*UPDATE!!!* Approved - Low SIL: -Urgent PENFED advice needed

[Mnk1]

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@Vegasr wrote:

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@Mnk1 wrote:

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@Vegasr wrote:

Yep its a SP to be member opening up a savings.  With Penfed being in a giving mood lately along with your very nice EQ score this could be a really good time to apply for one of their cards. Seems like their Power Cash Rewards is a great choice.  Good luck.

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So getting a pre-approval letter from Penfed in the mail without a previous relationship is pretty solidy?

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Definitely would depend on one's data points.  If the pre-approval has a specific interest rate versus a range it's even a better sign. It's not uncommon to sign up with Penfed, or any credit union, and apply for a cc the same day. Thus a relationship begins. 

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Yes, it had a set APR. 6 inqs on Ex in last 2yrs (only 1 in last yr). 779 Ex score. 2 new accounts in last year. AMEX 11/2019 and Citi Premier 02/2020.  I thought their no cash advance fee was interesting at $0. (though I've never use a cash advance before, could be a good to have in emergency if you could pay it back right away?)

[Vegasr]

PenFed has been known to pull Equifax.  Based off the set rate from your mailer along with data points and cards in sig, and like the OP's info as well, if it were me I'd be confident app'ing. Especially while PF seems to be in a giving mood lately

[Vegasr]

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@Anonymous wrote:

😱😱😱

 I'm a PENFED member now... got a savings account and even discussed credit products but when the lady said I needed to send some identity verification documents, I got scared. Lol...I've got no backbone. 

Sent the docs. 

Oh. And no HP so far. 

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 Congrats!!!   Sending in documents is definitely the norm too.

[cashorcharge]

Good luck @Anonymous 

I am beginning to think that it depends on what type of non-credit account you open with them when you join.  I opted for just a savings and with all 3 locked, no pulls were done and membership was approved.  Some people have said membership was a hardpull but I don't recall seeing/asking if they opened a different savings account or a checking account upon joining.  Could be a factor.  Yes, you'll certainly get an EQ HP when you apply...I would "think" even with the offer.  I'm new to them so perhaps others with more experience will have additional info.  I cold app'd the same day I joined for PCR and was instantly approved!  

[coldfusion]

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@Anonymous wrote:

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"Be the data point you want to be" ...I might have to borrow this for my signature! 

The wisdom! 😊.

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FYI it's a regularly used response to questions posed on /r/churning when nobody has a ready answer.   😎

[randomguy1]

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@coldfusion wrote:

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@Anonymous wrote:

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"Be the data point you want to be" ...I might have to borrow this for my signature! 

The wisdom! 😊.

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FYI it's a regularly used response to questions posed on /r/churning when nobody has a ready answer.   😎

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Confirmed. I am u/churning /s

[AverageJoesCredit]

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@Vegasr wrote:

PenFed has been known to pull Equifax.  Based off the set rate from your mailer along with data points and cards in sig, and like the OP's info as well, if it were me I'd be confident app'ing. Especially while PF seems to be in a giving mood lately

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Penfed IS known to pull Equifax exclusively.  Ive never read anything other than EQ being pulled and one time i asked if they could pull another bureau and was told they deal exclusively with Equifax. One of my pet peeves with them lol

[AverageJoesCredit]

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@randomguy1 wrote:

I have seen a bunch of marketing for their Power Cash rewards. I receive letters all the time and an email today. They are certainly marketing their card which leads me to believe they are open to applications...

To back what others are saying, there is not a hard pull to open a Penfed Checking\Shares account anymore.

OP, your EQ score looks high. If confident in the rest of your profile, go for it. Be the data point you want to be.

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yeah they've gone and done lost their mind. Not only did i get only my second mailer last week, i got an email too. 

[Anonymous]

I did it y'all!

I applied this afternoon. Status is under review. 

Spoke to two different CSRs cause when I app'd at first I forgot my EQ report was frozen ( rookie mistake, I know). However the CSR said I have preliminary approval until I unlock my report. 

Called back about 15mins later after unfreezing my report and this time I'm told that it was under review and I'd get an email within 24hrs once a loan officer takes a look. 

....dunno what to make of the two different statuses but I'll wait for that mail with baited breath. 

Wish me luck! And thanks to everyone for the encouragement. 

[Anonymous]

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@coldfusion wrote:

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@Anonymous wrote:

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"Be the data point you want to be" ...I might have to borrow this for my signature! 

The wisdom! 😊.

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FYI it's a regularly used response to questions posed on /r/churning when nobody has a ready answer.   😎

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Hahahaha! And here I was thinking I was special!  😅😅😅