cancel
Showing results for 
Search instead for 
Did you mean: 

PenFed (IIB) Pre-Qualified Offer? (UPDATE: Declined)

Disregard
Established Member

PenFed (IIB) Pre-Qualified Offer? (UPDATE: Declined)

I burned PenFed in Ch7 a little over two years ago. I had a car loan with them (not reaffirmed) that I kept making payments on until it was paid off. I also had a credit card with them that was discharged and never paid back unlike the auto loan. 

 

From the research I did, I figured that PenFed would more than likely be like NavyFed (which I also unfortunately burned for almost $10k) in which you'd be permanently blacklisted unless you paid back what was owed. 

 

Today, I logged into the dashboard and was greeted with a pre-qualified offer. In the offer, it also states "You're approved for a low-rate credit card from PenFed". The offer also has a single interest rate rather than a range (13.49-17.99% is what's offered on this card).

 

Regardless of this, I am doubtful that this would actually go the way I'd want it to. I could be wrong though.

 

 

Screenshot_613.png

Should I just disregard this entirely?










Message 1 of 15
14 REPLIES 14
FinStar
Moderator

Re: PenFed (IIB) Pre-Qualified Offer?

A lot of CUs require you to make them whole before they extend any type of loan products, but not sure how PenFed deals with specific cases that were IIB. I mean, you could be the guinea pig for the sake of science/DPs, but maybe others who may had a similar PenFed experience can chime in.

 

That said, these types of offers have yielded 50/50 results since not all of them end up being approved so YEMV.

Message 2 of 15
Disregard
Established Member

Re: PenFed (IIB) Pre-Qualified Offer?

I decided to give it a go. They tried to pull my Equifax which is currently locked. 

 

The site errored out after submitting the application and I received an email from PenFed with a link that took me to this document:

 

image.png

 

If I was still blacklisted, would that status typically be reviewed before or after my credit would be reviewed? 

 

If they review blacklist status before reviewing credit, it might be worth it to unfreeze and let them proceed. 










Message 3 of 15
CreditCuriosity
Moderator

Re: PenFed (IIB) Pre-Qualified Offer?

Confused why you applied with your credit froozen.  Confused a bit on your question is possibly could of been an auto approvals if unfroozen, but as mentioned upthread CU usually don't forgive and require full repayment before letting one have credit again although penfed might be different as not alot of data points on this.  

Message 4 of 15
FinStar
Moderator

Re: PenFed (IIB) Pre-Qualified Offer?

They'll require to have your CR thawed whether you're on their internal blacklist or not. So, only way to proceed (if you want to roll the dice) is to thaw things out.

Message 5 of 15
Disregard
Established Member

Re: PenFed (IIB) Pre-Qualified Offer?

Thanks for the answer.

 

Unlike the numerous threads for Navy Federal's stance on being burned, I've been unable to find anything concrete for PenFed. 

 

If I didn't burn them, I'd go for the hard pull with this prequalification easily. Because there's a 50/50 (IMO) shot I'm blacklisted, I'll need to think on it. The application provides some time for me to unfreeze anyway. 

 

If there's anyone out there who has found themselves receiving a prequalification even though they burned PenFed and chose to go for it, I hope they see and reply to this thread with their findings.

 

 










Message 6 of 15
Disregard
Established Member

Re: PenFed (IIB) Pre-Qualified Offer?

Just a small update to this:

 

A few days ago I received another pre-approval from PenFed for the same card. The email mentions I'll be receiving a mail piece which did not happen with the last pre-approval.

 

They are trying real hard to get me to use a HP on them. Smiley Embarassed

 

38AF24E4-3C27-4B90-812A-6EE81F55704F.jpeg

 










Message 7 of 15
Disregard
Established Member

Re: PenFed (IIB) Pre-Qualified Offer?

I decided to do it. Equifax was ran and I received an email telling me the app is under review. It said I should have an answer in 24-48 hours.


My gut feeling is it's going to be declined. I'll update this post as soon as I have an answer. At least the members who burned PenFed will have a solid DP for the future. 

UPDATE:


I just received the decision and it was unfortunately declined. This was the list of reasons for their decision and the score they pulled. 

68F043DC-4626-4941-B0E8-50F5B8A6957D.jpeg

 

750D12B5-780D-4073-BB96-680D974C3C41.jpeg

 

Unfortunately, I don't know if this even indicates if I'm blacklisted or not. Every lender that's blacklisted me (Amex, Discover, etc) has mentioned status of previous account on the denial letter when I've applied/tried to prequalify but every lender is also different. 

I was hoping the silver lining in the event of being declined would be that I finally have an answer to whether PenFed has me blacklisted but that's not happened.

 

Looks like my year in the garden restarts today. Maybe in 12 months I can finally be approved for a VS. Smiley Sad










Message 8 of 15
mark3038
Established Contributor

Re: PenFed (IIB) Pre-Qualified Offer? (UPDATE: Declined)

From all that I have read on this site over the years. I think I should ask this;

 

Why are you applying to any company that was included in your BK?

 

There are so many banks and CU's out there that will accept you after a BK so why not just go with them and not apply to the ones you "burnt" until at least the BK is off of your report.

 

Banks like Capital One, Citi, well it is a long list that will take you with a BK. Just do not apply to any company that you included in your BK. Your scores are high enough for these lenders so just go with one that you have never dealt with before.

Thanks

Mark

Message 9 of 15
FinStar
Moderator

Re: PenFed (IIB) Pre-Qualified Offer? (UPDATE: Declined)


@mark3038 wrote:

From all that I have read on this site over the years. I think I should ask this;

 

Why are you applying to any company that was included in your BK?

 

There are so many banks and CU's out there that will accept you after a BK so why not just go with them and not apply to the ones you "burnt" until at least the BK is off of your report.

 

Banks like Capital One, Citi, well it is a long list that will take you with a BK. Just do not apply to any company that you included in your BK. Your scores are high enough for these lenders so just go with one that you have never dealt with before.

Thanks

Mark


@mark3038 -- why not?

Before taking the judgemental stance on the OPs actions, I think folks would venture to ask you the same question on your FNBO (declined application) results. Granted, there's no BK and/or blacklist instance for your profile, but 20-some new accounts + inquiries in the past 24 months was definitely not going to bode well with FNBO.  

 

In all fairness, the OP wanted to test the waters for themselves to determine whether they were in PenFed's blacklist or not. If anything, since no other members responded with similar situations, the OP has provided some data points that can be useful to the community as a whole. So, even if the OP was declined, it's not the end of the world and they can reassess things in the future.

Message 10 of 15
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.