topic Re: PenFed's Pre-Approvals in Credit Cards

PenFed's Pre-Approvals

DI — Tue, 22 Feb 2011 01:14:51 GMT

How long does it take for PenFed's pre-approvals to start popping up? I opened my CC account with them in Sept 2009 and have yet to recieve any auto CLIs or pre-approvals.

Re: PenFed's Pre-Approvals

Cory — Tue, 22 Feb 2011 01:34:36 GMT

Hello,

I don't know the answer to this question myself. My Penfed Visa CC was opened in 02/2009. But I have been suspecting for a very long time now that Penfed has some type of pre-approval module that they use when determining if an account will receive an offer. I have given up on looking for a pop-up after I log in.

Although I would like someone to prove me wrong, but my theory has something to do with income, and some scoring system.

Cory

Re: PenFed's Pre-Approvals

DI — Tue, 22 Feb 2011 01:59:35 GMT

I guess I better stop looking for pop-ups too.

Re: PenFed's Pre-Approvals

Cory — Tue, 22 Feb 2011 03:40:16 GMT

Keep hope alive! Because although you might not be getting any offers now, in the future you never just never know. Personally, I am not that interested with any offers from any credit unions or banks at this time, and maybe for awhile. I have all the credit I need for life. "But what do I know, I'm just a gorilla in the room" lol. Love that commercial.

Cory

Re: PenFed's Pre-Approvals

score_building — Tue, 22 Feb 2011 04:06:01 GMT

Yeah, apparently not everyone gets them.

Re: PenFed's Pre-Approvals

DI — Tue, 22 Feb 2011 12:19:11 GMT

I sent PenFed an email yesterday about CLI and was told I already have a $50,000 CL. The rep said that is the maxium CL anyone can get. She said one can also apply for more than one card, but the total maximum CL among all the cards still cannot go above $50,000. The problem with the email is that my CL is only at $1000. I'm waiting for another response.

Re: PenFed's Pre-Approvals

Travis-84 — Tue, 22 Feb 2011 16:35:09 GMT

When I opened my Penfed account in December 2010 (and a credit card), I had a pre-approval for an auto loan instantly. I didn't need it, so I didn't apply. I think the approval was there for a month, then went away, and I haven't seen any new pre-approvals, so they can be instant, but may not always be.

Re: PenFed's Pre-Approvals

Red1Blue — Tue, 22 Feb 2011 16:36:10 GMT

@Travis-84 wrote:
When I opened my Penfed account in December 2010 (and a credit card), I had a pre-approval for an auto loan instantly. I didn't need it, so I didn't apply. I think the approval was there for a month, then went away, and I haven't seen any new pre-approvals, so they can be instant, but may not always be.

Yes, I remember a car loan was offered to me also when they approved me a credit card.

Re: PenFed's Pre-Approvals

wmarat — Tue, 22 Feb 2011 16:47:45 GMT

15 mos in my case.

Re: PenFed's Pre-Approvals

DI — Tue, 22 Feb 2011 17:34:39 GMT

This month marks my 15th month.

Re: PenFed's Pre-Approvals

Anonymous — Sat, 09 Apr 2011 23:12:52 GMT

$50k - SUPER NICE!!!!!!

Ray

Re: PenFed's Pre-Approvals

Anonymous — Sun, 10 Apr 2011 00:31:28 GMT

Penfed's pre-approvals are...elusive for some, at best. There doesn't seem to be any rhyme or reason as to why some get them, and some don't. I have been a member since July 09, got instantly approved for an auto loan back then. I just got approved for their cash back visa last week as well. Never seen a pre-approval of any sort.

I can tell you that logging in daily with hope is not worth your time. They do quarterly reviews of the members. Their pre-approvals seem to appear once every four months. Jan 1st, April 1st, July 1st, and Oct 1st. The only time this was not true was after the data breach they had this year, many members reported seeing new pre-approvals in March. But then they did soft pulls on member's credit reports near the end of March (3/22), and pre-approvals went through a new round on 4/1, back to normal.

