topic Re: Getting 2 Penfed credit cards in 1-2 days? in Credit Cards

Getting 2 Penfed credit cards in 1-2 days?

Fmahmud84 — Thu, 17 Aug 2023 20:08:34 GMT

Hi guys,

New to the forum, but I've been coming here for a while trying to learn as much as I can. I received a preapproval for a PenFed platinum rewards credit card a few weeks ago in the mail, and I decided to go for it. I accidentally put the wrong birth year on the application, so there was a delay a few days, but I called them yesterday, and I got that taken care of. FYI, I started the application on August 8. Anyways, I called this morning just to see what the status was, if everything went through or if I had to create a new application, and the customer rep told me that I was already approved, and the card was shipped out last night, lol. I would've like expedited shipping, or at least the opportunity to pay for that, or at the very least received an email stating that I was approved with the credit limit, but oh well I guess this isn't happy accident lol.

I've been researching a lot and know that PenFed does one hard inquiry for the month, and many people apparently get multiple credit cards during the first month when applying for your first credit card. I pre-qualified for the other three credit cards, so even though my very first one with them was shipped out last night, is it too soon to apply for a second one? I don't plan on going crazy with the limit in spending, just building high limits for better utilization.

The platinum rewards card that I was approved for without my knowing(no congratulatory email, lol) I was approved for a limit of $25k. I was pre-qualified for the Pathfinder card and the cash rewards card for $15k each, though, if I was given the chance, I would go for the cash rewards since there is no annual fee. I know a prequalification does not guarantee approval, but since the hard inquiry was already done, would it look bad if I applied for the cash rewards card now, or maybe do it next week?

Thank you!

Re: Getting 2 Penfed credit cards in 1-2 days?

coldfusion — Thu, 17 Aug 2023 21:25:28 GMT

My own opinion is to factor in that if you don't ask you don't get.

$25K is the maxinum credit limit they will allow for any individual card ($15K for the Gold) but before they instituted that policy they were willing to approve starting limits above $25K, so in lieu of there being a critical mass of data points that demonstrate otherwise I don't know if it's a complete fantasy that you could be approved for a 2nd card within 30 days of the 1st; I just wouldn't expect them to be anywhere as generous with the SL with a 2nd go-around.

Even if they did a 2nd HP, an additional inquiry isn't exactly an inherent Kiss of Death.

Re: Getting 2 Penfed credit cards in 1-2 days?

Fmahmud84 — Thu, 17 Aug 2023 21:49:51 GMT

So....do you think I should? After all, if I don't ask, then, I'll never know, lol. I guess in this case, if I don't apply after the preapproval, that I won't really know for sure.

What would you do in my scenario, lol.

Re: Getting 2 Penfed credit cards in 1-2 days?

coldfusion — Fri, 18 Aug 2023 13:29:56 GMT

@Fmahmud84 wrote:
So....do you think I should? After all, if I don't ask, then, I'll never know, lol. I guess in this case, if I don't apply after the preapproval, that I won't really know for sure.

What would you do in my scenario, lol.

I'm not fazed by inquiries or denials so I'd probably take a flyer for scientific purposes, but that's me. If you risk second-guessing yourself if you get a denial you likely may want to hold off and come up with a strategy that takes into account the point at which you'd be comfortable with a negative outcome.

Re: Getting 2 Penfed credit cards in 1-2 days?

Fmahmud84 — Fri, 18 Aug 2023 13:32:39 GMT

Appreciate it, thanks!

Re: Getting 2 Penfed credit cards in 1-2 days?

okurosetta — Sat, 19 Aug 2023 01:17:48 GMT

This was just my personal experience, so I cannot guarantee this is how it would play out for you, especially with how funky things got due to trying to resume an application later and site glitches.

I recently applied for PenFed Pathfinder. I showed pre-approved for $15k and was approved for $15k. I do have two Pathfinders in my sig, with one being approved this past January and the other in July. For clarity, I will call the July approval my "first application" here, being the first of my most recent applications.

Around a week later, I tried the pre-approval again and it again showed pre-approved for $15k. I didn't continue immediately as I needed to think it through, but then the next day I went to continue the application. I tried clicking to resume and it kept logging me out, even if I used a different browser, incognito tab, etc. I waited a day and tried again, same glitch where attempting to resume logged me out.

While logged out, I Google'd "PenFed application status". Clicking the link then gave me the option to log-in. This seemed to successfully take me to continue the application, but when I applied it said it was under review. I then went back to my account dashboard and it showed two applications - the second application that showed being pre-approved for $15k, which was not yet submitted, and then a third that was under review. So I hadn't actually continued the second application and instead had created a third.

I sent a secure message to PenFed indicating that I had not meant to submit an additional (third) application. The third application then showed as "Withdrawn" by the next day. The second application still showed as pre-approved.

I figured that having two applications may have led to the third application being under review but that having the third withdrawn + continuing the pre-approved second application still had a good chance of approval. I was able to continue the second application, no longer being logged out when I tried to continue, so I submitted it. I again received the message that it was under review. It still showed pre-approved for $15k, but under review.

