The only way to get pre-approved for a PenFed credit card is if you received a pre-approved offer via mail or e-mail. PenFed does not have an online tool to check for pre-approval.
Here’s what you should know about PenFed credit card pre-approval:
Unlike online pre-approvals that may return results for multiple cards with the highest odds of approval, PenFed’s mailed or e-mailed pre-approval offers will be for one specific credit card.
You can respond to a PenFed credit card pre-approval offer online or over the phone at (800) 247 -5626. Be sure to provide the access code at the bottom of the offer letter so that PenFed can flag the application as pre-approved.
Non-members who are approved for the card must also qualify for PenFed membership, which includes opening a PenFed savings account with a minimum $5 deposit.
PenFed pre-approval doesn’t guarantee that you’ll be approved for a card, but it does indicate that your chances of getting approved are very high if you apply.
Pre-approvals do not affect your credit score, as they’re done using a soft inquiry. But if you decide to apply for the card, PenFed will conduct a hard inquiry, which will lead to a slight, but temporary decrease in your credit score.
Alternatively, you can use WalletHub’s CardAdvisor tool to find the right credit card for you. Just answer a few general questions, and based on your responses, CardAdvisor will provide you with some recommended credit card offers.
The PenFed credit card approval requirements include an excellent (750+) credit score and proof of a steady income. Applicants must also be at least 18 years old and either a U.S. citizen or permanent resident.
Those under 21 years old will need to offer evidence of independent income, too. PenFed credit union membership is also required in order to be approved for a credit card. The membership requirements and the application to join are available on the PenFed … read full answerwebsite.
Other PenFed Credit Card Approval Requirements
Application requirements also include personal information such as your name, address and birthdate. Your Social Security Number (SSN) or Individual Tax ID Number (ITIN) and U.S. citizenship status are also required. In addition, PenFed will review your credit history, your income and any debts you have. Your bank account information, monthly mortgage/rent payment, and employment status will also be taken into account.
PenFed credit card approval odds are best for people with an excellent credit score of 750, an annual income of $50,000+, and relatively little debt. Applicants will also need to be 18+ years old with a U.S. mailing address and an SSN or ITIN to get a PenFed credit card.
While credit scores are very important, PenFed credit card approval depends on several other factors as well. For example, applicants need to have enough income to make payments on the card. PenFed will also look at your monthly housing costs and existing debts when considering your application.
Yes, it is hard to get a PenFed credit card. As of July 2020, all of PenFed’s main credit card offers require excellent credit for approval, or a score of 750+. Those include the PenFed Platinum Rewards card, Gold Visa and Power Cash Rewards card. In addition, PenFed’s other credit cards that are co-branded with various organizations tend to require good credit, or a score of 700+. Therefore, PenFed credit cards are hard to get for the average person, since the average credit score is only in the fair credit range. Applicants who don’t have a steady income will also find it hard to get a PenFed credit card, although PenFed doesn’t disclose a specific income needed for approval.… read full answer
Another factor that makes it hard to get a PenFed credit card is that you can’t apply for the card without first becoming a member of the credit union. While doing so is free, as well as open to any U.S. citizen or permanent resident, it does require the time to fill out an extra application and open a savings account with at least $5 in it. If you don’t want to go through that trouble just to apply, especially when approval isn’t guaranteed, you may want to look elsewhere.
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