I don't have access to see my soft inquiries, so I don't know if they even looked at my report. Those of you who do, and are hoping for a pre-approval...check and see if they've been watching you. If they didn't pull a soft on you in March,they probably won't do so in June, and the hope of you getting pre-approvals on July 1st are slim to none.

Re: PenFed's Pre-Approvals

DI — Sun, 10 Apr 2011 00:56:36 GMT

@Anonymous wrote:
Penfed's pre-approvals are...elusive for some, at best. There doesn't seem to be any rhyme or reason as to why some get them, and some don't. I have been a member since July 09, got instantly approved for an auto loan back then. I just got approved for their cash back visa last week as well. Never seen a pre-approval of any sort.

I can tell you that logging in daily with hope is not worth your time. They do quarterly reviews of the members. Their pre-approvals seem to appear once every four months. Jan 1st, April 1st, July 1st, and Oct 1st. The only time this was not true was after the data breach they had this year, many members reported seeing new pre-approvals in March. But then they did soft pulls on member's credit reports near the end of March (3/22), and pre-approvals went through a new round on 4/1, back to normal.

I don't have access to see my soft inquiries, so I don't know if they even looked at my report. Those of you who do, and are hoping for a pre-approval...check and see if they've been watching you. If they didn't pull a soft on you in March,they probably won't do so in June, and the hope of you getting pre-approvals on July 1st are slim to none.

Thank you for your post! Very very helpful. I've been logging into my PenFed account every day since 2009 like clockwork in hopes of getting the pre-approvals. I just looked at my EQ report and notice they softed me 3.22.11. I don't think they ever check my EX and TU reports. Since its April, maybe when my statement generates on 4.11, a preapproval may appear. Although I haven't received the preapproval banner, I have gottten approved for other PenFed products.

Re: PenFed's Pre-Approvals

Anonymous — Sun, 10 Apr 2011 02:24:58 GMT

@DI wrote:

I just looked at my EQ report and notice they softed me 3.22.11. Since its April, maybe when my statement generates on 4.11, a preapproval may appear. Although I haven't received the preapproval banner, I have gottten approved for other PenFed products.

If you got a soft Inq on EQ on 3/22, and didn't get a pre-approval banner on 4/1...then you'll be waiting until 7/1 for the next round. Sorry, don't mean to dash your hopes, I had the same ones...but it is what it is.

I literally spent the last 8 months getting my credit report to look just right for them for this round of pre-approvals. They had denied me a CC back in August for pyramiding debt, one of their favorite terms. It was literally like waiting for Xmas...woke up on 4/1, unwrapped my present from them, but it was just a lump of coal (no preapproval). So I just applied for the card instead right then, instant online approval....as it should be, I gave them zero reasons to deny me this time. I also app'd for a refi on my existing auto loan with them today, as they lowered rates...2.49%, instant online approval.

They like some of us...just not enough for pre-approvals. If you have an existing relationship with them, and know that you should be approved....just apply. The pre-approvals simply save you a hard inquiry, which isn't a huge deal if you get what you want in the process.

More often than not in life...you have to ask for what you want to actually get it.

Re: PenFed's Pre-Approvals

manyquestions — Sun, 10 Apr 2011 02:22:48 GMT

It was like 3 years before I started getting them.

Re: PenFed's Pre-Approvals

Anonymous — Wed, 07 Mar 2012 18:40:43 GMT

@manyquestions wrote:
It was like 3 years before I started getting them.

Does anyone know if Penfed is doing any pre approvals this year?

Re: PenFed's Pre-Approvals

Anonymous — Wed, 07 Mar 2012 19:02:46 GMT

@Anonymous wrote:
Does anyone know if Penfed is doing any pre approvals this year?

GREAT question! I haven't read of anyone getting a pre-approval from PenFed in a LONG--LONG time.