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Penfed Pre-Qualified offers, real or fake?

visualfxpro
Regular Contributor

Penfed Pre-Qualified offers, real or fake?

So I just saw this when I logged into PenFed. Am I REALLY approved? Is this a trick to get me to appy and then I might not even get it? Also, my highest limit is now $4000 on Amazon. Average card has $800. Should I do this card or Navy Federal? Who would likely give me the highest limit and who has the better card?

I've LOVED working with Navy Federal mortgage folks. Did NOT like dealing with PenFed auto loan.

 

 

PenfedOFfers.JPG

May 2022: TU Fico 8: 692 | EQ Fico 8: 713 | EX Fico 8: 708
NFCU Flagship Rewards $25,000 | Capitol One $750 | TD Bank $1000 | Bank of America $3000 | Wells Fargo $500 | Amazon $4000

Charge Off from 2015: Municipal Credit Union $5300 ($6500 limit)[PAID IN FULL]
Credit Age: 4 years | Inquiries (6/12/24 month): 12 mo | Debt to Income ratio: 10%
Message 1 of 21
20 REPLIES 20
coldfusion
Community Leader
Super Contributor

Re: Penfed Pre-Qualified offers, real or fake?

Those are 100% legit as long as there hasn't been a change in your history in the last month or so like new applications or accounts.  These quarterly preapprovals will only cost you a soft pull.

 

They're offering you your choice of card, note that the Platinum Rewards has a mininum SL of $5K.

(5/2022)
FICO 8 (EX) 827 (TU) 834 (EQ) 827
FICO 9 (EX) 843 (TU) 845 (EQ) 846

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 2 of 21
AverageJoesCredit
Legendary Contributor

Re: Penfed Pre-Qualified offers, real or fake?


@visualfxpro wrote:

So I just saw this when I logged into PenFed. Am I REALLY approved? Is this a trick to get me to appy and then I might not even get it? Also, my highest limit is now $4000 on Amazon. Average card has $800. Should I do this card or Navy Federal? Who would likely give me the highest limit and who has the better card?

I've LOVED working with Navy Federal mortgage folks. Did NOT like dealing with PenFed auto loan.

 

 

PenfedOFfers.JPG


You know its true Penfed when they offering their high apr ratesSmiley Wink . As stated those are legit. As to comparing Navy to Penfed, 🍎 to 🟠🙂 Navy is more known to give out bigger limits and for some they get instant 25k lines lol. This new Penfed has been much more  giving this past year than before so both goid choices.

Message 3 of 21
Wavester64
Valued Contributor

Re: Penfed Pre-Qualified offers, real or fake?


@coldfusion wrote:

Those are 100% legit as long as there hasn't been a change in your history in the last month or so like new applications or accounts.  These quarterly preapprovals will only cost you a soft pull.

 

They're offering you your choice of card, note that the Platinum Rewards has a mininum SL of $5K.


I forgot about them being a SP. Last quarter I didn't bother with the Platiunum offer and it went away after a month or so now its back with the new offers. Not sure how much a a benefit it is to me though. If I recall the gas one is 5X, but that doesn't really add up to 5% CB IIRC.

 

PENFED_1-1-21.JPG



Potential Future Cards
Message 4 of 21
UpperWeb
Established Member

Re: Penfed Pre-Qualified offers, real or fake?

How do I get one of these offers. What's the special sauce?

 

 I applied when I opened the account in September 2021, And was declined with I believe a 795 FICO at the time.

 

NFCU has given me two cards all ready a 21G and a 25G.

 

 I want a card from these guy's I need suggestions please?

Message 5 of 21
coldfusion
Community Leader
Super Contributor

Re: Penfed Pre-Qualified offers, real or fake?


@Wavester64 wrote:

@coldfusion wrote:

Those are 100% legit as long as there hasn't been a change in your history in the last month or so like new applications or accounts.  These quarterly preapprovals will only cost you a soft pull.

 

They're offering you your choice of card, note that the Platinum Rewards has a mininum SL of $5K.


I forgot about them being a SP. Last quarter I didn't bother with the Platiunum offer and it went away after a month or so now its back with the new offers. Not sure how much a a benefit it is to me though. If I recall the gas one is 5X, but that doesn't really add up to 5% CB IIRC.

