PenFed Preapprovals and Best Application Procedure

[Anonymous]

Well I did get a survey when they turned me down for the PCR citing insufficient repayment history with them.  I used the survey to tell them exactly what I thought and they contacted me to see what else they could offer but I never followed up after the first few secure messages.

[Anonymous]

There are many lucky ones... I read their stories.   And there are very unhappy ones.  I am one of UNHAPPY ones, but I will keep accounts open since there are no fees.

Last week, I applied for car loan early in the morning.  Until dinner time, still pending for loan officer, then a call from car dealer who wanted to close the deal.  At the end I got 1.49 vs 2.99% for 60 mths loan from dealer.  So I called Penfed to withdraw my app and the one answered told me I should have called...When I could get an approval in five mins from Audi, I have to call to find out / push???   A few pointed words.

Since I did not want to waste hard pull, applied for PLOC CLI.  Turned down.  Applied for cc CLI, Turn down.

Now the real reason I am unhappy;

Insufficient Income - I thought I am within upper 5%.  I am wondering how many at Penfed make more than I do.

Low credit score - They gave me 809 fico 9.  I think my EQ fico 8 was somewhere 780.

Too many inquiries - This one I might agree.  7 last 12 months in EQ.

Briefly, I wondered they processed someone else's application.

During 12 months period, my exporsure with Amex is 100K+ vs. 12K with Penfed.    I called to recon and was told that they turned me down due to 5 new TLs last 12 mths.   Although I fully understand they all have their own underwriting rules, despite of all new accounts, Amex gave me another 38k which has not reported yet.    There must be somehing else they do not like....and I cannot figure it out.

Shobo - This is my story with Penfed.  Keep your expections low.

[Anonymous]

jeffreymrimd, sorry to hear about your experiences with PenFed.  I've only had positive experiences so far but I'm currently waiting on a decision on a Power Rewards Card from them and hopefully the outcome doesn't change my opinion.

[AverageJoesCredit]

Jeffreymrimd, looks like PF reverted back to their old pyramid formula on you. I find that ridiculous lol that someone with your scores and income couldnt get the credit you should be able to get. If you couldnt get a thing with your income, i have a better shot at winning the lottery lol. Makes me wonder if Pf is like a jealous lover

[Dalmus]

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wrote:
Jeffreymrimd, looks like PF reverted back to their old pyramid formula on you. I find that ridiculous lol that someone with your scores and income couldnt get the credit you should be able to get. If you couldnt get a thing with your income, i have a better shot at winning the lottery lol. Makes me wonder if Pf is like a jealous lover

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Woah...  That's the first time I've ever seen dungeons use a Barclays reference to describe PenFed.  Lol

[Anonymous]

I called Penfed today and had a chance to talk to a senior loan offier.

Her answer was simply I already have too much available credit lines and all zeroes on the report.  She asked me what for I need more credit line I dont use and why not spare some for others.  I dont need more....but could not say I did not want to waste my HP.

Then why all those uncomprehensible resons??

[ohjoy]

Yep. I was in the same position as you, OP. I joined back in December and have given PenFrd no love or attention since.

Yes, I did open a few new accounts but I AZEO monthly and my income and scores supports it. #whatever. NFCU is good to me.

[Anonymous]

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wrote:

All,

I have scoured the forums and could not find answers to a couple of questions so hope no one minds if one of them is a bit basic.

But I am a new PenFed Member and want to go ahead and apply for Products quickly...well  before the 60 day mark for the initial hard Equifax pull so that there will be reasonable chance that I wont have a second hard pull.

With that being the case..

1. How does one go about finding out what products he or she might be preapproved for as a NEW PenFed member.

   In the bottom right corner there is a my offers, if you have one it will be there. 

2. How does PenFed notify EXISTING members about any new products they might be preapproved for on a quarterly basis?

 Same as listed above    

3. Is it best to apply for products (In my case I will apply for a credit card and an auto loan) online or to call in and talk to a CSR?

 I have done it both ways for the products listed above, and it doesnt really seem to be a difference that i have noticed. 

Thanks All!

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Hope this helps, and good luck on your journey with Penfed.   They can be a great CU.