topic Re: POLL: PENFED Pre-Approved offers : HP or SP? in Credit Card Applications

POLL: PENFED Pre-Approved offers : HP or SP?

Wavester64 — Mon, 03 Jan 2022 15:29:26 GMT

I am seeing mixed messages on the forums as to whether a pre-approved offer from PENFED, be it on their site or a mailer, if its a HP or a SP so I thought I would start a thread to put them all together for everyone to share their experience.

So if you ever received a PenFed "Pre-Approved" offer for a CC and apped for it, regardless if you we're approved or declined, did you receive a Hard Pull for your efforts or a Soft Pull on your credit Report? Also, which CC was it you were being offered

Re: POLL: PENFED Pre-Approved offers : HP or SP?

M_Smart007 — Mon, 03 Jan 2022 17:51:40 GMT

From reading, it seem's >> pre-approved offers from the site are "SP" .. but with PenFed YMMV

Pre-Approved mailers are HP .. Ask me how I know? .. PenFed Power Cash Rewards Mailer "HP" ..

@coldfusion, Will chime in with more solid info

Happy HP New Year!

Re: POLL: PENFED Pre-Approved offers : HP or SP?

coldfusion — Mon, 03 Jan 2022 18:27:12 GMT

The quarterly (Jan/Apr/Jul/Oct 1) online preapprovals for CC or auto loans extended through the My Offers section online have a consistent and established track record of being soft pulls. I would not trust prequal offers sent via USMail, as amongst other things those are also sent to non-members which means they almost certainly wouldn't infer immunity from taking a HP.

Re: POLL: PENFED Pre-Approved offers : HP or SP?

Wavester64 — Mon, 03 Jan 2022 20:01:14 GMT

@coldfusion wrote:
The quarterly (Jan/Apr/Jul/Oct 1) online preapprovals for CC or auto loans extended through the My Offers section online have a consistent and established track record of being soft pulls. I would not trust prequal offers sent via USMail, as amongst other things those are also sent to non-members which means they almost certainly wouldn't infer immunity from taking a HP.

If I was brave enough (which I am not ) I would be the guinea pig and try for the PF Plat since I am getting the offer again (on my account), but I don't need an HP because as we all know we have to *assume* the HP, and be happy if its a SP.

Re: POLL: PENFED Pre-Approved offers : HP or SP?

coldfusion — Mon, 03 Jan 2022 21:38:55 GMT

You can try lurking in the Approvals section of the forum over the next several days and watch for approval announcements if you don't want to be the data point you're looking for.

I used the select-the-same-card-you-already-hold loophole a few years ago to get a SP CLI on my PCR which I understand is still valid although one has to be mindful of the current $25K CL cap on cards not grandfathered by virtue of already being at $25K+ CL when the limit was imposed.

Re: POLL: PENFED Pre-Approved offers : HP or SP?

Wavester64 — Mon, 03 Jan 2022 22:37:07 GMT

@Wavester64 wrote:
I am seeing mixed messages on the forums as to whether a pre-approved offer from PENFED, be it on their site or a mailer, if its a HP or a SP so I thought I would start a thread to put them all together for everyone to share their experience.

So if you ever received a PenFed "Pre-Approved" offer for a CC and apped for it, regardless if you we're approved or declined, did you receive a Hard Pull for your efforts or a Soft Pull on your credit Report? Also, which CC was it you were being offered

So here is a potential DP for anyone who has the quarterly offer from PENFED:

Since I was worried about a HP, at the recommendation of a friend, I decided to try for it with freezing my Equifax Report. I never did this before, so I figured there is a 1st time for everything and I had nothing to lose . I already had an Equifax account, so I went on there to freeze my EQ report. Wasn't sure how long it took to take affect, but from the looks of it, its instant.

So if everything went well, I should be able to app for the PenFed Platinum Rewards Visa Signature (the one I was pre-approved for online) without issue, they should not HP me since I have the online pre-approved offer, and if they did HP, I have them blocked.

So I clicked on my offer, accepted everything, clicked submit, the wheels were spinning, and then the site had error issue, but I noticed I immediately got an email and it said:

Dear XXXXXXXX

Thank you for applying for the PenFed Platinum Rewards Visa Signature® card.

Upon attempting to access your credit information, we received notification that your credit information is locked (frozen). In order for us to perform our credit review processes, we will need access to this information.

Please click here to visit the PenFed Notifications Portal (authentication will be required) for additional information and next steps.

Your application number is: XXXXXXXX. Please keep this number for your records.

Sincerely,

Lending Service

So there you have it - nothing is automatic these days, especially as it pertains to me (and Penfed) . They sc***ed me once before and I am glad I didn't give them a chance to do it again.

