Penfed credit card pre-qualification

[sihmud]

Got a pre qualification for the penfed pathfinder. Showed me a $7,500 limit. Proceeded with the application. 24 hrs later got declined. I'm sick of the effin credit union. Bk discharge was almost 2 years ago. Literally have everything with them since 2021. Checking account, savings, auto loan ( joint with wife only was i was approved) literally had 50k in savings and I pulled it all out not as revenge but because I got 4% APY ELSWHERE. They told me to recon and I did but don't have much faith. 

[CH-7-Mission-Accomplished]

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@sihmud wrote:

Got a pre qualification for the penfed pathfinder. Showed me a $7,500 limit. Proceeded with the application. 24 hrs later got declined. I'm sick of the effin credit union. Bk discharge was almost 2 years ago. Literally have everything with them since 2021. Checking account, savings, auto loan ( joint with wife only was i was approved) literally had 50k in savings and I pulled it all out not as revenge but because I got 4% APY ELSWHERE. They told me to recon and I did but don't have much faith. 

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Im really sorry for the decline.  Can you please report back when you get their letter and also what happened on recon?   

[FireMedic1]

That stinks. So sorry. How did you recieve the notice to apply? Yeah let us know. They let me in year 3 or 4. Cant remember. No relationship.

[sihmud]

@FireMedic1 their is a button on their website to prequalify for card with our hard pull. Did that, it had me log in and put in my income. Next screen was a congratulations with a 7,500 limit. Proceeded with app and got a decline the next day. Called them and they said too many new accounts recently opened. Haven't opened an account in about 8 months and I told them that im sure the system say that when it gave me the prequal. The guy in the phone said I was right the system pre mqualified me knowing my credit history. Idk. Doesn't make any sense.

[sihmud]

Will do

[CH-7-Mission-Accomplished]

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@sihmud wrote:

Got a pre qualification for the penfed pathfinder. Showed me a $7,500 limit. Proceeded with the application. 24 hrs later got declined. I'm sick of the effin credit union. Bk discharge was almost 2 years ago. Literally have everything with them since 2021. Checking account, savings, auto loan ( joint with wife only was i was approved) literally had 50k in savings and I pulled it all out not as revenge but because I got 4% APY ELSWHERE. They told me to recon and I did but don't have much faith. 

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There have now  been quite a few posts showing the same situation, a pre-qual followed by a decline.   I think it's important to get the word out that Penfed's Pre-qual isn't worth squat.   Pre-qualified is never the same as pre-approved, but it should boost your odds of getting approved.  You know Penfed uses the same HP for additional credit card apps so I would go ahead and app for Platinum Rewards and also for the the or even the gold Visa.   It makes no sense, but it often happens they will decline for one of their "upper tier" cards and the same day approve you for one or even two of their "lower tier" cards.   Be sure your reports are FROZEN so they can't acccidentlally do another HP, and just go for it.  You have nothing to lose.   Good luck!

[sihmud]

Your absolutely right their pre qual is garbage. It's one thing to just say you prequalify because of your relationship but it's another to give an actual limit as if your approved. I will try for another one. Most likely will decline but your right. It's just so upsetting baby federal was never like this. They actually valued relationship and gave me a fat limit card simply because I had years of relationship and my direct deposit with them. Unfortunately I burned them in the BK and can't get back in. Sad that penfed isn't like this. I literally have 10s of thousands of dollar run through my penfed account every month and that's work jack **bleep** to them.

[sihmud]

@CH-7-Mission-Accomplished @FireMedic1  This is the email I received for the recon request 

Dear Member,

Thank you for your response. Unfortunately, we are unable to submit a reconsideration request for your application. If you want to pursue a request in credit, you must address the reasons for the decision shown on your adverse action letter. Once the reason(s) have been addressed and removed from your credit report, you may re-apply online.

im not sure what this means. It sounds like they didn't even bother looking at my request and simply just denied even submitting it to underwriting.

[Brian_Earl_Spilner]

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@sihmud wrote:

Your absolutely right their pre qual is garbage. It's one thing to just say you prequalify because of your relationship but it's another to give an actual limit as if your approved. I will try for another one. Most likely will decline but your right. It's just so upsetting baby federal was never like this. They actually valued relationship and gave me a fat limit card simply because I had years of relationship and my direct deposit with them. Unfortunately I burned them in the BK and can't get back in. Sad that penfed isn't like this. I literally have 10s of thousands of dollar run through my penfed account every month and that's work jack **bleep** to them.

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Navy, for a while, was giving everyone with a pulse a 20k limit on their second or third card. Your relationship with them may not have carried the weight you thought it had. Their pre-approval is garbage as well. That being said, if you wanted to rebuild your relationship with them, you just need to pay them back. Once caught up, you're immediately eligible for credit products. In the meantime, you can still have a DDA as long as there was no issue with your checking and savings before the bk.

As for penfed, not too long ago they were the talk of the forums with lending so tight that if you didn't have scores in the 700s and/or clean reports, you could forget about a card approval. They've since loosened up, but seem to be eccentric with their approvals. For example, there are threads recently where people have excellent credit but like you, the pre-approvals ended up in denied apps. On the other hand you have me. Still rebuilding, about 80-90% aggregate utilization. Accounts have been open for a few years with a total of $35 in it and no activity. Tried the pre-approval and it crashed. I logged back in and it turned out the pre-approval went through as an app and I was instantly approved for 5k. I can't figure that one out. 

[sihmud]

@Brian_Earl_Spilner 

my relationship with navy for a fact gave me the approval because my credit was garbage when they gave me 10k but per the phone representative I had a good internal score due to my balances and direct deposit. As for penfed their credit apps always crash their whole technology is out of date which is odd for a 35 billion dollar credit union. Their underwriter are incositatnt. I Can tell because every time I've applied the denial reasons are different and when I speak with a rep they all have different responses to the same questions. But your right, many tend to have similar credit reports and get an approval while the other gets denied