topic Re: Penfed Pre-Approvals Credit Card in Credit Cards

Penfed Pre-Approvals Credit Card

wxman2021 — Tue, 28 Feb 2023 23:33:01 GMT

Hey yall! Just signed up for a savings account, with a very small amount deposited in the account. I am almost 2 years* sorry post bk7 *DC* (May will be 2 years post dc).

My EQ9 score is 669

5 credit card lines and util is 1%

I know they do have credit cards and would like to get one with them, but trying to wait to see if maybe a pop up pre-approval will show up. My question is, I have been searching and have found nada, where would that pop up online when logged into the computer? ie the main page? Also on the app it shows *under products, then current rates and & Offers stuff about home purchase, then auto loans and then the bottom it shows: Penfed Power Cash Rewards Visa Signature Card....gives info on it then can click learn more....is that anything?

Thanks yall!

Re: Penfed Pre-Approvals Credit Card

SweetCreditObsession — Tue, 28 Feb 2023 23:26:44 GMT

Good question. I'm not sure, but will follow this thread for the answer.

Re: Penfed Pre-Approvals Credit Card

SUPERSQUID — Wed, 01 Mar 2023 01:51:47 GMT

In my case i started with a 15 dollar savings account with penfed and let it sit for 7 months. Then at 2 years post bk7 dc i applied for the PCR, approved for 7.5k at 17.99, ymmv

Re: Penfed Pre-Approvals Credit Card

NoMoreE46 — Wed, 01 Mar 2023 01:56:53 GMT

I have been a member since for about 3.5 years but have yet to get an credit card offer. I do have the Platinum Rewards card. The website is currently getting revamped (badly needed); you can still check for any offers. To nav , See pic.

(The app is not up to par with its peers and I don't know if you can try for offers there.)

Re: Penfed Pre-Approvals Credit Card

wxman2021 — Wed, 01 Mar 2023 02:35:34 GMT

Thank you everyone! All I see on that pic you shared was something about used auto's. Looks like there are approvals all over the map. some waaaaay early after bk, then a lot near the 2 year DC mark. looks like they have been a little less conservative lately?

Re: Penfed Pre-Approvals Credit Card

CreditCuriosity — Wed, 01 Mar 2023 02:36:36 GMT

You likely will never see a pre-approved offer esp with BK. Many people on this forum has been with PenFed with 800+ scores and never seen pre-approvals while others do as there seems to be no rhyme or reason. I have only once seen a pre-approval for an auto loan about 4 years ago and been with them as my primary FI for near 7 years and scores are always around 800. If you think your profile supports it go ahead and apply and take the HP and if approved and can use the card great. Don't count on a pre-approval to come.

Re: Penfed Pre-Approvals Credit Card

wxman2021 — Wed, 01 Mar 2023 02:41:08 GMT

That sounds good! Thank you for the advice.

Re: Penfed Pre-Approvals Credit Card

wxman2021 — Wed, 01 Mar 2023 03:00:41 GMT

Well....I took a leap and gave it a shot. To my surprise, at least I didn't get an immediate NO, but not an immediate yes either. LOL It said it's in review and will know with in a day or 2...I am sure I am not the only one to see this so far? I app'd for the PCR since that's the most sucessfull card approvals I have seen with bk7.

Re: Penfed Pre-Approvals Credit Card

SUPERSQUID — Wed, 01 Mar 2023 07:57:33 GMT

@wxman2021 wrote:
Well....I took a leap and gave it a shot. To my surprise, at least I didn't get an immediate NO, but not an immediate yes either. LOL It said it's in review and will know with in a day or 2...I am sure I am not the only one to see this so far? I app'd for the PCR since that's the most sucessfull card approvals I have seen with bk7.

Don't sweat it until its an absolute denial. Penfed's website is a nightmare. I recall with the application for both of my cards with them the application ended in a 404 error page and i only got an approval confirmation via email. They will at the very least want you to sign a document or credit contract after approval. On your account page a link will appear saying further action required if you are approved.

They were slow shipping cards in the past and i have read its worse these days.

Good luck.

Re: Penfed Pre-Approvals Credit Card

wxman2021 — Wed, 01 Mar 2023 10:49:09 GMT

Thank you! I will keep everyone posted.

Re: Penfed Pre-Approvals Credit Card

OmarGB9 — Wed, 01 Mar 2023 13:09:58 GMT

@wxman2021 wrote:
Well....I took a leap and gave it a shot. To my surprise, at least I didn't get an immediate NO, but not an immediate yes either. LOL It said it's in review and will know with in a day or 2...I am sure I am not the only one to see this so far? I app'd for the PCR since that's the most sucessfull card approvals I have seen with bk7.

Yea, a lot of their apps seem to go to manual review. No worries. Good luck!

