrote:
Why would they approve it and not let it reflect on your account? Mines just happened today so I'll wait and see what happens on Saturday. It took 2-3 days for the hard pull credit limit increase to reflect on my account last month.

@Anonymous, I said the same thing! The link above explains it in more detail. Basically, there was a change in policy where the old system (that lets you exceed $25K) was making promises that the new system (that limits each account to $25K) won't implement. I was offered the increase but it didn't show up on my account for months. After many phone calls and elevating to not only Customer Service Supervisors but also Customer Service Managers, I was able to make them see they needed to do the right thing and implement it. But I had to push them. I hope yours goes smoothly but if it doesn't, and they promised it to you, make some noise until they fix it!

Re: Penfed Promise

CerebralZulu — Fri, 25 Dec 2020 04:30:23 GMT

@FinStar wrote:
@CerebralZulu wrote:
@FinStar if its a soft pull nothing really preventing it. Would rather have a CLI instead of new card for the no new account advantage. But probably best to go ahead and pull the trigger. Everyone is probably off until next week though lol.
Go for it @CerebralZulu. If it's auto-approved then it's a done deal. Worse case scenario it'll land in their pending queue, but you can reach out to them on Monday to finalize it.

It still let me request it as a CLI. Fingers crossed.

Re: Penfed Promise

CerebralZulu — Fri, 25 Dec 2020 04:36:44 GMT

@Anonymous wrote:
Why would they approve it and not let it reflect on your account? Mines just happened today so I'll wait and see what happens on Saturday. It took 2-3 days for the hard pull credit limit increase to reflect on my account last month.

My attempt is today as well so we both are in the Penfed row boat paddling upstream :-).

Re: Penfed Promise

Anonymous — Fri, 25 Dec 2020 05:05:23 GMT

*Fingers crossed* keep me updated if yours happen and I'll do the same.