topic Re: PENFED PRE QUALIFY CARD LINK in Credit Card Applications

PENFED PRE QUALIFY CARD LINK

rchvmz — Fri, 26 May 2023 03:43:36 GMT

I logged into my Penfed account today and seen they had a new pre qualify link for Credit cards--never seen this in the 3 years I been a member,

At anyrate, I filled out the info and it went to a screen saying---Congrats--You are Pre qualified, and had a picture of the PCR card with a note..estimated credit limit 10k.

Has anyone had any expereince with their pre qual cards? Cap 1 is good as gold if it says you are pre qualified--same with Discover.

Never heard anything about Penfed----any one have any data pts to share on the pre qualify card system.

I have no cards or loans with them. Just checking/savings

Re: PENFED PRE QUALIFY CARD LINK

GZG — Fri, 26 May 2023 04:20:51 GMT

@rchvmz wrote:
I logged into my Penfed account today and seen they had a new pre qualify link for Credit cards--never seen this in the 3 years I been a member,
At anyrate, I filled out the info and it went to a screen saying---Congrats--You are Pre qualified, and had a picture of the PCR card with a note..estimated credit limit 10k.

Has anyone had any expereince with their pre qual cards? Cap 1 is good as gold if it says you are pre qualified--same with Discover.
Never heard anything about Penfed----any one have any data pts to share on the pre qualify card system.
I have no cards or loans with them. Just checking/savings

the language sure suggests the offer is like an Amex/Apple card offer and that it's solid and you aren't going to go to pending if they've provided you an offer

"if you choose to accept the card offer" sounds a lot like apply with confidence language, but it wouldn't surprise me if that wasn't what was going on

hopefully it works like that in practice, I know if I was given an offer based on this language, then I was HP'd and went to pending i'd be beside myself

but without DPs impossible to know for sure

for anybody else curious, there are now pre-qualify buttons on all of the cards at: https://www.penfed.org/credit-cards

Re: PENFED PRE QUALIFY CARD LINK

SouthernCredit — Fri, 26 May 2023 05:18:33 GMT

I just did one for the Platinum. Not a PenFed member. It spit out a limit for 10k, which seems on the low side for my profile, but not terrible. Not opening it because I don't need it, but data point for anyone interested.

Re: PENFED PRE QUALIFY CARD LINK

rchvmz — Fri, 26 May 2023 05:38:03 GMT

@GZG wrote:
@rchvmz wrote:
I logged into my Penfed account today and seen they had a new pre qualify link for Credit cards--never seen this in the 3 years I been a member,
At anyrate, I filled out the info and it went to a screen saying---Congrats--You are Pre qualified, and had a picture of the PCR card with a note..estimated credit limit 10k.

Has anyone had any expereince with their pre qual cards? Cap 1 is good as gold if it says you are pre qualified--same with Discover.
Never heard anything about Penfed----any one have any data pts to share on the pre qualify card system.
I have no cards or loans with them. Just checking/savings
the language sure suggests the offer is like an Amex/Apple card offer and that it's solid and you aren't going to go to pending if they've provided you an offer

"if you choose to accept the card offer" sounds a lot like apply with confidence language, but it wouldn't surprise me if that wasn't what was going on

hopefully it works like that in practice, I know if I was given an offer based on this language, then I was HP'd and went to pending i'd be beside myself

but without DPs impossible to know for sure

for anybody else curious, there are now pre-qualify buttons on all of the cards at: https://www.penfed.org/credit-cards

I did go pending----after I accepted the Pre-qual offer. Don't know if Penfed does any instant approvals, as I have no credit products with them. I know Cap 1 was instant approval after Pre-qual offer--Discover was not, took them a day or so. I could use a 10k PCR card from these guys. Email sent said under review-with 24-48 hr response time. Seen a soft inquiry from the pre-qual, then a HP after submitting. Lets hope its a solid offer. No request for POI

Re: PENFED PRE QUALIFY CARD LINK

coldfusion — Fri, 26 May 2023 12:36:26 GMT

Penfed does instant approvals but they also do approvals after review.

