Penfed Pre-approval

[StephenH]

Hi, I was pre-approved for the penfed pcr @ 1.5k starting limit while the pre-approval link was available some time last month.

The pre-approval shows up as conditional in the applications page with the option to complete the application.

How long will this remain available? I don't want to apply until at least September which is when my existing inquiries (2 EQ) will age past the one year mark. In addition, my chapter 7 bankruptcy discharge will age out to 2 years in December.

Current scores: 682 EX, 662 EQ, 644 TU

This would be my 3rd credit card post bankruptcy.

[coldfusion]

I don't think anybody really knows that answer, nor do I know if we've received enough crowdsourced data yet to make any kind of definitive opinion as to how reliable those prequalifications have been.

I would just look at it as an affirmation that you've been following the right path and use it as an incentive to keep doing the right things and not applying for any kind of credit until you hit that 2 year ageout period in December, and then you can go ahead and apply for the PCR even if the existing preapproval no longer exists.

[StephenH]

That makes sense. I'm only interested in a 3rd credit card for credit scoring purposes discussed in the forums. It's certainly not necessary at the moment. Thank you for your response!

[SDMarik]

I could be wrong here, but I don't think letting those 2 inq's age another month will make a huge difference. Giving that BK till Dec might help.

I do know that some of the larger issuers (like Amex) typcially have pre-approvals good for 90 days. Not sure about Penfed

Congrats on the recovery though, keep it up!

[StephenH]

Thank you for your response!

I was under the impression that inquiries have less of an impact after the one year mark. That's why I wanted to wait until at least September to move forward with the application. I'm worried that if I don't get in with penfed I may have to go with a Capital One Savor.

Considering I already have a QS and a Venture One and have taken on an inquiry each application on all 3 CRAs, I wanted to avoid a third round of the same.

[SDMarik]

While Inquiries do have less of an impact over time, I am not sure that hitting that 12 month mark is going to have enough of an impact to turn what would be a denial otherwise, into an approval.

From what I know about Capital One, they typcially limit people to two cards at once. Unless there is a specific reason you want the Savor card, If I were you I would just spend some time in the garden and wait a while before another app, and then go for a more prime card once you are in a little bit of a better place, as far as your file goes.

[mfinsmi1]

their preapprovals are not legit - you can call and ask about it but CS claims they have no idea what your talking about. I can almost gaurantee you if you have several new accounts you will get deneid. 

[StephenH]

I read through the forum posts about pre-approval tool. There were a few approvals amidst the chaos as well as a few denials. I would not expect a denial based on the number of accounts; I'm currently 2/12 and 2/24.

[7774x]

---

@mfinsmi1 wrote:

their preapprovals are not legit - you can call and ask about it but CS claims they have no idea what your talking about. I can almost gaurantee you if you have several new accounts you will get deneid. 

---

True.... & HP EQ 9