topic Re: Penfed Pre-Approved Mail (Plat Rewards Visa Sig) Solid? Worth an HP? in Credit Card Applications

Penfed Pre-Approved Mail (Plat Rewards Visa Sig) Solid? Worth an HP?

FLLGuy — Mon, 29 Aug 2022 14:57:34 GMT

Good Day Fico Community hope everyone is doing well during these uncertain times. Rebuild after BK13 discharge continues onward with positive momentum planted myself in the garden since March 2022 after a successful run thus far, closed on a new mortgage and obtained several targetted credit cards along the way. Fast forward, today I received Pre-Approved mailer from PenFed Platinum Rewards Visa Signature® Card w/ Interest @ 17.99%. This is my first pre-approved mailer from PenFed which surprised me since I currently do not have a relationship with this institution.

Seeking community thoughts:

Are Penfed Pre-Approved Mailers Solid or YMMV?
Worth coming out of the garden for this?

Re: Penfed Pre-Approved Mail (Plat Rewards Visa Sig) Solid? Worth an HP?

SDMarik — Mon, 29 Aug 2022 15:05:36 GMT

There are mixed results when it comes to their pre-approved mailers. If you think you profile can support it and it's something you want, I'd say go for it. The mailer is a good sign, but nothing is guaranteed.

Re: Penfed Pre-Approved Mail (Plat Rewards Visa Sig) Solid? Worth an HP?

OmarGB9 — Mon, 29 Aug 2022 17:15:22 GMT

I'm fairly certain their pre approval mailers are pure marketing, but I could be wrong. I wouldn't rely on it too much.

As for whether it's worth leaving the garden, only you can decide that. That said, going off your scores alone, you have a strong EQ9 score, which is what they use for new apps, which is a good sign. But it also depends on the rest of your file.

Re: Penfed Pre-Approved Mail (Plat Rewards Visa Sig) Solid? Worth an HP?

M_Smart007 — Mon, 29 Aug 2022 19:38:22 GMT

@FLLGuy wrote:
Good Day Fico Community hope everyone is doing well during these uncertain times. Rebuild after BK13 discharge continues onward with positive momentum planted myself in the garden since March 2022 after a successful run thus far, closed on a new mortgage and obtained several targetted credit cards along the way. Fast forward, today I received Pre-Approved mailer from PenFed Platinum Rewards Visa Signature® Card w/ Interest @ 17.99%. This is my first pre-approved mailer from PenFed which surprised me since I currently do not have a relationship with this institution.

Seeking community thoughts:

Are Penfed Pre-Approved Mailers Solid or YMMV?
Worth coming out of the garden for this?

@FLLGuy, I had no relationship with PenFed .. I received a Pre-Approved mailer,

Applied with the code and was "approved." No issues.

IME ...I would say that, as long as your Equifax profile has not changed, since they did the pre-screened offer?

You are probably "Good to Go" . ..

Good Luck!

Re: Penfed Pre-Approved Mail (Plat Rewards Visa Sig) Solid? Worth an HP?

Guyatthebeach — Tue, 30 Aug 2022 01:36:44 GMT

FLLGuy,

From what I've seen the preapproval mailers are hit & miss if you aren't a Penfed member. Now if you were a member, the preapproval mailer would be a solid hit in my opinion.

If your CR can support a HP, think about it. If not throw it, because there will be a new card out there soon enough.

Guyatthebeach

Re: Penfed Pre-Approved Mail (Plat Rewards Visa Sig) Solid? Worth an HP?

FLLGuy — Tue, 30 Aug 2022 01:38:41 GMT

Quick Update - I caved into temptation after reading Penfed uses EQ which is my highest score amongst all and how some other fellow BK folks have been getting approved. I app'd and got the dreaded message "pending further review"......uggggh! Good news no HP hit EQ just yet but i'm sure it's coming soon enough. I guess something in my profile spooked them but why flirt with me and waving a sexy pre-approved mailer. Anyhow, i'll let yall know if this turns out Good or Bad.

Re: Penfed Pre-Approved Mail (Plat Rewards Visa Sig) Solid? Worth an HP?

FLLGuy — Tue, 30 Aug 2022 15:12:47 GMT

*Final Update - Approved - $6,000*

Called CSR this morning & explained appication went under review because it appeared I was applying twice but was originally approved. The bottleneck was simple, initially when I decided to app the screen froze on me after hitting submit (seems this happens quite often here) so I waited 20mins and no go. I came back a few hours later to finish and then got the "under review message". Since it's the same pull from EQ the CSR put my request for overdraft protection I asked for the max $5,000 but was conditionally approved for $1,000 (pending review).

@Guyatthebeach @SDMarik @OmarGB9 @M_Smart007 - thank you for your value to this commnunity and keeping me cool. Anyhow, back to my original plan and sit in the garden with my thoughts and a watering bucket. hopefully this time i stay longer!.

Re: Penfed Pre-Approved Mail (Plat Rewards Visa Sig) Solid? Worth an HP?

OmarGB9 — Tue, 30 Aug 2022 15:21:00 GMT

Congrats!

Re: Penfed Pre-Approved Mail (Plat Rewards Visa Sig) Solid? Worth an HP?

SDMarik — Tue, 30 Aug 2022 15:28:57 GMT

@FLLGuy wrote:
*Final Update - Approved - $6,000*

Called CSR this morning & explained appication went under review because it appeared I was applying twice but was originally approved. The bottleneck was simple, initially when I decided to app the screen froze on me after hitting submit (seems this happens quite often here) so I waited 20mins and no go. I came back a few hours later to finish and then got the "under review message". Since it's the same pull from EQ the CSR put my request for overdraft protection I asked for the max $5,000 but was conditionally approved for $1,000 (pending review).

@Guyatthebeach @SDMarik @OmarGB9 @M_Smart007 - thank you for your value to this commnunity and keeping me cool. Anyhow, back to my original plan and sit in the garden with my thoughts and a watering bucket. hopefully this time i stay longer!.

Good stuff, congrats on the approval!!

Re: Penfed Pre-Approved Mail (Plat Rewards Visa Sig) Solid? Worth an HP?

pizzadude — Tue, 30 Aug 2022 17:25:18 GMT

Congrats on the approval ! I've locked this thread, feel free to start a new discussion in Credit Card Approvals