PenFed Credit Cards Preapproval

[Winesnoblv]

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.  

[OmarGB9]

AFAIK, PF mailers are just marketing, even with a set APR. True pre-approved offers are shown on your online dashboard. 

Also, any new app would be an HP.

[thewally]

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@OmarGB9 wrote:

AFAIK, PF mailers are just marketing, even with a set APR. True pre-approved offers are shown on your online dashboard. 

Also, any new app would be an HP.

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This seems to be the general concensus.  Offers in the dashboard are true "pre-approvals", letters got to members and non-members so it's more of a pre-qualification based on a SP which may have been months ago.  In my experience I received letters from them without offers on my dashboard and I was declined.  When offers finally did appear on my dashboard, I was approved.  

Correct me if I'm wrong but I believe that dashboard offers are SP approvals. 

[Winesnoblv]

That is what I thought.

Thanks for the replies.

[coldfusion]

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@thewally wrote:

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@OmarGB9 wrote:

AFAIK, PF mailers are just marketing, even with a set APR. True pre-approved offers are shown on your online dashboard. 

Also, any new app would be an HP.

---

This seems to be the general concensus.  Offers in the dashboard are true "pre-approvals", letters got to members and non-members so it's more of a pre-qualification based on a SP which may have been months ago.  In my experience I received letters from them without offers on my dashboard and I was declined.  When offers finally did appear on my dashboard, I was approved.  

Correct me if I'm wrong but I believe that dashboard offers are SP approvals. 

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You are correct.  The quarterly targeted preapproval offers extended through the online dashboard for credit cards and auto loans are SP approvals. 

[OmarGB9]

Guess I should've clarified: any new cold apps are HPs. 

[Wavester64]

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@thewally wrote:

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@OmarGB9 wrote:

AFAIK, PF mailers are just marketing, even with a set APR. True pre-approved offers are shown on your online dashboard. 

Also, any new app would be an HP.

---

This seems to be the general concensus.  Offers in the dashboard are true "pre-approvals", letters got to members and non-members so it's more of a pre-qualification based on a SP which may have been months ago.  In my experience I received letters from them without offers on my dashboard and I was declined.  When offers finally did appear on my dashboard, I was approved.  

Correct me if I'm wrong but I believe that dashboard offers are SP approvals. 

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I thought that as well. And I was going to app going in thinking this. But then a forum friend suggested freezing my EQ if I was worried about an HP and I did, and sure enough, after I applied, PenFed came back that they could not proceed with my application until I un-froze my credit report. 

:EDIT:: I found the email:

".....Thank you for applying for the PenFed Platinum Rewards Visa Signature® card.

Upon attempting to access your credit information, we received notification that your credit information is locked (frozen). In order for us to perform our credit review processes, we will need access to this information...."

[OmarGB9]

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@Wavester64 wrote:

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@thewally wrote:

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@OmarGB9 wrote:

AFAIK, PF mailers are just marketing, even with a set APR. True pre-approved offers are shown on your online dashboard. 

Also, any new app would be an HP.

---

This seems to be the general concensus.  Offers in the dashboard are true "pre-approvals", letters got to members and non-members so it's more of a pre-qualification based on a SP which may have been months ago.  In my experience I received letters from them without offers on my dashboard and I was declined.  When offers finally did appear on my dashboard, I was approved.  

Correct me if I'm wrong but I believe that dashboard offers are SP approvals. 

---

I thought that as well. And I was going to app going in thinking this. But then a forum friend suggested freezing my EQ if I was worried about an HP and I did, and sure enough, after I applied, PenFed came back that they could not proceed with my application until I un-froze my credit report. 

:EDIT:: I found the email:

".....Thank you for applying for the PenFed Platinum Rewards Visa Signature® card.

Upon attempting to access your credit information, we received notification that your credit information is locked (frozen). In order for us to perform our credit review processes, we will need access to this information...."

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Interesting...perhaps I was right all along. 🤔

[W261w261]

I just got a PF mailing with a "pre-approval" for their Gold Visa, the one with lower rates, no reward, $100 SUB w/ $1500/90.  I'm not a member. The interest rate for me is 15.5%, on the higher end of the quoted range, which tops out at 17%+.  They pull EQ, which is good for me, as I have no EQ inquiries, as opposed to my 6 on EX.   I would basically take the $100.00, use the CL for padding, and SD the card.

I don't know much about PenFed.  I read through a bunch of posts trying to figure out if their "pre-approval" is like Navy's pre-qualified (which is pretty undependable).  It seems like it might be somewhat better, but it's still just a mailing.  Then, there's the CL involved.

I have two questions: first, the fact that I got the mailing for just the Gold card, does that mean I didn't pass SP scrutiny for the other cards?  Do some get preapproval mailings for more than one card?  And question 2, in general, if they are pitching a balance transfer card to people, would that possibly imply that the credit line might be a little higher to accomodate the BTs?  I mean, no one is going for this card for the rewards.

Thanks

[FinStar]

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@W261w261 wrote:

I just got a PF mailing with a "pre-approval" for their Gold Visa, the one with lower rates, no reward, $100 SUB w/ $1500/90.  I'm not a member. The interest rate for me is 15.5%, on the higher end of the quoted range, which tops out at 17%+.  They pull EQ, which is good for me, as I have no EQ inquiries, as opposed to my 6 on EX.   I would basically take the $100.00, use the CL for padding, and SD the card.

I don't know much about PenFed.  I read through a bunch of posts trying to figure out if their "pre-approval" is like Navy's pre-qualified (which is pretty undependable).  It seems like it might be somewhat better, but it's still just a mailing.  Then, there's the CL involved.

I have two questions: first, the fact that I got the mailing for just the Gold card, does that mean I didn't pass SP scrutiny for the other cards?  Do some get preapproval mailings for more than one card?  And question 2, in general, if they are pitching a balance transfer card to people, would that possibly imply that the credit line might be a little higher to accomodate the BTs?  I mean, no one is going for this card for the rewards.

Thanks

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PenFed sends pre-approval offers for all their cards, not just the Gold one. Keep in mind that a variety of these mailers are usually generated by a third party on behalf of the lender which may have certain pre-screening criteria. And, yes individuals have been denied even with such offers.

As far as your second question, don't read too much into it. You can be approved with a low SL. In other words, just because one receives a PenFed Gold mailer doesn't always translate into a high limit. Outcomes will be profile-specific. FWIW, their Gold CC caps at $15K as the max CL for newer applications. Just something to consider if you still want to pursue it.