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Pen Fed approval experiences?

Nikita2008
New Contributor

Pen Fed approval experiences?

Hello all. 

I am curious what experience others in the rebuilding process have had with Pen Fed?

 

How solid is the pre approval from them? Does it generate a hard pull? What bureau? What kind of SLs do they have etc.

 

I am asking because I got a preapproval offer in the mail today for the Pathfinder  Visa Signature, it is somewhat appealing as the travel rewards are decent, 0% for a year, and I'm eligible to have the af waived as a vet.

 

I have a dirty file, 2 year old CO settled,  quite a few lates 30-60-90 scattered across different accounts. No BK, collect, repo etc. All accounts on time for the past 8 months or so. Current utilization is 9%.

 

I got 3 new cards approved in April - NFCU Cash Rewards 15k- Discover it Cash Back-9k, Amex BCE 2k.

 

I closed a couple of subprime cards as the AF became due, I have 3 more sub primes on the chopping block in the fall Sept, Oct, and December as their fees become due.

 

I do want a travel card to "complete" my wallet, and that was my plan going forward. I was planning on gardening for awhile, so not sure if I should take this or not. It says I have until August 31 to reply- So I can stew on it for the next 2.5 months- or just wait entirely, do they send preapprovals often if you don't accept?

Current scores 680 TU, 707 EQ, 707 Ex. Was 585-597 in December 2020.

 

 

Message 1 of 14
13 REPLIES 13
Shooting-For-800
Senior Contributor

Re: Pen Fed approval experiences?

I had a real rough start with PenFed.

They actually revoked my first approved credit card with them before I received it due to POI issues.

They came around later (with less income) and now they love me.

 

I would get in with Navy Federal (also) if you can; they seem to be more flexible.

GL!

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2021.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

5% Rotating - Discover                         5%-20% - Amazon & Lowes                   3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything - Flagship, Synchrony, Evergreen, & Venture



Message 2 of 14
spiritcraft1
Valued Contributor

Re: Pen Fed approval experiences?

Do you know what your EQ 09 is?  It seems that your scores are in range.  They approved me a couple months ago at a 729 EQ 09 and with one 6.5 YO $10k unpaid CO on my report.


| |

Rebuilding from a sudden, swift and complete credit disaster in early 2014 | Starting Scores 2017 = High 300's - Low 400's
8-1-18 -
12-24-18 -
Current F08 -
Current 2,4,5 -
Current F09 -

Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, Citi Tractor Supply Rev .8k, Amazon Net 55 $5.5k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k - All No PG || PG Accounts: AMEX Biz Gold NPSL | AMEX Biz Plat NPSL | AMEX Blue Cash and Plus Cards
Message 3 of 14
Nikita2008
New Contributor

Re: Pen Fed approval experiences?


@Shooting-For-800 wrote:

I had a real rough start with PenFed.

They actually revoked my first approved credit card with them before I received it due to POI issues.

They came around later (with less income) and now they love me.

 

I would get in with Navy Federal (also) if you can; they seem to be more flexible.

GL!


Thanks. I'm in with NFCU, they gave me 15k no POI with scores lower than I have now.

What scores are you at when you had your rough start?

Message 4 of 14
designated_knitter
Established Contributor

Re: Pen Fed approval experiences?


@Nikita2008 wrote:

Hello all. 

I am curious what experience others in the rebuilding process have had with Pen Fed?

 

How solid is the pre approval from them? Does it generate a hard pull? What bureau? What kind of SLs do they have etc.

 

I am asking because I got a preapproval offer in the mail today for the Pathfinder  Visa Signature, it is somewhat appealing as the travel rewards are decent, 0% for a year, and I'm eligible to have the af waived as a vet.

 

I have a dirty file, 2 year old CO settled,  quite a few lates 30-60-90 scattered across different accounts. No BK, collect, repo etc. All accounts on time for the past 8 months or so. Current utilization is 9%.

 

I got 3 new cards approved in April - NFCU Cash Rewards 15k- Discover it Cash Back-9k, Amex BCE 2k.

 

I closed a couple of subprime cards as the AF became due, I have 3 more sub primes on the chopping block in the fall Sept, Oct, and December as their fees become due.

 

I do want a travel card to "complete" my wallet, and that was my plan going forward. I was planning on gardening for awhile, so not sure if I should take this or not. It says I have until August 31 to reply- So I can stew on it for the next 2.5 months- or just wait entirely, do they send preapprovals often if you don't accept?

Current scores 680 TU, 707 EQ, 707 Ex. Was 585-597 in December 2020.

 

 


You would normally be good but with those 3 cards from April, they may not like all that new credit.  Are the new accounts reporting?

Started Over Again after Cap1 Death Penalty:
06/15/2019:
03/02/2021:
04/06/2021:
05/28/2021:
Lesson Learned: DON'T POKE THE BEAR!!! THE BEAR WILL WIN!!!
Message 5 of 14
Nikita2008
New Contributor

Re: Pen Fed approval experiences?

Yes, those accounts are reporting. In the very least I may stew on this offer until 8/31 when it expires and make a decision around that time. I don't need a card at the moment, but I do plan to add a travel card, when is the bigger question.

