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Penfed "Offer" Letter

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Senior Contributor

Re: Penfed "Offer" Letter

You have to read PenFed mailers carefully as they do send out bona-fide loan prequalifications containing opt-out language as well as generic ITAs.


I do receive both types, but the mailer I got earlier this week was in fact a generic invitation to apply for a personal loan. 

(8/2019)
FICO 8 (EX) 793 (TU) 808 (EQ) 794
FICO 9 (EX) 822 (TU) 827 (EQ) 844

$800K+ club
Message 11 of 21
Super Contributor

Re: Penfed "Offer" Letter

Trash it and chuckle...but watch that mail box.

 

If you're at 11 months, you're entering their window.

 

After no love or offers of any kind, I got the blank check loan in the mail approximately one year after opening my accounts there.

 

 

10/01/19 Fico 8: EX 717, EQ 721, TU 742.

Zero percent financing is where the devil lives...
Message 12 of 21
Senior Contributor

Re: Penfed "Offer" Letter


@James_A wrote:

@thornback wrote:
... I decided it's just a marketing scheme devised to convince me to waste another HP ...

Tricky Penfed! I hadn't considered that one. You may be right. Hopefully we'll hear from others who: A) got tricked & wasted the HP; or B) survived it and procured shiny new (low interest) loans.


I got the same letter Monday and C) tossed it in the trash.

I'm sure it's just marketing as I would be a very unlikely candidate for a person loan from them, I have a Home Equity Line of Credit with them that I've barely touched, and at 80% LTV it's only Prime+0% (currently 5.50%) so why in the world would I want an unsecured loan at a higher rate?


Fico 08: 734/716/734 TU/EX/EQ
Message 13 of 21
Valued Contributor

Re: Penfed "Offer" Letter

If the letter came with a solid APR and balance transfer/deposit checks, then it's a pre-approved offer and no HP will be used if you choose to take advantage of the offer.

 

If; however, there are no checks and/or solid APR then it's just an invitation, then I would be weary of the HP and approval.

Message 14 of 21
Valued Contributor

Re: Penfed "Offer" Letter


@RicHowe wrote:

If the letter came with a solid APR and balance transfer/deposit checks, then it's a pre-approved offer and no HP will be used if you choose to take advantage of the offer.

 

If; however, there are no checks and/or solid APR then it's just an invitation, then I would be weary of the HP and approval.


Right. The original post acknowledges as much, while at the same time wondering is this "offer" (perhaps) indicative of future (better) offers to come? For example, FNBO sent me 6.9% BT offers for months before eventually sending a 5.9% offer. Chase did similar (ending with a 1.9% offer I accepted).

 

Did ya'll that got preapproved checks previously get "offer" letters? 

 

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (10/17/2019): FICO 08 EXP: 739; TU: 744; EQ: 749
2019 Goal Score: 800 across the board


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Message 15 of 21
Valued Contributor

Re: Penfed "Offer" Letter

I received the offer letter too

Message 16 of 21
Community Leader
Senior Contributor

Re: Penfed "Offer" Letter

Me too! Just got the one for the $25000 loan, and have been getting invited to apply for their Platinum Rewards Visa Signature...no set APR.
Current Scores: EQ 679;TU 647; EX 679 Gardening since 11/7/18
Beginning Scores-- EQ 632; TU 576; EX 619 FICO 08 (06/13/16) - BK7 discharged 11/2015
Message 17 of 21
Valued Contributor

Re: Penfed "Offer" Letter


@Bella007 wrote:
Me too! Just got the one for the $25000 loan, and have been getting invited to apply for their Platinum Rewards Visa Signature...no set APR.

wow where the blank have been? i been missing you 

Message 18 of 21
Established Contributor

Re: Penfed "Offer" Letter

I  joined PenFed last year while searching for the best auto loan rates.  I've never had any offers for them show up on the website...

 

But this past week, I got a pre approved offer for a personal loan up to $25K at 14.99%.   It was a live check at the bottom of the letter.  I read carefully, and they were specific...  Write in the amount you want and deposit the check.  This will be your loan. 

 

Not that I'd trust PenFed as far as I could throw them after the way they treated me during my auto loan application (thankfully I ended up going with NFCU), nor do I need a 14.99% personal loan, but I found it intersting that they sent a live check rather than a fake check and an invitation to apply online.

NFCU MR: $25K | Venture: $21K | Amex ED: $18K | NFCU CR: $18K | Amex BCE: $15K | IT #1: $15K | PNC Core: $15K | Wells Fargo: $11K | Savor: 12K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $6.8K | MLife: $6.5K | Sportsman's Guide: $8.7K | NRA: $5.5K | Elan Plat: $2.3K | Cap1 PS: 2K | TRV: $2.8K | Cabela's: $1K |



 


Current FICO 8 Scores: EQ: 735 | TU: 741 | EX: 733

Message 19 of 21
Valued Contributor

Re: Penfed "Offer" Letter


@James_A wrote:

FINANCE your next BIG DECISION with a personal loan up to $25,000 

 

James,

You're invited to apply ...

 

Questions for those who have succeeded at the Penfed experience (from someone who has gotten ZERO notice from Penfed since becoming a 2k CC member 11 months ago, and then only via recon, as my Egyptianness apparently offends their finely-tuned senses):

 

* how similar is this to a pre-qualified offer?

* is this precursor to a check arriving in the mail?

* Penfed is warming to me now, right?

* throw it in the trash & chuckle, or keep a watchful eye on the mailbox from now on?


The up to 25,000 check with fixed APR arrived in today's mail. This after I burned a HP trying to get a CLI on my Penfed Gold CC last month. lol. 

 

New Question: If I do not cash this check but wait, how likely is it another check arrives but with much better terms?

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (10/17/2019): FICO 08 EXP: 739; TU: 744; EQ: 749
2019 Goal Score: 800 across the board


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Message 20 of 21
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