Re: PENFED PRE QUALIFY CARD LINK

Brian_Earl_Spilner — Fri, 26 May 2023 12:58:33 GMT

So, word of warning. I tried the prequalify and it had me log in. At the end of the app it crashed. When I logged back in I was approved for the gold. Straight up app. So far no hp. I had a plan once my reports were clean in January and now it's screwed me up by 6 months.

Re: PENFED PRE QUALIFY CARD LINK

House1204 — Fri, 26 May 2023 15:48:36 GMT

@rchvmz wrote:
I logged into my Penfed account today and seen they had a new pre qualify link for Credit cards--never seen this in the 3 years I been a member,
At anyrate, I filled out the info and it went to a screen saying---Congrats--You are Pre qualified, and had a picture of the PCR card with a note..estimated credit limit 10k.

Has anyone had any expereince with their pre qual cards? Cap 1 is good as gold if it says you are pre qualified--same with Discover.
Never heard anything about Penfed----any one have any data pts to share on the pre qualify card system.
I have no cards or loans with them. Just checking/savings

I tried the penfed prequalify last week and was prequalified for the gold card with a limit of $7500. I submitted the app and it went to review. I was denied. I have no idea why but I suspect they think I am egyptian. I have had a lot of new accounts and a new personal loan of 25k.

Re: PENFED PRE QUALIFY CARD LINK

NoMoreE46 — Fri, 26 May 2023 17:14:55 GMT

Ah Sounds like typical PF being typical PF.

@Brian_Earl_Spilner wrote:
So, word of warning. I tried the prequalify and it had me log in. At the end of the app it crashed. When I logged back in I was approved for the gold. Straight up app. So far no hp. I had a plan once my reports were clean in January and now it's screwed me up by 6 months.

Re: PENFED PRE QUALIFY CARD LINK

GZG — Fri, 26 May 2023 17:20:36 GMT

denied apps, apps going pending, people getting approved without submitting apps

@NoMoreE46 wrote:
Ah Sounds like typical PF being typical PF.

agree 100%

they really need to change the language on the prequal considering it looks practically ripped straight from Amex, but it doesn't function like Amex

Re: PENFED PRE QUALIFY CARD LINK

rchvmz — Fri, 26 May 2023 19:27:56 GMT

@rchvmz wrote:
I logged into my Penfed account today and seen they had a new pre qualify link for Credit cards--never seen this in the 3 years I been a member,
At anyrate, I filled out the info and it went to a screen saying---Congrats--You are Pre qualified, and had a picture of the PCR card with a note..estimated credit limit 10k.

Has anyone had any expereince with their pre qual cards? Cap 1 is good as gold if it says you are pre qualified--same with Discover.
Never heard anything about Penfed----any one have any data pts to share on the pre qualify card system.
I have no cards or loans with them. Just checking/savings

Well, after a Pre Qual of a 10k card----denied.

Re: PENFED PRE QUALIFY CARD LINK

Jeffster1 — Fri, 26 May 2023 20:46:52 GMT

Personally, I think the PenFed pre-quals mean nothing. I'm gardening but just to test it, I submitted a pre-qual app for the Power Cash Visa twice about 20 minutes apart. The first one gave me a pre-qual for an SL of $20,000. The second one 20 minutes later gave me a pre-qual for an SL of $10,000. 20 minutes apart. Their pre-qual reminds me of a Magic 8 ball or a slot machine.

Re: PENFED PRE QUALIFY CARD LINK

GZG — Fri, 26 May 2023 20:49:07 GMT

@Jeffster1 wrote:
Personally, I think the PenFed pre-quals mean nothing. I'm gardening but just to test it, I submitted a pre-qual app for the Power Cash Visa twice about 20 minutes apart. The first one gave me a pre-qual for an SL of $20,000. The second one 20 minutes later gave me a pre-qual for an SL of $10,000. 20 minutes apart. Their pre-qual reminds me of a Magic 8 ball or a slot machine.

it's always been a farce in the past, the hope was that the new system was going to be better

it's clearly not - ha

Re: PENFED PRE QUALIFY CARD LINK

NoMoreE46 — Fri, 26 May 2023 21:31:21 GMT

Did PF cite: "Pyramiding debt" @House1204 ?