Around a day or so later, the second pre-approved application also showed as "Withdrawn".

Personally speaking, I still don't know what happened. However, it makes me wonder if I would have been approved if this whole mess didn't develop - perhaps if I had submitted the second application right after being pre-approved (instead of trying unsuccessfully to continue at a later date) would have led to an approval.

So I guess my advice would be: if you decide to apply for a second, do not stop halfway through the process, as stopping halfway led to the glitch of being logged out when trying to resume, then the additional glitch that resulted in another application. I also assume it could have been better if I called in.

With all this said, I only received one hard pull, for the first application that was approved. I had known that I didn't receive a second hard pull when I submitted the third application, which made me feel more confident in continuing and submitting the second application.

Confusing? Heck yeah! I am still massively confused. I do know that others have gotten approved within the same month though, as seen here: https://ficoforums.myfico.com/t5/Credit-Card-Applications/How-long-between-apps-at-Penfed/td-p/6039944

Re: Getting 2 Penfed credit cards in 1-2 days?

Fmahmud84 — Sat, 19 Aug 2023 09:59:31 GMT

This is EXACTLY what happened to me! Word for Word, 100%. I did the preapproval on Thursday for both the cash rewards and the Pathfinder for 15 K each. I tried resuming the application yesterday, and well exactly the same thing happened to me. Later on the third application, was under review for 5K. I was completely surprised.

I'm going to send a message saying that I would like to have the applications approved, only because well it's not what I wanted, the 15K is what I wanted lol. I knew that in there, I regretted not continuing with the application as soon as I was preapproved.

I've heard some people on YouTube say waiting a week after receiving your first card to apply for second, but dammit I really should've just gone ahead with that 15K preapproval application lol.

Re: Getting 2 Penfed credit cards in 1-2 days?

Fmahmud84 — Sat, 19 Aug 2023 10:12:03 GMT

And thanks for the advice/comments, the both of you! I went to that thread, you provided, going back to my homepage, and I applied with my mail in preapproval for the platinum card on the week of August 9th, submitted my docs and paystub's on Tuesday, August 15th, and they shipped out the card Wednesday night after returning a phone call to clarify my birthdate that I accidentally, incorrectly put on the application a week prior. Hell I didn't even know I was approved, or even notified that they shipped the card until I called them Thursday morning just to get a status on the application, or if they needed any more docs.

Anyways, do you think waiting another week to try the prequalification tool on the website may provide the original 15K preapproval? If not, it is what it is. I figured if I can do all this in under 30 days, then, why not, lol.

Re: Getting 2 Penfed credit cards in 1-2 days?

Fmahmud84 — Mon, 21 Aug 2023 00:35:45 GMT

For those of you who are familiar with the shipping times for PenFed credit cards, mine was shipped out Wednesday night, August 16. They say 7 to 10 business days is when it should arrive, just based on when you guys received your cards, when do you think, or perhaps around what day either next week or the following week do you think I can expect the card? Thanks!

Re: Getting 2 Penfed credit cards in 1-2 days?

PayAndProsper — Mon, 02 Oct 2023 08:27:58 GMT

@Fmahmud84 escribió:
Hi guys,

New to the forum, but I've been coming here for a while trying to learn as much as I can. I received a preapproval for a PenFed platinum rewards credit card a few weeks ago in the mail, and I decided to go for it. I accidentally put the wrong birth year on the application, so there was a delay a few days, but I called them yesterday, and I got that taken care of. FYI, I started the application on August 8. Anyways, I called this morning just to see what the status was, if everything went through or if I had to create a new application, and the customer rep told me that I was already approved, and the card was shipped out last night, lol. I would've like expedited shipping, or at least the opportunity to pay for that, or at the very least received an email stating that I was approved with the credit limit, but oh well I guess this isn't happy accident lol.

I've been researching a lot and know that PenFed does one hard inquiry for the month, and many people apparently get multiple credit cards during the first month when applying for your first credit card. I pre-qualified for the other three credit cards, so even though my very first one with them was shipped out last night, is it too soon to apply for a second one? I don't plan on going crazy with the limit in spending, just building high limits for better utilization.

The platinum rewards card that I was approved for without my knowing(no congratulatory email, lol) I was approved for a limit of $25k. I was pre-qualified for the Pathfinder card and the cash rewards card for $15k each, though, if I was given the chance, I would go for the cash rewards since there is no annual fee. I know a prequalification does not guarantee approval, but since the hard inquiry was already done, would it look bad if I applied for the cash rewards card now, or maybe do it next week?

Thank you!

Sorry for the bump, but I just thought it would be helpful to mention (for anyone who may stumble across this post in their search) that the Pathfinder can also be free of AF if you keep $500 or more in a PenFed checking account or set up direct deposits for $500 or more. This will allow you Honors Advantage status and convert the Pathfinder into a no AF card and allow you to earn a flat 2% cash back on the PCR. Another way to obtain this status would be through military service.

I just wanted to leave that there in case anyone else found themselves in a similar situation, contemplating cards from the PenFed lineup.