POLL: PENFED Pre-Approved offers : HP or SP?

[OzonMike]

I think its safe to say it's a HP with offers online. I think maybe the SP was taken away when they switched systems not so long ago. 

I would definitly be interested in any members already having a product that is being offered and getting a CLI SP. I have PCR and that's the same card they're offering me ... same APR. But I did just get the PCR DEC 6. I would be the GP but I cant take another HP hit, Ive got 3 from PF all within 30 days. (Applied for multiple products online - should've called. Lesson learned).

[OzonMike]

I reached out to PF and asked if I applied for a product under 'My Offers' (which was the PCR for me) if it would be a CLI or secondary card since I already have a PCR. I also asked about HP or SP .. here is the response I got VIA email

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Thank you for contacting PenFed.

The offer for the Power Cash Rewards card would open an additional credit card of the same product type if you were approved for the new credit card.

We cannot guarantee that the card application will not generate a new credit pull as each application can pull credit.

In order to qualify for a loan all decisions are based off of the contents of the application and your credit report.  We are unable to provide further information outside of the Adverse Action response that you received. 

Sincerely,

Crystal K.
PenFed Credit Union

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[OzonMike]

Update:

Decided to apply anyway - figured we need to know. Application went into pending and then status went to withdrawn. I did not get a HP on any CRA. But I will say it has been WITHIN 30 days since last HP on EQ. It seems to be pretty solid they use EQ for cc/auto and EX for PL or LOC.

I guess I'll wait for the letter in the mail to see why they withdrew the application, I'm going to imagine it's because I already have PCR. 

 * Also would like to mention that I did end up receiving a notice of the same offer in the mail too.

I'll update with whatever the letter of denial says. 

Thanks!

[Anonymous]

I would say that any "preapproved" offer is merely an approval to apply.  They already did the SP to send it to you.  I pulled the trigger on a prequal yesterday with them and was approved for $4500.  Side note:  Memberships are SP.  CC's are HP.  Equifax both.  I hope this is usefull to someone.

[4sallypat]

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@OzonMike wrote:

Update:

Decided to apply anyway - figured we need to know. Application went into pending and then status went to withdrawn. I did not get a HP on any CRA. But I will say it has been WITHIN 30 days since last HP on EQ. It seems to be pretty solid they use EQ for cc/auto and EX for PL or LOC.

I guess I'll wait for the letter in the mail to see why they withdrew the application, I'm going to imagine it's because I already have PCR. 

 * Also would like to mention that I did end up receiving a notice of the same offer in the mail too.

I'll update with whatever the letter of denial says. 

Thanks!

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^^ Correct.

EQ for credit cards & auto loans

EX for PLOC / loan

I applied for a PenFed card, auto loan (both pre-approved) and PLOC (cold app) in one month.

Approved for Visa Gold ($12,500) and Auto loan ($14,100) with FICO EQ 09 = 760 and 4/24 INQ.

Denied for PLOC ($10,000) with FICO EX 09 = 740 and LOL/24 inquiries.