Re: Penfed Pre-Approvals Credit Card

bigseegar — Wed, 01 Mar 2023 13:56:43 GMT

@CreditCuriosity wrote:
You likely will never see a pre-approved offer esp with BK. Many people on this forum has been with PenFed with 800+ scores and never seen pre-approvals while others do as there seems to be no rhyme or reason. I have only once seen a pre-approval for an auto loan about 4 years ago and been with them as my primary FI for near 7 years and scores are always around 800. If you think your profile supports it go ahead and apply and take the HP and if approved and can use the card great. Don't count on a pre-approval to come.

I received a Pre-Approval for a auto loan a couple months ago that included the max amount and APR. In the end I didn't accept it as I decided not to trade. At the time I only had a year old Savings acct with only 20 bucks in it and that's it. I since did get their Visa Gold card though.

Re: Penfed Pre-Approvals Credit Card

NoMoreE46 — Wed, 01 Mar 2023 16:29:34 GMT

Hopefully, the revamping of the website will help with user experience.

@SUPERSQUID wrote:

Don't sweat it until its an absolute denial. Penfed's website is a nightmare. I recall with the application for both of my cards with them the application ended in a 404 error page and i only got an approval confirmation via email. They will at the very least want you to sign a document or credit contract after approval. On your account page a link will appear saying further action required if you are approved.

Re: Penfed Pre-Approvals Credit Card

wxman2021 — Wed, 01 Mar 2023 16:31:47 GMT

Thanks again for all the learning from yall for sure. It got denied.....I called and they said that it was length of time with them, I think something to do with maybe inq. I have like 20, but most of those are/when I was looking for a vehicle 2 diff times and will be past 1 yr mark later this summer. Nothing about bk for denial she said.

Re: Penfed Pre-Approvals Credit Card

coreyb80 — Wed, 01 Mar 2023 17:02:06 GMT

Just for some data points, I applied for my first Penfed card in May 2021. I was at the end of my chapter 13 and I was approved for $2500. Fast forward to Oct 21, I was approved for the Gold for $7500. Figured since I took a hard pull and they re-use the same pulls, I was approved for the Pathfinder Rewards for $10K. My PCR was also raised from $2500 for $10K. I love Penfed. My gold is currently being used for a BT.

Re: Penfed Pre-Approvals Credit Card

NoMoreE46 — Wed, 01 Mar 2023 17:47:53 GMT

Thanks for the follow up and DP. Bummer @wxman2021.

Re: Penfed Pre-Approvals Credit Card

Rogue46 — Wed, 01 Mar 2023 18:51:25 GMT

I've been with Penfed since 2017 and only recently saw the auto loan offer. Nothing else has ever popped up for me

Re: Penfed Pre-Approvals Credit Card

Roisin — Thu, 02 Mar 2023 22:44:04 GMT

@wxman2021 wrote:
Thanks again for all the learning from yall for sure. It got denied.....I called and they said that it was length of time with them, I think something to do with maybe inq. I have like 20, but most of those are/when I was looking for a vehicle 2 diff times and will be past 1 yr mark later this summer. Nothing about bk for denial she said.

I opened a Pedfed savings account last week, with the intention of feeding the savings for a year or so before applying for a CC. Rergardless, already I received an email with a CC offer -- not a pre-approval, but an offer to apply -- just days after opening an account. I considered it, but then after reading here about their "length of time" denial, I've decided to stick to my original plan ... well, at least until my impetuousness overrides my sensibility (it usually does). Thank you for the update.

Re: Penfed Pre-Approvals Credit Card

PlatinumCredit — Fri, 03 Mar 2023 00:25:25 GMT

@wxman2021 next time try doing the pre-approval for a loan. I never heard of PenFed until I received a pre-qualified mailer. I went on their website and did the pre-approval for a loan to see what it would say. It told me I could take a loan out for 20k. I did not have an account with them at all. I decided to instead go for the power cash rewards card. Was approved for 7.5k. I then had to create the savings account to be able to get the card. 2 days later I put in another app for the platinum rewards card after I read on a forum here that they would use the same hard pull. I was approved for 7.5k. I decided to open an access america account and premium online savings account. My total in all three accounts were 50. I saw they had a LOC I applied for that 10 days after being approved for the 2 cards (it was a hp) and just opening the accounts. It went to the underwriter. I had to wait about 2 days. I then called to see if there was an issue. The customer service rep stated that the underwriter was reviewing it she would check the status. She then told me I was approved for 5k for the LOC. Since then I have put 500 in teh access america account to avoid fees and take advantage of the penfed honors advantage program. I have also do a direct deposit of 25 out my check every pay. So far I have no complaints. Their website is "interesting" to say the least but in the 11 months I have not had any issues using their products. Will go for increases once I get my balances down some more.

Re: Penfed Pre-Approvals Credit Card

7774x — Sat, 04 Mar 2023 06:20:46 GMT

@wxman2021 wrote:
Well....I took a leap and gave it a shot. To my surprise, at least I didn't get an immediate NO, but not an immediate yes either. LOL It said it's in review and will know with in a day or 2...I am sure I am not the only one to see this so far? I app'd for the PCR since that's the most sucessfull card approvals I have seen with bk7.

I got the same message ... waited .. got denial following month applied again, was approved.... like other posters saying PenFed is all over the place with CC approvals...