PENFED PRE QUALIFY CARD LINK

[titancylinder]

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@House1204 wrote:

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@rchvmz wrote:

I logged into my Penfed account today and seen they had a new pre qualify link for Credit cards--never seen this in the 3 years I been a member, 

At anyrate, I filled out the info and it went to a screen saying---Congrats--You are Pre qualified, and had a picture of the PCR card with a note..estimated credit limit 10k. 

Has anyone had any expereince with their pre qual cards?    Cap 1 is good as gold if it says you are pre qualified--same with Discover. 

Never heard anything about Penfed----any one have any data pts to share on the pre qualify card system.

I have no cards or loans with them. Just checking/savings

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I tried the penfed prequalify last week and was prequalified for the gold card with a limit of $7500. I submitted the app and it went to review. I was denied. I have no idea why but I suspect they think I am egyptian. I have had a lot of new accounts and a new personal loan of 25k. 

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This EXACT same thing happened to me as well a few weeks ago. Was approved for 7500, then denied on manual review for some BS reason. Unfortunately, took a hard pull on it. That's the third time in 4 or so years they screwed me. Won't be applying for any other product from them. I'm fine with it, Elan instantly approved me for 13000 with their Fidelity product. I rather build a relationship with Elan/USBank over PenFed anyways.

[CreditMagic7]

I'm a PenFed member holding 3 of their cards in good standing.

I would steer far away from that messed up confusion of a PreQual. I tried for another GOLD Card using the PreQual and GET THIS! It immediately said i was prequalified for $10,000 right? Then right before my very eyes IT CHANGED it to $5000. WTH?? I wouldn't bother wasting my time as it's obviously NOT PROFESSIONAL or anywhere near accurate, in fact it must been installed by some geek kid outfit.

So Beware. And i sympathize with you forum members above after having been prequalified only to result in a Denial and a Hard Pull on your credit reports. I don't even know why they even bothered to lay that out for people.

DON'T TRUST IT.

[Chazzay12]

I too, similar to many others here, was prequalified and then denied. App went pending. Called in and they said it looked good, but ended up recieving a denial. Reconned - failed. 
They prequalify you, but then you must complete the application with a hard pull. Seems to me as others are saying this seems more like marketing, but idk. 

Any other bank I've been prequalified for, I was approved. So this shocked me. I use PenFed as main deposit bank. 

Turned around and was approved for a CSP instead so it worked out

Also - I wouldn't recommend doing more than one prequalify at a time with them for different cards, as it is considered starting an application. So if you do 2, you will have 2 open applications with them. 

[rchvmz]

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@CreditMagic7 wrote:

I'm a PenFed member holding 3 of their cards in good standing.

I would steer far away from that messed up confusion of a PreQual. I tried for another GOLD Card using the PreQual and GET THIS! It immediately said i was prequalified for $10,000 right? Then right before my very eyes IT CHANGED it to $5000. WTH?? I wouldn't bother wasting my time as it's obviously NOT PROFESSIONAL or anywhere near accurate, in fact it must been installed by some geek kid outfit.

So Beware. And i sympathize with you forum members above after having been prequalified only to result in a Denial and a Hard Pull on your credit reports. I don't even know why they even bothered to lay that out for people.

DON'T TRUST IT.

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Yup, feels very misleading. I feel duped actually. Took the HP only because of the estimated 10k screen. I also called in, rep says, Underwriter can see its a pre-qual offer, so you are probably ok----2hrs later, declined. 

[7774x]

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@titancylinder wrote:

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@House1204 wrote:

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@rchvmz wrote:

I logged into my Penfed account today and seen they had a new pre qualify link for Credit cards--never seen this in the 3 years I been a member, 

At anyrate, I filled out the info and it went to a screen saying---Congrats--You are Pre qualified, and had a picture of the PCR card with a note..estimated credit limit 10k. 

Has anyone had any expereince with their pre qual cards?    Cap 1 is good as gold if it says you are pre qualified--same with Discover. 

Never heard anything about Penfed----any one have any data pts to share on the pre qualify card system.

I have no cards or loans with them. Just checking/savings

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I tried the penfed prequalify last week and was prequalified for the gold card with a limit of $7500. I submitted the app and it went to review. I was denied. I have no idea why but I suspect they think I am egyptian. I have had a lot of new accounts and a new personal loan of 25k. 

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This EXACT same thing happened to me as well a few weeks ago. Was approved for 7500, then denied on manual review for some BS reason. Unfortunately, took a hard pull on it. That's the third time in 4 or so years they screwed me. Won't be applying for any other product from them. I'm fine with it, Elan instantly approved me for 13000 with their Fidelity product. I rather build a relationship with Elan/USBank over PenFed anyways.

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PenFed did   the same to me  even said I was pre approved .. ended  up denied.. Next month  PenFed   said I as preapproved..  finallly was approved 

[butterpecan]

Is there a secured card this CU? 

[7774x]

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@mfinsmi1 wrote:

penfed prequal is marketing - like everyone else here was approved for 10k and denied , i think penfed is possibly one of the worst credit unions i have and will no longer attempt for any products thru them 

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Penfed Took a chance with me  that no one else would .  Had Fico score 630 , approved for a  $38,000 auto loan with baddies on CR .. at rate of 4.9 %.. even car  salesman was shocked.... I got the loan .... Check came 2 days after approval ..Penfed 

[Chazzay12]

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@butterpecan wrote:

Is there a secured card this CU? 

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No, there isn't. Not at PenFed. 

[GabrielTruman]

Yeah the Penfed pre-approvals are shady. I was "pre-qualified" for $10,500 on the gold card. Finished the app -- DENIED. Stay away, it's a wasted credit hit trap.

[justjac2]

Chiming in on this topic. Pre-qualified for $15K, applied, referred, denied. Same as others, I wouldn't have gone for it otherwise. Sigh. It's OK, though...