 

I am wondering does a preapproval really make that big of a difference in the grand scheme of things. If I would get approved with it, would it be the same without? At one point I was considering NFCU Flagship for this purpose ( and I think I could easily get it), upon review of the Pathfinder offer, I think it is a stronger card. Once I get the travel card I'm pretty much done, because I will have fulfilled all card needs ( as I don't want store cards).

Message 6 of 14
designated_knitter
Established Contributor

Re: Pen Fed approval experiences?

At a minimum, I would expect that if they made the offer now and you didn't go for it, you'll probably get another offer within the next year.

 

Someone posted that while there isn't a pre-approval link for Penfed credit cards, there is a link for Penfed Personal Loan pre-approval... so if you decide you really want that card, you could always check the Personal Loan pre-qualifier and if that comes back with a positive result, it is probably pretty safe to assume you would be able to get a credit card.

 

Good Luck!

 

 


@Nikita2008 wrote:

Yes, those accounts are reporting. In the very least I may stew on this offer until 8/31 when it expires and make a decision around that time. I don't need a card at the moment, but I do plan to add a travel card, when is the bigger question.

 

I am wondering does a preapproval really make that big of a difference in the grand scheme of things. If I would get approved with it, would it be the same without? At one point I was considering NFCU Flagship for this purpose ( and I think I could easily get it), upon review of the Pathfinder offer, I think it is a stronger card. Once I get the travel card I'm pretty much done, because I will have fulfilled all card needs ( as I don't want store cards).


 

Started Over Again after Cap1 Death Penalty:
06/15/2019:
03/02/2021:
04/06/2021:
05/28/2021:
Lesson Learned: DON'T POKE THE BEAR!!! THE BEAR WILL WIN!!!
Message 7 of 14
Nikita2008
New Contributor

Re: Pen Fed approval experiences?


@designated_knitter wrote:

At a minimum, I would expect that if they made the offer now and you didn't go for it, you'll probably get another offer within the next year.

 

Someone posted that while there isn't a pre-approval link for Penfed credit cards, there is a link for Penfed Personal Loan pre-approval... so if you decide you really want that card, you could always check the Personal Loan pre-qualifier and if that comes back with a positive result, it is probably pretty safe to assume you would be able to get a credit card.

 

Good Luck!

 

 


@Nikita2008 wrote:

Yes, those accounts are reporting. In the very least I may stew on this offer until 8/31 when it expires and make a decision around that time. I don't need a card at the moment, but I do plan to add a travel card, when is the bigger question.

 

I am wondering does a preapproval really make that big of a difference in the grand scheme of things. If I would get approved with it, would it be the same without? At one point I was considering NFCU Flagship for this purpose ( and I think I could easily get it), upon review of the Pathfinder offer, I think it is a stronger card. Once I get the travel card I'm pretty much done, because I will have fulfilled all card needs ( as I don't want store cards).


 


 Thanks. I didn't know about the loan prequalify. Like I said, I will wait until August, I have a feeling, Ill end up waiting it out longer than that.  Originally, I was thinking of letting those 3 new cards age to at least a year. I don't know if some other tempting offer will come along and knock me off the wagon.  I'm also curious to see if the NFCU and Discover grow ( I don't expect Amex to grow much) I am not planning a lot of substantial travel until later next year. My travel for this year is paid for already, so it would not be a huge benefit right now.

 

At the same time I got this offer I got an offer for Ollo also, not really to interested in that @ 27.99% interest, that's on par with all the subprime cards I had, and am getting rid of- although other terms are ok. I don't carry big balances, so not a huge deal, but not worth a pull. 

Message 8 of 14
Shooting-For-800
Senior Contributor

Re: Pen Fed approval experiences?


@Nikita2008 wrote:

@Shooting-For-800 wrote:

I had a real rough start with PenFed.

They actually revoked my first approved credit card with them before I received it due to POI issues.

They came around later (with less income) and now they love me.

 

I would get in with Navy Federal (also) if you can; they seem to be more flexible.

GL!


Thanks. I'm in with NFCU, they gave me 15k no POI with scores lower than I have now.

What scores are you at when you had your rough start?


I think I was around 700.

I think they would not take household income before and now they do.

It was a few years ago.

GL!

 

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2021.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

5% Rotating - Discover                         5%-20% - Amazon & Lowes                   3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything - Flagship, Synchrony, Evergreen, & Venture



Message 9 of 14
Nikita2008
New Contributor

Re: Pen Fed approval experiences?


@Shooting-For-800 wrote:

@Nikita2008 wrote:

@Shooting-For-800 wrote:

I had a real rough start with PenFed.

They actually revoked my first approved credit card with them before I received it due to POI issues.

They came around later (with less income) and now they love me.

 

I would get in with Navy Federal (also) if you can; they seem to be more flexible.

GL!


Thanks. I'm in with NFCU, they gave me 15k no POI with scores lower than I have now.

What scores are you at when you had your rough start?


I think I was around 700.

I think they would not take household income before and now they do.

It was a few years ago.

GL!

 


Good to know, NFCU took household income I'm sure that's why I got 15k I'm sure.

Message 10 of 14
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