Re: POLL: PENFED Pre-Approved offers : HP or SP?

OzonMike — Tue, 04 Jan 2022 06:21:01 GMT

@Wavester64 wrote:
@Wavester64 wrote:
I am seeing mixed messages on the forums as to whether a pre-approved offer from PENFED, be it on their site or a mailer, if its a HP or a SP so I thought I would start a thread to put them all together for everyone to share their experience.

So if you ever received a PenFed "Pre-Approved" offer for a CC and apped for it, regardless if you we're approved or declined, did you receive a Hard Pull for your efforts or a Soft Pull on your credit Report? Also, which CC was it you were being offered
So here is a potential DP for anyone who has the quarterly offer from PENFED:

Since I was worried about a HP, at the recommendation of a friend, I decided to try for it with freezing my Equifax Report. I never did this before, so I figured there is a 1st time for everything and I had nothing to lose . I already had an Equifax account, so I went on there to freeze my EQ report. Wasn't sure how long it took to take affect, but from the looks of it, its instant.

So if everything went well, I should be able to app for the PenFed Platinum Rewards Visa Signature (the one I was pre-approved for online) without issue, they should not HP me since I have the online pre-approved offer, and if they did HP, I have them blocked.

So I clicked on my offer, accepted everything, clicked submit, the wheels were spinning, and then the site had error issue, but I noticed I immediately got an email and it said:

Dear XXXXXXXX

Thank you for applying for the PenFed Platinum Rewards Visa Signature® card.

Upon attempting to access your credit information, we received notification that your credit information is locked (frozen). In order for us to perform our credit review processes, we will need access to this information.

Please click here to visit the PenFed Notifications Portal (authentication will be required) for additional information and next steps.

Your application number is: XXXXXXXX. Please keep this number for your records.

Sincerely,
Lending Service

So there you have it - nothing is automatic these days, especially as it pertains to me (and Penfed) . They sc***ed me once before and I am glad I didn't give them a chance to do it again.

I do not think that by freezing EQ and then applying that it truly indicates it will result in a HP.

For example ..

They pull EX for loan products and you can check your rate with only a SP... *UNTIL* ..you accept an offer. Then it results in a HP on EX.

With that being said, I have EX frozen, went for a preapproval (SP) and got the same email (and text) you did. I encourage other memebers to try this out also. We know checking rates is SP until accepting an offer.

Re: POLL: PENFED Pre-Approved offers : HP or SP?

Wavester64 — Tue, 04 Jan 2022 15:20:58 GMT

@OzonMike wrote:
@Wavester64 wrote:
@Wavester64 wrote:
I am seeing mixed messages on the forums as to whether a pre-approved offer from PENFED, be it on their site or a mailer, if its a HP or a SP so I thought I would start a thread to put them all together for everyone to share their experience.

So if you ever received a PenFed "Pre-Approved" offer for a CC and apped for it, regardless if you we're approved or declined, did you receive a Hard Pull for your efforts or a Soft Pull on your credit Report? Also, which CC was it you were being offered
So here is a potential DP for anyone who has the quarterly offer from PENFED:

Since I was worried about a HP, at the recommendation of a friend, I decided to try for it with freezing my Equifax Report. I never did this before, so I figured there is a 1st time for everything and I had nothing to lose . I already had an Equifax account, so I went on there to freeze my EQ report. Wasn't sure how long it took to take affect, but from the looks of it, its instant.

So if everything went well, I should be able to app for the PenFed Platinum Rewards Visa Signature (the one I was pre-approved for online) without issue, they should not HP me since I have the online pre-approved offer, and if they did HP, I have them blocked.

So I clicked on my offer, accepted everything, clicked submit, the wheels were spinning, and then the site had error issue, but I noticed I immediately got an email and it said:

Dear XXXXXXXX

Thank you for applying for the PenFed Platinum Rewards Visa Signature® card.

Upon attempting to access your credit information, we received notification that your credit information is locked (frozen). In order for us to perform our credit review processes, we will need access to this information.

Please click here to visit the PenFed Notifications Portal (authentication will be required) for additional information and next steps.

Your application number is: XXXXXXXX. Please keep this number for your records.

Sincerely,
Lending Service

So there you have it - nothing is automatic these days, especially as it pertains to me (and Penfed) . They sc***ed me once before and I am glad I didn't give them a chance to do it again.
I do not think that by freezing EQ and then applying that it truly indicates it will result in a HP.

For example ..

