Pen Fed Pre-approval experiences.

[Nikita2008]

Wondering what the PenFed Preapproval experiences have been?

How solid is the pre approval? What kind of SL's do they typically offer? HP/SP,  what bureau do they pull, do they send out more offers if I don't take this one?

Asking because I received a pre approval in the mail today for the Pathfinder Rewards Visa Signature, it says pre approval accept by 8/31, and there is a QR code at the bottom, yet it also says get a decision in 20 seconds.

I've been in a rebuild since December. When I started all of my scores were 585-597. Scores are currently 680 TU, 707 EQ, 707 EX.

I have a settled charge off from 2 years ago, a bunch of lates 30-60-90 scattered across different credit card accounts. At the present time everything has been brought into good standing- nothing late or limit in the past 8 months. Utilization is 9%

I just closed 2 sub prime cards, and there are 3 more on the chopping block in the fall as the AF's become due.

I was approved for 3 "decent" cards in April, NFCU Cash Rewards 15k,  Discover it Cash Back 9k, AMEX BCE 2k. After getting these the plan was to garden for awhile, although my next move whenever that is, was a travel card which is  what makes this somewhat appealing- although I'm not desperate for a card figuratively speaking.  The offer for this said it's good until 8/31 so I can stew on it until then, or pass completely- not sure how often these come along. I've been a PenFed Member for 5 years and this is my first offer. My sig other is on the account with me and he has gotten 1 that I know of- his credit is better than mine and always has been.

I also got an approval for Ollo today, that one went in the trash.

[phumanr]

Hi, 

I have been with PenFed since 2007, and this is my 1st preapproval for the Gold. I have had ups and down with credit during this period, with now being in rebuild with good history for last 3 years..utilization sucks right now since I am self employeed. 

Penfed approved me with $6,500 at 617 Eq fico score (where they pulled). It seems more than likely you may get approved. I am excited because they have a good reputation. 

Regards,

[4sallypat]

I received the same mailer.

Considering it but are the travel rewards, sign up bonus, and travel reimbursement worth it ?

[WavysMommy]

I received a preapproval mailer for the Gold card and was approved for SL 2500 in January 2021. I've been with PenFed for banking since July 2019, but didn't try for credit until December 2020; first card approved for 6500 SL(power cash rewards). I only applied after seeing so many people get approved less than 2 years post BK discharge.

So for me, it was solid. I'm sure had I waited, I would have had a higher limit, but I'm not complaining.