Penfed pre-approval, then 24-48hr message — UPDATE 10/14 DENIED!

[yzerman]

I received both a pre-approved mailer and pre-approved offer on my Penfed home page for the Platinum Rewards Card. Interest rate stated 16.99%. The pre-approved language was prominent on both. I wasn't looking for new credit but this sure sounded like a slam dunk. I applied and got the 24-48hr message. We will see but I'm not optimistic. I hope this wasn't just misleading marketing. DPs EQ on Penfed site 684. 3 (now 4) EQ Inquiries. Income $80,600. The baddies I have are almost 5years old. No BK. I have about $98,000 total cl now including my recent 15k FNBO approval which hasn't reported yet. Should be interesting to see how firm their pre-approvals are.

[Loquat]

I hope it works out for you @yzerman.  Sometimes those mailers are nothing more than just marketing even when there's a solid APR showing.  It sucks that some of the things that we're most often sure of, are the things that don't quite work out that way...or at least not as easy as they appear on the surface.  

Again, I hope you pull out an approval but if not, don't be discouraged...it's happened to many of us here.  And the positive, regardless of how things shake out, is that you said you weren't needing the credit anyway so at least it's not hindering a plan since that wasn't you reason for applying anyway.

Chime in if you'd like and let us know how it works out...but I'm hoping to see you chime in on the Approvals side as that'd be a nice way to start the weekend. 

[yzerman]

Thanks! Such a kind response! I'll let everyone know what the decision is and hopefully the DPs will help someone else. I'm expecting a denial but I'm good either way 😊.

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@Loquat wrote:

I hope it works out for you @yzerman.  Sometimes those mailers are nothing more than just marketing even when there's a solid APR showing.  It sucks that some of the things that we're most often sure of, are the things that don't quite work out that way...or at least not as easy as they appear on the surface.  

Again, I hope you pull out an approval but if not, don't be discouraged...it's happened to many of us here.  And the positive, regardless of how things shake out, is that you said you weren't needing the credit anyway so at least it's not hindering a plan since that wasn't you reason for applying anyway.

Chime in if you'd like and let us know how it works out...but I'm hoping to see you chime in on the Approvals side as that'd be a nice way to start the weekend. 

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[Rebuild2019]

Hope it works out @yzerman. Good Luck.

[gjean78]

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@yzerman wrote:

I received both a pre-approved mailer and pre-approved offer on my Penfed home page for the Platinum Rewards Card. Interest rate stated 16.99%. The pre-approved language was prominent on both. I wasn't looking for new credit but this sure sounded like a slam dunk. I applied and got the 24-48hr message. We will see but I'm not optimistic. I hope this wasn't just misleading marketing. DPs EQ on Penfed site 684. 3 (now 4) EQ Inquiries. Income $80,600. The baddies I have are almost 5years old. No BK. I have about $98,000 total cl now including my recent 15k FNBO approval which hasn't reported yet. Should be interesting to see how firm their pre-approvals are.

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I wish you good luck, hopefully you get the approval 🤞🏾 finger cross. keep us update 

[Anonymous]

GL on the App !!! May you receive a nice CL.

[yzerman]

Update: App still in the review stage. I don't expect anything to happen until after the weekend at this point. I'll update when I get a decision. Thanks for all the positive vibes! I just consider this another lesson on my credit journey that pre-approval's aren't always as solid as they  may appear. 

[Sub16610]

Goodluck @yzerman 

[yzerman]

UPDATE DENIED. I'm fine with it but I think the Penfed pre approval was VERY misleading. Penfed  gave me a firm interest rate, a mailer with opt out language and an email both including pre approved language all over them and was asked to accept my offer. When I followed through with the app I was given the 24-48 hr message. Then I was asked for POI which in my case included two years of tax returns which was a hassle. After all that I received a denial. My EQ in the denial letter is 694. I can do without the card but IMO Penfed should be more transparent in using marketing that ends up wasting a customers (soon to be an ex customer) time. 

[Anonymous]

Unfortunate outcome. Looks like CUs are pending review and requiring POI for just about everything now. Market conditions might be less robust than advertised.

If they're gonna tighten up app requirements then marketing standards should be equally stringent and less predatory-like or offer SP apps as a consolation. More fish in the sea OP.