topic Re: PenFed Power Cash Visa Signature Pre-Approval in Credit Card Applications

PenFed Power Cash Visa Signature Pre-Approval Updated

Waldemar — Thu, 08 Jun 2023 20:25:45 GMT

I tried the PenFed online "Pre-Qualify" tool, logged in, and was "pre-approved" for 12.5k. I went through the process and submitted the app. It is now under review. I was hoping for an instant approval. How reliable are these pre-approvals? Any idea?

On 6/8/2023, I was notified that I was denied. Won't know the reasons until I get the letter in the mail.

Re: PenFed Power Cash Visa Signature Pre-Approval

OmarGB9 — Thu, 08 Jun 2023 14:31:25 GMT

Without knowing any details about your credit profile, it's hard to say.

Re: PenFed Power Cash Visa Signature Pre-Approval

GZG — Thu, 08 Jun 2023 15:19:40 GMT

https://ficoforums.myfico.com/t5/Credit-Card-Applications/PENFED-PRE-QUALIFY-CARD-LINK/m-p/6680345

Re: PenFed Power Cash Visa Signature Pre-Approval

Waldemar — Thu, 08 Jun 2023 20:26:50 GMT

@OmarGB9 all good, I got notification that I was denied.

Re: PenFed Power Cash Visa Signature Pre-Approval

Waldemar — Thu, 08 Jun 2023 20:27:47 GMT

@GZG I was denied after all. I should had done some reading before wasting a hard pull.

Re: PenFed Power Cash Visa Signature Pre-Approval

GZG — Thu, 08 Jun 2023 20:33:48 GMT

@Waldemar wrote:
@GZG I was denied after all. I should had done some reading before wasting a hard pull.

yeah if I was denied after being told this:

I wouldn't be happy and I'd be demanding the inquiry removed by them

'accept the card offer' is not 'submit application for consideration' that's crap

Re: PenFed Power Cash Visa Signature Pre-Approval

ThomasJNewton — Mon, 12 Jun 2023 22:05:01 GMT

@Waldemar wrote:
@GZG I was denied after all. I should had done some reading before wasting a hard pull.

Please let us know what reason they gave you for the denial. Once you get it, you may decide to ask them to either reconsider, or remove the hard pull, based on the misleading wording.

Re: PenFed Power Cash Visa Signature Pre-Approval

Waldemar — Mon, 12 Jun 2023 22:21:22 GMT

@ThomasJNewton I called them, and the lady told me it was because of too many inquiries in the past 12 months and too many accounts opened within the past 12 months. I told her how I felt about the misleading pre-approval because a soft pull shows the same information a hard pull does. The difference is that a hard pull is designed to show lenders that the person is seeking credit. She said she understood and agreed. Although she said she loves this new tool as it's something PenFed did not have before, she nonetheless offers no solution. I did email info@hq.penfed.org and expressed my dissatisfaction with this "new tool." They emailed me back and knowledge my email and asked if I wanted to escalate the issue; I told them yes.

I must point out how different BCU and Suncoast CU are from PenFed. BCU gave me a 7.5k Cash Rewards card 6 months ago and a 5k personal line of credit. Recently their Travel Rewards, with 5k, plus a bump to 10k on the Cash Rewards card, and Suncoast increased my limit to 10k from 500.00 on their Platinum Rewards card less than two weeks ago.

Still, PenFed can't honor their pre-approval or come back with a recon, even if it was a 5k or something. I'm considering closing my accounts there; they are at a point that serves me no purpose anyway. BCU has become my second main financial institution.

Re: PenFed Power Cash Visa Signature Pre-Approval

Dhani76 — Wed, 14 Jun 2023 18:56:39 GMT

Same thing happened to me late May. Was pre approved for Visa Gold $6K then denied. Did not know I could request them to remove the hard inquiry. I may investigate.

Re: PenFed Power Cash Visa Signature Pre-Approval

GZG — Wed, 14 Jun 2023 19:01:19 GMT

@Dhani76 wrote:
Same thing happened to me late May. Was pre approved for Visa Gold $6K then denied. Did not know I could request them to remove the hard inquiry. I may investigate.

you don't technically have a basis for having the inquiry removed other than

'this is crap, look at how you presented this offer to me, you guys aren't being reasonable'

the ultimate goal is for them to offer a true amex/apple card solid approval w/o HP until accepted or have them change their language on the pre-qual

Re: PenFed Power Cash Visa Signature Pre-Approval

ThomasJNewton — Wed, 14 Jun 2023 20:08:33 GMT

@GZG wrote:
the ultimate goal is for them to offer a true amex/apple card solid approval w/o HP until accepted or have them change their language on the pre-qual

The model that Apple started with the Apple Card is so much better for consumers (and has no real downside that I can see for lenders), that I do not see why others do not adopt it. I am way more likely to apply for a card if I understand what I am going to get than if I have no clue until I get a hard pull.

topic Re: PenFed Power Cash Visa Signature Pre-Approval in Credit Card Applications

PenFed Power Cash Visa Signature Pre-Approval *Updated*

Re: PenFed Power Cash Visa Signature Pre-Approval

Re: PenFed Power Cash Visa Signature Pre-Approval

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Re: PenFed Power Cash Visa Signature Pre-Approval

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Re: PenFed Power Cash Visa Signature Pre-Approval

Re: PenFed Power Cash Visa Signature Pre-Approval

Re: PenFed Power Cash Visa Signature Pre-Approval

Re: PenFed Power Cash Visa Signature Pre-Approval

PenFed Power Cash Visa Signature Pre-Approval Updated