@House1204 wrote:
I tried the penfed prequalify last week and was prequalified for the gold card with a limit of $7500. I submitted the app and it went to review. I was denied. I have no idea why but I suspect they think I am egyptian. I have had a lot of new accounts and a new personal loan of 25k.

Re: PENFED PRE QUALIFY CARD LINK

NoMoreE46 — Fri, 26 May 2023 21:48:35 GMT

Sorry @rchvmz .

@rchvmz wrote:
@rchvmz wrote:
I logged into my Penfed account today and seen they had a new pre qualify link for Credit cards--never seen this in the 3 years I been a member,
At anyrate, I filled out the info and it went to a screen saying---Congrats--You are Pre qualified, and had a picture of the PCR card with a note..estimated credit limit 10k.

Has anyone had any expereince with their pre qual cards? Cap 1 is good as gold if it says you are pre qualified--same with Discover.
Never heard anything about Penfed----any one have any data pts to share on the pre qualify card system.
I have no cards or loans with them. Just checking/savings
Well, after a Pre Qual of a 10k card----denied.

Re: PENFED PRE QUALIFY CARD LINK

House1204 — Fri, 26 May 2023 21:56:15 GMT

@NoMoreE46 wrote:
Did PF cite: "Pyramiding debt" @House1204 ?

@House1204 wrote:
I tried the penfed prequalify last week and was prequalified for the gold card with a limit of $7500. I submitted the app and it went to review. I was denied. I have no idea why but I suspect they think I am egyptian. I have had a lot of new accounts and a new personal loan of 25k.

No they just said denied. No reason was given. I guess they are sending a letter in the mail.

Re: PENFED PRE QUALIFY CARD LINK

mfinsmi1 — Fri, 26 May 2023 22:07:28 GMT

penfed prequal is marketing - like everyone else here was approved for 10k and denied , i think penfed is possibly one of the worst credit unions i have and will no longer attempt for any products thru them

Re: PENFED PRE QUALIFY CARD LINK

GZG — Fri, 26 May 2023 22:12:14 GMT

@mfinsmi1 wrote:
penfed prequal is marketing - like everyone else here was approved for 10k and denied , i think penfed is possibly one of the worst credit unions i have and will no longer attempt for any products thru them

does anybody have a screenshot of the page you click submit on after you're presented with your offer?

inquiry sure seems bogus when the pre-qual pages says "if you choose to accept the card offer"

Re: PENFED PRE QUALIFY CARD LINK

Lucky420 — Sat, 27 May 2023 02:04:21 GMT

Same thing happen to me.
Now it says conditional approved
i was just testing the water

Re: PENFED PRE QUALIFY CARD LINK

800wannabe420 — Sat, 27 May 2023 04:50:23 GMT

@GZG wrote:
@mfinsmi1 wrote:
penfed prequal is marketing - like everyone else here was approved for 10k and denied , i think penfed is possibly one of the worst credit unions i have and will no longer attempt for any products thru them
does anybody have a screenshot of the page you click submit on after you're presented with your offer?

inquiry sure seems bogus when the pre-qual pages says "if you choose to accept the card offer"

Re: PENFED PRE QUALIFY CARD LINK

GZG — Sat, 27 May 2023 15:42:45 GMT

@800wannabe420 wrote:
@GZG wrote:
@mfinsmi1 wrote:
penfed prequal is marketing - like everyone else here was approved for 10k and denied , i think penfed is possibly one of the worst credit unions i have and will no longer attempt for any products thru them
does anybody have a screenshot of the page you click submit on after you're presented with your offer?

inquiry sure seems bogus when the pre-qual pages says "if you choose to accept the card offer"

that's really bad imo, they go from "if you accept your offer your credit will be impacted" to "estimated credit amount", I hope they wipe the inquries from the people who were rejected, I would feel misled

it's one thing if you were offered 10-15k and they came back with 5k after underwriting, but to go from 10k to outright denial w/HP?

yikes imo