PenFed Credit Cards Preapproval

[7774x]

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@Winesnoblv wrote:

I have a question about PenFed preapprovals.  I read where some recieve preapproval credit cards on the website.  I have not, however, I have received a mailer for their Platinum Rewards that state preapproved on it.  Has anyone had experience with this. Is it similar to banks mailers, or is it an actual preapproved offer.  It states an apr range, not a specific rate.  Since I have been a member for over a year, will it be a SP and will they ask for any additional information?

I realize any credit is based on individuals file, but any experiance on this would be appreciated.

Thanks to all for the great info on this forum.  

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Penfed uses EQ for credit cards ..some say you need fico  680 some others 700...used SP for me  

[Iron1]

I received the pre-approved offer last May from Pen Fed.....   I was hit with an EQ HP when I claimed the offer on the dashboard. Was given 15k SL.  I thought it was odd to get the offer beacuse I had opened a PenFed account 2 years prior when I thought I was going to use them for a new car loan.  I put $50 in the account but never apped for loan with them and never used that account again until I got the dashboard offer last year.

[SouthJamaica]

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@Winesnoblv wrote:

I have a question about PenFed preapprovals.  I read where some recieve preapproval credit cards on the website.  I have not, however, I have received a mailer for their Platinum Rewards that state preapproved on it.  Has anyone had experience with this. Is it similar to banks mailers, or is it an actual preapproved offer.  It states an apr range, not a specific rate.  Since I have been a member for over a year, will it be a SP and will they ask for any additional information?

I realize any credit is based on individuals file, but any experiance on this would be appreciated.

Thanks to all for the great info on this forum.  

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It's a preapproval. But it's going to be a hard pull.

[Miikawaadizi]

I became a member in January with $40 in savings. My direct deposit hadn't hit yet(my first DD started in April) in March when I applied for the PCR. I was denied, newer profile with a 733 Fico 9 Reasons were

length Of time accounts established

lack of recent installment loan info

length of time revolving accounts have been established 

too many accounts with balances

my account balances were

vs/comenity $0/350

vs/OS $127/1450

care credit $0/800

capital one QS $0/300

discover $946/2000

I only applied because a week before I had applied for Amex($1000bce) and Truist($9000EC) with approvals and Apple Card($1200) had finally approved me but I didn't accept. 

I understand why they didn't approve me, I only had a 6 months AAOA, 14 month AoOA, 1 month AoYA at the time. 
My point is just because you have a Fico score above 700 doesn't mean you will be approved but I am certain most People on these forums know that, this is for those that don't know that yet.