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Pre-Approved offer from Penfed?

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Senior Contributor

Pre-Approved offer from Penfed?

LIke the title suggests I'm curious if they send out these types of offers, because i received one in the mail Saturday for the Penfed Power Cash, and it says "You have been Pre-Approved* to earn unlimited cash back on every purchase!  I wasn't sure because of the way it's worded and I could be mistaken, and it might just be an invitation to apply. The APR is 14.99% 

 

While I'vehad several mail offers from regular banks, I don't recall ever getting one from a CU. I also always assumed that i was out of their footprint, though via google search they do have a branch about 240 miles away in Eugene.

 

I'm honestly conflicted on whether I should go for it or not






Message 1 of 17
16 REPLIES 16
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Mega Contributor

Re: Pre-Approved offer from Penfed?

@Janus, PenFed Mailers have been very solid ..

I have read quite a few approvals from those.

 

I was approved through one last year.

 

Not trying to be a bad influence ... just DP's.

"It's true hard work never killed anybody, but I figure, why take the chance?"
Message 2 of 17
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Mega Contributor

Re: Pre-Approved offer from Penfed?

Also they pull EQ9  .. looks like EQ is your highest scoreSmiley Happy

"It's true hard work never killed anybody, but I figure, why take the chance?"
Message 3 of 17
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Valued Contributor

Re: Pre-Approved offer from Penfed?

So I take it you're not a member yet?

And yeah I think that's actually a solid pre-approval with a set APR and NOT a range. Plus they're actually not geo-restricted or military only. They jusk for a donation on one of their chosen organizations and anyone can pretty much join and be a member.

ONLY thing though is they don't like "credit-seeking" behavior and egyptians pyramiding debts!

BK7 dc in 01/2011 with FICO8 in the 500s

HPs EX 5 EQ 3 TU 1
AAoA 5y2m
UTIL 1% - 3%

$200K+ Total Limits







New cc TLs 0/6 ; 1/12 & 3/24
Message 4 of 17
Highlighted
Mega Contributor

Re: Pre-Approved offer from Penfed?

I don't think they even ask for a donation anymore? .. I could be wrong!

"It's true hard work never killed anybody, but I figure, why take the chance?"
Message 5 of 17
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Community Leader
Mega Contributor

Re: Pre-Approved offer from Penfed?


@Janus wrote:

LIke the title suggests I'm curious if they send out these types of offers, because i received one in the mail Saturday for the Penfed Power Cash, and it says "You have been Pre-Approved* to earn unlimited cash back on every purchase!  I wasn't sure because of the way it's worded and I could be mistaken, and it might just be an invitation to apply. The APR is 14.99% 

 

While I'vehad several mail offers from regular banks, I don't recall ever getting one from a CU. I also always assumed that i was out of their footprint, though via google search they do have a branch about 240 miles away in Eugene.

 

I'm honestly conflicted on whether I should go for it or not


Ive gotten 1 mailer from PF, Just 1 in 4 years , of course a week after another denial. I wouldnt worry about geography,  Penfed seems more inclined to offer credit to nonmembers than their actual memvers as of late.

Message 6 of 17
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Community Leader
Mega Contributor

Re: Pre-Approved offer from Penfed?


@M_Smart007 wrote:

Also they pull EQ9  .. looks like EQ is your highest scoreSmiley Happy


In my experience , this score really doesnt factor much into their decisions. Just look at all the 680 approvals lol. Heck i even achieved a 810 once and they could care less. My opinion of courseSmiley Wink

Message 7 of 17
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Established Contributor

Re: Pre-Approved offer from Penfed?


@AverageJoesCredit wrote:

@Janus wrote:

LIke the title suggests I'm curious if they send out these types of offers, because i received one in the mail Saturday for the Penfed Power Cash, and it says "You have been Pre-Approved* to earn unlimited cash back on every purchase!  I wasn't sure because of the way it's worded and I could be mistaken, and it might just be an invitation to apply. The APR is 14.99% 

 

While I'vehad several mail offers from regular banks, I don't recall ever getting one from a CU. I also always assumed that i was out of their footprint, though via google search they do have a branch about 240 miles away in Eugene.

 

I'm honestly conflicted on whether I should go for it or not


Ive gotten 1 mailer from PF, Just 1 in 4 years , of course a week after another denial. I wouldnt worry about geography,  Penfed seems more inclined to offer credit to nonmembers than their actual memvers as of late.


 This.  I joined.  DH got an offer the other day.  I understand his credit is better, but still rude! Smiley Wink









Message 8 of 17
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Established Contributor

Re: Pre-Approved offer from Penfed?


@M_Smart007 wrote:

@Janus, PenFed Mailers have been very solid ..

I have read quite a few approvals from those.

 

I was approved through one last year.

 

Not trying to be a bad influence ... just DP's.


(PenFed Mailers pre-approved mailer) <-- There's something I KNOW I will never get Smiley LOL





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Message 9 of 17
Highlighted
Established Contributor

Re: Pre-Approved offer from Penfed?


@AverageJoesCredit wrote:

@Janus wrote:

LIke the title suggests I'm curious if they send out these types of offers, because i received one in the mail Saturday for the Penfed Power Cash, and it says "You have been Pre-Approved* to earn unlimited cash back on every purchase!  I wasn't sure because of the way it's worded and I could be mistaken, and it might just be an invitation to apply. The APR is 14.99% 

 

While I'vehad several mail offers from regular banks, I don't recall ever getting one from a CU. I also always assumed that i was out of their footprint, though via google search they do have a branch about 240 miles away in Eugene.

 

I'm honestly conflicted on whether I should go for it or not


Ive gotten 1 mailer from PF, Just 1 in 4 years , of course a week after another denial. I wouldnt worry about geography,  Penfed seems more inclined to offer credit to nonmembers than their actual memvers as of late.


Bravo - perfectly said! Smiley Happy





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Message 10 of 17
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