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Penfed Preapprovals in the mail ... are they generally good?

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Valued Member

Penfed Preapprovals in the mail ... are they generally good?

I received one in today's mail for their Power Cash Rewards card. No prior experience with Penfed (positive or negative) ... had planned to be in the garden but getting this makes me (perhaps) reconsider that ... Chapter 13 closed two years ago (one year early), good experiences with existing cards (all PIF, no lates) ... 

Message 1 of 15
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Moderator

Re: Penfed Preapprovals in the mail ... are they generally good?

If your DTI, income, and overall profile is pretty strong, sure. The BK could be iffy even after a couple years of rebuilding. How many accounts and/or inquiries in the past 6-12 months?

The results on these mailers (with or without PenFed relationship) have been mixed at best, so YEMV.
Message 2 of 15
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Valued Member

Re: Penfed Preapprovals in the mail ... are they generally good?

according to creditwise, four inquiries and eight new accounts in the past two years. cards and accts listed in the signature. 

Message 3 of 15
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Super Contributor

Re: Penfed Preapprovals in the mail ... are they generally good?

Good luck on what you decide



3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>04/2020 CCT EX 834 TU 848 EQ 844

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Message 4 of 15
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Regular Contributor

Re: Penfed Preapprovals in the mail ... are they generally good?

The PCR is a hot card right now.  I got mine recently.  On the other hand, I too got an email today advertising this card.  It wasn't a pre-approval.  More like an offering for members.  The hate for Penfed around here seems to be at a time when they acquired a financially struggling CU and were tight with their lending.

 

8 new accounts is a lot but no one really knows what the outcome will be.

Message 5 of 15
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Super Contributor

Re: Penfed Preapprovals in the mail ... are they generally good?


@hmxhmx wrote:

according to creditwise, four inquiries and eight new accounts in the past two years. cards and accts listed in the signature. 


How many new accts. in the last 6 Months and what is your Equifax FICO score like?

Also, how much Util on you cards?

Message 6 of 15
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Contributor

Re: Penfed Preapprovals in the mail ... are they generally good?

They only use Equifax FICO 9 and they sent me a letter too and then shot me down. One day I might crack the PenFed code if I keep my account open with them.

Message 7 of 15
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Valued Member

Re: Penfed Preapprovals in the mail ... are they generally good?

this is, explicitly, a pre-approval . . . and it's not an offering for members since I've never been a member. 

Message 8 of 15
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Established Contributor

Re: Penfed Preapprovals in the mail ... are they generally good?

Pull the trigger, I wish I could get a PCR.

12/18/19






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Message 9 of 15
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Established Contributor

Re: Penfed Preapprovals in the mail ... are they generally good?

Good luck



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