 

 


5X points translates to about 4.25%.

(5/2022)
FICO 8 (EX) 827 (TU) 834 (EQ) 827
FICO 9 (EX) 843 (TU) 845 (EQ) 846

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 6 of 21
OzonMike
Member

Re: Penfed Pre-Qualified offers, real or fake?

OP - Have you decided to apply or still getting info??

I have been watching for more senior members to post on this ... and searching all over for some type of answer.

I received a 37.9k auto refi (HP EQ) and a PCR 10k (HP EQ). Both instant online approvals (DEC 9 '21). Applied for GOLD and PATHFINDER a few days later both "turned down" but no reasons posted just yet. I did decide to open up checking for the 2% up from 1.5% rewards on PCR .. another HP on EQ. I have a total of 3 HP on EQ for each product I've applied for. I will say, it is within 30 days but not necessarily in 1 go around. All online - probably would've been 1 HP if I would've called.

 

The odd thing is that the offer I have on my log in screen is for PCR.. Shows rate (17.99) but no SL. I have read all over this forum and very few people have said its only a SP. Most members have posted its been a HP on EQ. I also read that if it shows a product you already have it'll automatically be treated as a CLI, I have also read contradiction on that too.. I am interested to see your results. I am going to assume that since my PCR was just approved on DEC 9 '21 that I jumped before the quarterly results populated and will result in a decline. From reading on here it looks like it'll be a hard pull. I have also seen on this forum people getting offers but still getting declined. YMMV. 

 

Please update!

Message 7 of 21
coldfusion
Community Leader
Super Contributor

Re: Penfed Pre-Qualified offers, real or fake?


@UpperWeb wrote:

How do I get one of these offers. What's the special sauce?

 

 I applied when I opened the account in September 2021, And was declined with I believe a 795 FICO at the time.

 

NFCU has given me two cards all ready a 21G and a 25G.

 

 I want a card from these guy's I need suggestions please?


Best case to start receiving these quarterly offers is when one has been a member for at least 6-12 months.  Some members don't start seeing them until a couple of years out, some never get them.

 

If you adequately address whatever it was that triggered your initial denial and maintain at least some minimal account activity with what you've got your day will come.

(5/2022)
FICO 8 (EX) 827 (TU) 834 (EQ) 827
FICO 9 (EX) 843 (TU) 845 (EQ) 846

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 8 of 21
OzonMike
Member

Re: Penfed Pre-Qualified offers, real or fake?


@coldfusion wrote:

@UpperWeb wrote:

How do I get one of these offers. What's the special sauce?

 

 I applied when I opened the account in September 2021, And was declined with I believe a 795 FICO at the time.

 

NFCU has given me two cards all ready a 21G and a 25G.

 

 I want a card from these guy's I need suggestions please?


Best case to start receiving these quarterly offers is when one has been a member for at least 6-12 months.  Some members don't start seeing them until a couple of years out, some never get them.

 

If you adequately address whatever it was that triggered your initial denial and maintain at least some minimal account activity with what you've got your day will come.


^^ THIS 

 

I've been a member since 2015 (only savings with the min required) and never received an offer until this one on Jan 1.

Message 9 of 21
Wavester64
Valued Contributor

Re: Penfed Pre-Qualified offers, real or fake?


@coldfusion wrote:

@Wavester64 wrote:

@coldfusion wrote:

Those are 100% legit as long as there hasn't been a change in your history in the last month or so like new applications or accounts.  These quarterly preapprovals will only cost you a soft pull.

 

They're offering you your choice of card, note that the Platinum Rewards has a mininum SL of $5K.


I forgot about them being a SP. Last quarter I didn't bother with the Platiunum offer and it went away after a month or so now its back with the new offers. Not sure how much a a benefit it is to me though. If I recall the gas one is 5X, but that doesn't really add up to 5% CB IIRC.

 

 


5X points translates to about 4.25%.


What's the math/breakdown on that again on why its 4.25% do you recall offhand? I thought I had it in my notes, but I don't, and I am not seeing it on the forums, though I know its there because I recall reading it once.



Potential Future Cards
Message 10 of 21
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