PENFED offer denied

[WarthogWrangler]

Hmm so this is odd.  I opened a PENFED PCR about a month ago.  And last week I got an email telling me I had an offer for the PENFED Platinum.  I logged on to my account and saw the offer and accepted it.   It then told me they would need to look at it further.  Now I got an email telling me I was denied.  I thought those PENFED offers were solid?  At least it didn't give me an HP for it.  Now I have zero faith in their "offers"  And yes it was a legit offer.  

[coldfusion]

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@WarthogWrangler wrote:

Hmm so this is odd.  I opened a PENFED PCR about a month ago.  And last week I got an email telling me I had an offer for the PENFED Platinum.  I logged on to my account and saw the offer and accepted it.   It then told me they would need to look at it further.  Now I got an email telling me I was denied.  I thought those PENFED offers were solid?  At least it didn't give me an HP for it.  Now I have zero faith in their "offers"  And yes it was a legit offer.  

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Preapprovals are never 100%.

There is usually a 2-3 month gap between screening selected profiles from a CRA for the purpose of extending preapprovals and when mailers are delivered.   Your profile changed by acquiring a new card a month ago which would have been enough for them to decide No Soup For You. 

[WavysMommy]

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@WarthogWrangler wrote:

Hmm so this is odd.  I opened a PENFED PCR about a month ago.  And last week I got an email telling me I had an offer for the PENFED Platinum.  I logged on to my account and saw the offer and accepted it.   It then told me they would need to look at it further.  Now I got an email telling me I was denied.  I thought those PENFED offers were solid?  At least it didn't give me an HP for it.  Now I have zero faith in their "offers"  And yes it was a legit offer.  

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Was it an offer to apply or a preapproval posted to your account? Offers aren't guaranteed to result in approvals, but neither are preapprovals from what I've seen, because a lot can change from the offer to them pulling your information a month from your last approval. What changed in your profile from opening your PCR, to you applying for the Platinum?

I've never had preapprovals from Penfed(just offers to apply), but got approved for PCR and Gold card a little over a month apart.

[4sallypat]

Sounds like the OP applied too soon after the first card ??

Should the OP have waited a couple of months ??

[coldfusion]

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@4sallypat wrote:

Sounds like the OP applied too soon after the first card ??

Should the OP have waited a couple of months ??

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Maybe longer than a couple of months, but yes.  

This isn't just a PenFed thing, if there has been a substantive change in one's credit history within the last 3 months or so before you received a mailed preapproval offer like a new account or big surge in utilization that can and does affect your odds of approval regardless of the issuer.

[FinStar]

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@WarthogWrangler wrote:

Hmm so this is odd.  I opened a PENFED PCR about a month ago.  And last week I got an email telling me I had an offer for the PENFED Platinum.  I logged on to my account and saw the offer and accepted it.   It then told me they would need to look at it further.  Now I got an email telling me I was denied.  I thought those PENFED offers were solid?  At least it didn't give me an HP for it.  Now I have zero faith in their "offers"  And yes it was a legit offer.  

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As @coldfusion mentioned upthread, there's a difference on these offers.  Typically, the pre-approved quarterly offers are more reliable/solid (although still subject to credit approval and usually SP when approved), but those are far and in between -- some individuals get them and some do not.

The offer you received was simply a targetted pre-qualified offer, which are not as reliable as the quarterly account pre-approved offers.  These typically have mixed outcomes depending on the profile, so not 100% guaranteed.

[WarthogWrangler]

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@FinStar wrote:

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@WarthogWrangler wrote:

Hmm so this is odd.  I opened a PENFED PCR about a month ago.  And last week I got an email telling me I had an offer for the PENFED Platinum.  I logged on to my account and saw the offer and accepted it.   It then told me they would need to look at it further.  Now I got an email telling me I was denied.  I thought those PENFED offers were solid?  At least it didn't give me an HP for it.  Now I have zero faith in their "offers"  And yes it was a legit offer.  

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As @coldfusion mentioned upthread, there's a difference on these offers.  Typically, the pre-approved quarterly offers are more reliable/solid (although still subject to credit approval and usually SP when approved), but those are far and in between -- some individuals get them and some do not.

The offer you received was simply a targetted pre-qualified offer, which are not as reliable as the quarterly account pre-approved offers.  These typically have mixed outcomes depending on the profile, so not 100% guaranteed.

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Negative, this was a preapporved offer not a targeting email.  This showed up on my PENFED account on the right side under the "Offers" tab.   It popped up three weeks after opening my PCR and as soon as I applied and got denied it went away so it was an actual Pre approval.   Only thing that changed was my PCR opening.  

[Anonymous]

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@WarthogWrangler wrote:

Negative, this was a preapporved offer not a targeting email.  This showed up on my PENFED account on the right side under the "Offers" tab.   It popped up three weeks after opening my PCR and as soon as I applied and got denied it went away so it was an actual Pre approval.   Only thing that changed was my PCR opening.  

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Tough break -- sorry.  But thanks for sharing the intel. 

[2ski]

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@WarthogWrangler wrote:

Negative, this was a preapporved offer not a targeting email.  This showed up on my PENFED account on the right side under the "Offers" tab.   It popped up three weeks after opening my PCR and as soon as I applied and got denied it went away so it was an actual Pre approval.   Only thing that changed was my PCR opening.  

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You should call them for a Recon. I have found them to be very helpful and easy to work with. I would freeze your report first in case they try and do a second pull.

[FinStar]

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@WarthogWrangler wrote:

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@FinStar wrote:

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@WarthogWrangler wrote:

Hmm so this is odd.  I opened a PENFED PCR about a month ago.  And last week I got an email telling me I had an offer for the PENFED Platinum.  I logged on to my account and saw the offer and accepted it.   It then told me they would need to look at it further.  Now I got an email telling me I was denied.  I thought those PENFED offers were solid?  At least it didn't give me an HP for it.  Now I have zero faith in their "offers"  And yes it was a legit offer.  

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As @coldfusion mentioned upthread, there's a difference on these offers.  Typically, the pre-approved quarterly offers are more reliable/solid (although still subject to credit approval and usually SP when approved), but those are far and in between -- some individuals get them and some do not.

The offer you received was simply a targetted pre-qualified offer, which are not as reliable as the quarterly account pre-approved offers.  These typically have mixed outcomes depending on the profile, so not 100% guaranteed.

Negative, this was a preapporved offer not a targeting email.  This showed up on my PENFED account on the right side under the "Offers" tab.   It popped up three weeks after opening my PCR and as soon as I applied and got denied it went away so it was an actual Pre approval.   Only thing that changed was my PCR opening.  

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Just to clarify, by targeted I meant online on their site, not via email or snail mail so the same outcome applies.  The offer you received wasn't part of the quarterly offers that PenFed usually yields.