Penfed automatic CL

[Creditcurious74]

Hello, I applied for two penfed credit cards back in Nov 20th of last year and I know is fairly new but I'd like to know if someone who have this card if they receive a quarter pre-approval CLI......I've until the 20th of this month to request one manually using same HP or should I wait until a year.

[Anonymous]

I have had Penfed cards for over two years and never got an auto  CLI

[Creditcurious74]

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@Anonymous wrote:

I have had Penfed cards for over two years and never got an auto  CLI

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So you had to request one manually. It's weird why Penfed won't give you one annually, that's crazy!

[Exonumist]

Usually you won't see preapprovals unless you do everything that Penfed likes. Your credit will need to be spotless with no new accounts or inquiries. I barely got them to approve my card and even though I've had it for 2 years I've never seen any preapproval. Still stuck at a $500 limit and frankly I'm scared to ask for one. My EQ has no inquiries, but with all my new accounts I know they will deny it. I actually over pay them so I have a negative balance just so i won't get too close to the limit. One of the downsides of aggressively building credit I suppose. 

[hot4u]

After 6 months got pre approval for auto loan,

Declined it..

[Creditcurious74]

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@Exonumist wrote:

Usually you won't see preapprovals unless you do everything that Penfed likes. Your credit will need to be spotless with no new accounts or inquiries. I barely got them to approve my card and even though I've had it for 2 years I've never seen any preapproval. Still stuck at a $500 limit and frankly I'm scared to ask for one. My EQ has no inquiries, but with all my new accounts I know they will deny it. I actually over pay them so I have a negative balance just so i won't get too close to the limit. One of the downsides of aggressively building credit I suppose. 

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Thanks for the info. I'm surprised they only gave you 500 CL toy card

[takeshi74]

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@Creditcurious74 wrote:

Hello, I applied for two penfed credit cards back in Nov 20th of last year and I know is fairly new but I'd like to know if someone who have this card if they receive a quarter pre-approval CLI......I've until the 20th of this month to request one manually using same HP or should I wait until a year.

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As always, depends on your credit.  What does your NextGen score from PenFed look like (keeping in mind that score plays a part but it's not the only thing that matters)?  Has it improved?

I've only had offers for one quarter since being approved but during the other quarters I have been adding other accounts so I'm really not surprised that PenFed isn't eager to offer me anything.

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@Creditcurious74 wrote:

I'm surprised they only gave you 500 CL toy card

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Again, depends on one's credit and the creditor's criteria.

[Anonymous]

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@takeshi74 wrote:

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@Creditcurious74 wrote:

Hello, I applied for two penfed credit cards back in Nov 20th of last year and I know is fairly new but I'd like to know if someone who have this card if they receive a quarter pre-approval CLI......I've until the 20th of this month to request one manually using same HP or should I wait until a year.

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As always, depends on your credit.  What does your NextGen score from PenFed look like (keeping in mind that score plays a part but it's not the only thing that matters)?  Has it improved?

I've only had offers for one quarter since being approved but during the other quarters I have been adding other accounts so I'm really not surprised that PenFed isn't eager to offer me anything.

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@Creditcurious74 wrote:

I'm surprised they only gave you 500 CL toy card

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Again, depends on one's credit and the creditor's criteria.

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Where in the world can you find your NextGen score on the site.  I've only had the account for a month so is it something they provide periodically or what?

[OnTheRebound]

My wife's PenFed Visa account is almost 5 years old. Pristine CR's. Her Fico's low 800's. Her NexGen score is 844. 2 money market CD's, 1 savings account (well over 6 figures combined). Never any preappovals. One auto $1000.00 CLI at about the two year mark. They did however, offer, via mail, to give her a personal loan secured with saving account. Why would I do that?

I use her card once in a blue moon to keep it active.

[Ysettle4]

I believe PenFed checks EQ quarterly for it's members so if you have a credit monitoring product with EQ, you can pull an update report and see the SPs from Penfed (Ar's). If you're going to get offered anything, it will happen after the AR