They pull EX for loan products and you can check your rate with only a SP... *UNTIL* ..you accept an offer. Then it results in a HP on EX.
With that being said, I have EX frozen, went for a preapproval (SP) and got the same email (and text) you did. I encourage other memebers to try this out also. We know checking rates is SP until accepting an offer.

I am wondering if there has ever been an instance where PENFED pushed the approval through even though they were requesting your report be unfrozen and you were previously pre-approved via quarterly offers. 🤔 I am guessing no, but hey, its nice to to think if it could happen

Re: POLL: PENFED Pre-Approved offers : HP or SP?

coldfusion — Tue, 04 Jan 2022 17:59:29 GMT

My guess is that they would not, and that has to do at least in part with of AR-tagged soft pulls (i.e. the normal monthly soft pulls) and the legalities of permissible purpose.

Re: POLL: PENFED Pre-Approved offers : HP or SP?

coreyb80 — Tue, 04 Jan 2022 18:36:19 GMT

Oddly enough, I remember trying for a loan a couple of months ago and my EX was frozen at the time. I ended up having to unfreeze it a short time later. I logged in to Penfed one day and noticed that I had a preapproval for a loan. Ended up taking it and then the HP hit my CR.

Re: POLL: PENFED Pre-Approved offers : HP or SP?

OzonMike — Wed, 05 Jan 2022 06:17:47 GMT

I think its safe to say it's a HP with offers online. I think maybe the SP was taken away when they switched systems not so long ago.

I would definitly be interested in any members already having a product that is being offered and getting a CLI SP. I have PCR and that's the same card they're offering me ... same APR. But I did just get the PCR DEC 6. I would be the GP but I cant take another HP hit, Ive got 3 from PF all within 30 days. (Applied for multiple products online - should've called. Lesson learned).

Re: POLL: PENFED Pre-Approved offers : HP or SP?

OzonMike — Thu, 06 Jan 2022 02:27:18 GMT

I reached out to PF and asked if I applied for a product under 'My Offers' (which was the PCR for me) if it would be a CLI or secondary card since I already have a PCR. I also asked about HP or SP .. here is the response I got VIA email

Thank you for contacting PenFed.

The offer for the Power Cash Rewards card would open an additional credit card of the same product type if you were approved for the new credit card.

We cannot guarantee that the card application will not generate a new credit pull as each application can pull credit.

In order to qualify for a loan all decisions are based off of the contents of the application and your credit report. We are unable to provide further information outside of the Adverse Action response that you received.

Sincerely,

Crystal K.
PenFed Credit Union

Re: POLL: PENFED Pre-Approved offers : HP or SP?

OzonMike — Wed, 12 Jan 2022 00:10:43 GMT

Update:

Decided to apply anyway - figured we need to know. Application went into pending and then status went to withdrawn. I did not get a HP on any CRA. But I will say it has been WITHIN 30 days since last HP on EQ. It seems to be pretty solid they use EQ for cc/auto and EX for PL or LOC.

I guess I'll wait for the letter in the mail to see why they withdrew the application, I'm going to imagine it's because I already have PCR.

* Also would like to mention that I did end up receiving a notice of the same offer in the mail too.

I'll update with whatever the letter of denial says.

Thanks!

Re: POLL: PENFED Pre-Approved offers : HP or SP?

Anonymous — Mon, 17 Jan 2022 03:51:20 GMT

I would say that any "preapproved" offer is merely an approval to apply. They already did the SP to send it to you. I pulled the trigger on a prequal yesterday with them and was approved for $4500. Side note: Memberships are SP. CC's are HP. Equifax both. I hope this is usefull to someone.

Re: POLL: PENFED Pre-Approved offers : HP or SP?

4sallypat — Mon, 17 Jan 2022 14:07:17 GMT

@OzonMike wrote:
Update:

Decided to apply anyway - figured we need to know. Application went into pending and then status went to withdrawn. I did not get a HP on any CRA. But I will say it has been WITHIN 30 days since last HP on EQ. It seems to be pretty solid they use EQ for cc/auto and EX for PL or LOC.
I guess I'll wait for the letter in the mail to see why they withdrew the application, I'm going to imagine it's because I already have PCR.
* Also would like to mention that I did end up receiving a notice of the same offer in the mail too.

I'll update with whatever the letter of denial says.

Thanks!

^^ Correct.

EQ for credit cards & auto loans

EX for PLOC / loan

I applied for a PenFed card, auto loan (both pre-approved) and PLOC (cold app) in one month.

Approved for Visa Gold ($12,500) and Auto loan ($14,100) with FICO EQ 09 = 760 and 4/24 INQ.

Denied for PLOC ($10,000) with FICO EX 09 = 740 and LOL/24 inquiries.