PenFed sent me a preapproval for their Platinum Rewards CC. I've never been so excited to get something in the mail. Something about this preapproval that makes me feel like I'm finally in a good place credit wise. I want to app so bad but DH and I want to sell our place and buy a different home. We are preapproved for a mortgage so I know I can't app! My broker would kill me probably 😂
Anyway, a few questions. What are your experiences w/ these PenFed preapprovals? Do they often lead to approvals? How about SL? But more importantly, do you guys think I'd get another one? This one expires 7/31/22 and I'm sure our mortgage stuff won't be done by then. I'm afraid this chance with PenFed is a once in a lifetime kind of thing 😂 The rewards seem pretty great so I'd hate to lose my chance.
NFCU cash $50k | BofA Cash Rewards $35k | USAA Rate Advantage $20K | Amex BCP $18k| Costco Anywhere $18.5k | Amex HH Surpass $15k | BofA $14k | WF $14k | Apple Card $6.5k | Cap One QS $4.5k | Sephora Visa $4k | Discover It $8.5k | Citi DC $3.5k | Citi AA Mile Up $5.1k | Chase Amazon $3k | Amex ED $3k | Chase IHG $3k | Chase Freedom Unlimited $4k | Chase Freedom $2.5k | Citi Rewards $2k | Last HP 7/28/25
Their actual preapprovals are pretty solid and the Platinum Rewards card is issued with a mininum $5K SL.
The payout is in points, the points are valued at about .85 cents each, and you can't redeem them for cash or statement credit, you either redeem for merchandise or for gift cards. They occasionally do have promotions for specific gift cards that emperically improves on the valuation of your points.
You absolutely do NOT want to proceed with an application until after the closing and you have the house keys in hand.
You may or may not get another preapproval once your mortgage is reporting but once you have the keys to your new house all bets are off if you decide to cold app. 
Once inquiries start to report the validity of the preapproval becomes questionable.
@coldfusion wrote:Their actual preapprovals are pretty solid and the Platinum Rewards card is issued with a mininum $5K SL.
The payout is in points, the points are valued at about .85 cents each, and you can't redeem them for cash or statement credit, you either redeem for merchandise or for gift cards. They occasionally do have promotions for specific gift cards that emperically improves on the valuation of your points.
You absolutely do NOT want to proceed with an application until after the closing and you have the house keys in hand.
You may or may not get another preapproval once your mortgage is reporting but once you have the keys to your new house all bets are off if you decide to cold app.
This is why I love this community! I didn't know these things about the rewards. I think I will just take the preapproval as a win and let it go. Thanks!