Hi there,
Recently Penfed has given options to see if you Pre Qualify for there credit card.
Few days back I initiated an application using pre-qualify option but my application was put in review. They say to contact me within 24 - 48 hours for more information or a decision on your application. My application is still in review and didn't hear back yet though 3 working days has passed.
After a day I got a notification from myFICO that there was a hard inquiry from PENTAGON FCU-ALEXANDRIA. Not sure why they need to do a hard inquiry for pre-approval?
Do you guys have any idea or insight on recent Penfed pre-approval?
Thanks
It seems that if you log in to prequalify they actually submit an app. Think that's what happened to me.
This is misleading. I would ask them to remove it, why they initiate it without my approval.
Let's see whether I got approved or not.
Unless I am misreading your post, this sounds like a normal credit card application. My understanding is that you were pre-qualified for a card, you completed an application for the card, they performed a hard inquiry, and then your application was flagged for review. If that's the case, that's generally how a prequalification with most lenders works (with it either being approved or denied, and sometimes with a brief stop for review before one of those results). If this was the process, they definitely had permissible purpose for a hard inquiry. Can you clarify if that is the case, or if there is something I'm missing?
Thanks for asking.
Let me clarify: I haven't initiated a credit card application but started a process to check whether I pre-qualify or not.
I think Penfed has added this recently. So the hard inquiry appeared after I initiated this pre-qualification process. Which should only do a soft pull instead of a hard pull.
I cannot attach a screenshot as I don't see the option to attach an image. But here is a screenshot link: https://imgur.com/a/Z0txcDE
Yeah, if you clicked "See If I Pre-Qualify," that definitely should not have resulted in an actual application with inquiry. ("Apply Now" below it should.).
@K-in-Boston wrote:Yeah, if you clicked "See If I Pre-Qualify," that definitely should not have resulted in an actual application with inquiry. ("Apply Now" below it should.).
The problem is it will ask you to log in during prequal, which is what I did. It ended up being an actual app.
@Jeffster1 wrote:Penfed is a MESS.
Dont see any of their cards in your siggy. How did you come to that conclusion?
@us-east-nomad wrote:Thanks for asking.
Let me clarify: I haven't initiated a credit card application but started a process to check whether I pre-qualify or not.
I think Penfed has added this recently. So the hard inquiry appeared after I initiated this pre-qualification process. Which should only do a soft pull instead of a hard pull.
I cannot attach a screenshot as I don't see the option to attach an image. But here is a screenshot link: https://imgur.com/a/Z0txcDE
@us-east-nomadOnce you lose your "New" badge. Your siggy settings will open up. Wont take long. Welcome BTW!