Great PenFed news for some...

[creditwherecreditisdue]

1) Per my research, including a discussion today with a PedFed CSR, if you have an "offer" showing on their website it is truly pre-approved. They do not do a hard CBR pull if you accept one. An offer is basically "free" if you chose to accept it.

2) The 2.99% BT offer for platinum rewards card holders will continue to be offered at least thru the end of July. (Last year it ran through the end of June.) The board has approved this offer to run through the end of August, but could always change their mind at the next meeting. You can count on it being available at least through July though.

[Anonymous]

I accepted a preapproval for their CC online after they approved a car loan for me and pulled Eq. When I accepted it they pulled TU and then denied me for pyramiding (credit as I have no debt). A couple of days later the preapproval showed back up online. Good luck. I sent the check back to them for the car loan and paid cash for the car. 

[creditwherecreditisdue]

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@Anonymous wrote:
I accepted a preapproval for their CC online after they approved a car loan for me and pulled Eq. When I accepted it they pulled TU and then denied me for pyramiding (credit as I have no debt). A couple of days later the preapproval showed back up online. Good luck. I sent the check back to them for the car loan and paid cash for the car. 

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Some of us are already past the unsecured revolving credit hurdle with PenFed and have substantial credit lines available through them. The offers are genuine, your commentary notwithstanding. If you receive pre-approved offers when you apply for membership or at any other time you are entitled to accept one of them. If you accept a pre-approval or apply for a credit product and you want a second product it is an app, not a pre-approval. You took the car loan. The CC was an app. Plain and simple. I have a $10K Platinum Cash Rewards Visa from them already and now pre-approvals for about 20 credit products in various amount. I can chose one. Once I have done that the pre-app's are over until next time. If I want something else now it is an app. There are members here who have received mutliple rounds of pre-approvals. (Both my SO and I being among them. There are others.) There is no catch. All you have to do is understand how it works.

Sorry for your problem and glad you had the cash to layout for a vehicle. Many don't. For those who don't and can qualify for a PenFed loan the rates are great!

P.S. Many of us have had great success with PenFed. However, it has gotten to the point that I really don't want to post any good news here for the benefit of some others because every time someone posts good news or a success story related to PenFed some sourpuss has to muddy the waters by throwing in some (usually off kilter) personal issue they have an axe to grind over. Fie on you!

[FocusOnFICO]

Good and sound analysis and advice.

Where are the pre-approved offers located on the site?

Thanks.

[creditwherecreditisdue]

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@FocusOnFICO wrote:

Good and sound analysis and advice.

Where are the pre-approved offers located on the site?

Thanks.

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Once you have logged in it brings you to the "Main Menu/Accounts" screen. In the box below where your name appears (below the date) is a link "View My Accounts". If you click on it that link will bring you to a list of your accounts for further action. Now to the right of your name appear two ads. To the right of the ads and above the box titled "Transfer Money" is the area where the offer links appear (if you have any). That box is headed "You're Approved". There are a variable number of links in that box - right now I have four. This box is located directly underneath the "Help" menu selection. You may not have anything showing there until you have been on board for at least six months. It also depends on when PenFed runs the screening process for the pre-approvals, which is not often.

[Anonymous]

Penfed preapprovals are not a sure thing. I accepted one thing from their list pf preapprovals that showed up a week after being approved for a car loan which was a cold app and an EQ pull seperate from the membership full. They then pulled another bureau and denied me. Again, good luck. The penfed CSR's will tell you something different every time, just like any other financial institution. I'm posting this so people will know there are anomalies, not because I want to be a naysayer or hurt your feelings. I too have a long list of preapprovals that appeared again. They don't mean anything. I have over 300K in available credit and have never had an "unsecured revolving credit hurdle", whatever that means. I'm glad you are past that now, congrats.

[creditwherecreditisdue]

Trust me dude, you won't be hurting my feelings in this life.

Very sorrowfully another positive thread regarding PenFed has been polluted by a naysayer.

I think henceforth I will PM any good news or information I have regarding PenFed to those I think might care. Tired of having my positive posts dumped on.

[haulingthescoreup]

lol, I hear ya.

And really, people, do we have to keep raining on one another's parades? I have a Sears MC that's the bane of my existence, but when someone is fortunate enough to get some luv on their Sears MC, I don't feel obliged to pop their balloon.

There is no one CC or bank or CU that is a fairy godmother to everyone. Some folks just don't fit PenFed's profile of ideal customers. (For instance, self-employed people have a rough time with them.) I don't fit Citi's profile of beloved folks, but that doesn't mean that we don't have forums members who have had great experiences with Citi. Good for them! I'm happy to extend them my congrats.

[FocusOnFICO]

Credit---thank you for the detailed information.  Since I've only been with PenFed for a couple of months, I probably won't see that for a while--but will be ready when it happens.

Hauling--thanks for your input, too.  I agree that Citi can be a challenge, but they just raised my cl $1,550.00 two days ago--you are right--there will be two (or more) sides to every post...

On another note, thanks for the numerous informational posts and advice on store cards.  I did not have one in my portfolio, but added an Amazon.com today after reading some of your current inputs.

Thanks to you and all of the others who do their best to post information and inspiration (and cautions) to us all!

[knightimer]

Hello, I received the approval offerings from Penfed. I was skeptical and I really did not want a hard EQ hit. I decided to take the chance. I accepted the Penfed Visa offer at its maximum offering. The next day I looked on the screen and it stated "transfered". I checked the next day. I was approved for 45K! with no EQ Hit.  That is my highest limit yet. I am going to take advantage of the 2.99% balance transfer offerings.