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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.
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!
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
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.
@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?
@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?
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).
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).
@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.
@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!
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
@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.