PenFed Preapprovals Back!

[RockinRay]

Since we are under two years in our membership and have the max $20k allowed in "unsecured" credit, the only pre-approvals we "might" see would be for car loans etc...

I was told by a Rep that more will be available to us when we cross over the two year mark. I would be interested in their Amex for travel rewards... Pretty nice offering IMO.

One day, it will be exciting to see the infamous "Gold Box"!

Ray

[UFGuy2006]

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@RockinRay wrote:

Since we are under two years in our membership and have the max $20k allowed in "unsecured" credit, the only pre-approvals we "might" see would be for car loans etc...

I was told by a Rep that more will be available to us when we cross over the two year mark. I would be interested in their Amex for travel rewards... Pretty nice offering IMO.

One day, it will be exciting to see the infamous "Gold Box"!

Ray

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Yeah once you pass that two year mark life is great! My Cash Rewards visa got a hard free 15k CLI last time around. The preapprovals this time around are offering a 50k car loan lol. 

[wajj]

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@DI wrote:

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@BoSox617 wrote:

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@UFGuy2006 wrote:

I logged into Penfed and lone behold the preapprovals are there waiting for me. It says I am pre-approved for an auto loan... to bad I don't need it. Has anyone else logged in to see the mysterious pre-approval area appear? I think they perform account reviews every quarter to determine preapprovals. Good luck out there!

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Hi UFGuy2006,

Congrats!   I received a pre-approval for an auto-loan as soon as I opened the card, but I too didn't need it.

Yes, they perform account reviews and offer quarterly pre-approvals on 1/1, 4/1, 7/1, and 10/1. 

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Nothing for me.  I've had it with them.  I've already stopped using the card.  Maybe its time for me to sever ties with them. 

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Perhaps that is why nothing happens for you as far as pre-approvals.  I use thier card regularly and I've been pre-approved for 2 car loans as well as one of their laundry lists of pre-approvals back in December.

And besides, you really can't beat 5% cash back on gas at any gas station you choose.

[smallfry]

I wouldn't blow off a credit card or this CU because they don't have any pre approvals right now. There might come a time when you might need them. Don't take it personally.

[DI]

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@smallfry wrote:

I wouldn't blow off a credit card or this CU because they don't have any pre approvals right now. There might come a time when you might need them. Don't take it personally.

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They approve me when I apply for additional products, but I would like to see pre-approvals.  My understanding if pre-approved you don't get a hard inquiry.   

[smallfry]

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@DI wrote:

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@smallfry wrote:

I wouldn't blow off a credit card or this CU because they don't have any pre approvals right now. There might come a time when you might need them. Don't take it personally.

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They approve me when I apply for additional products, but I would like to see pre-approvals.  My understanding if pre-approved you don't get a hard inquiry.   

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I didn't get a hard for a CLI.

[mark925]

I logged in earlier tonight and saw the gold box for the first time ever.  I have been signed up with Penfed now for just over a year (only had a savings account).  I went for the $20k Penfed Promise Card.....really excited as it's my first $20k card and my first ever initial approval over $10k.

[UFGuy2006]

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@mark925 wrote:

I logged in earlier tonight and saw the gold box for the first time ever.  I have been signed up with Penfed now for just over a year (only had a savings account).  I went for the $20k Penfed Promise Card.....really excited as it's my first $20k card and my first ever initial approval over $10k.

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Congrats!!!

[Jazzzy]

We weren't PenFed members for 2 years when we had our first preapproval show up...maybe about a year and a half.

Today, for the first time, we took one. Just in case anyone is curious how it worked...we took the AmEx travel reward card. No annual fee and no foreign transaction fees. We go on vacation in August, and the no foreign transaction fees is what we were looking for. Honestly, I haven't really looked into the rewards yet.

I called Pen Fed with a question. I got the nicest CSR, and he said he could do it over the phone. I told him we had a preapproval. He had 2 questions..."is regular mail OK?" (...meaning how did we want them to mail the cards). We said regular mail was fine. And how many cards did we want? We got 3...one for each of us, and one for our daughter. He wanted names, birthdays, and SS numbers.

That was it. He didn't even ask income. He said there would be no credit pull.

I was amazed. We didn't just increase the credit line on the card we already have...this was for a brand new card. Didn't even ask income.

When we went back on the site, all the other preapprovals were gone. I thought I remembered that you got to pick one, and then the rest disappeared...and, that's what happened.

Slick as could be.

[DI]

Thanks for the post Lynette!    That's why I rather have pre-approvals.  One can avoid hard inquiries.  September will mark two full years with them.   Maybe a PA will pop-up for me the 4th quarter.