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Are these lenders currently BK friendly?

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Anonymous
Not applicable

Are these lenders currently BK friendly?

Hey everyone!

 

I'm currently looking around for my next lender - my DW's Credit One card will need replaced within the next 90 days (before the AF hits), I need to replace my auto lease within the next 6 months, and I'm always keen to get better rewards.  A complete picture of my household profile can be found in the thread linked in my sig.

 

Without further ado, here are the candidates:

 

Penfed - There's a lot of info out there so I have a "pretty good" idea what to expect - still, for the sake of completeness they're listed because I'm likely going to hit them up for an auto loan and/or their 5% gas rewards card.

 

Consumers CU (IL) - I'm loooking at these guys for my next checking account because who doesn't want to earn 3% on $10k, as well as their BCE clone credit card - and maybe an auto loan if they have a good deal...but are they friendly to a well-managed BK rebuilder?

 

Inspirus (WA) - These guys have my emergency fund (7% on $1k is really hard to ignore), and they recently came out with a Citi DC clone which has my mouth watering...but I know absolutely nothing about their credit underwriting so I'm hoping someone else does...

 

DCU - They'd be a good place to stash $750 of my savings, but mainly interested in Auto from them...and know little to nothing about the current state of their underwriting

 

I'm not limiting my inquiry to these, they're just the current short list - i'm also considering NFCU and Capital One for my auto loan, but I'm pretty confident I know the scoop on them -  feel free to suggest anyone else you think would be good for me  Smiley Happy

 

 

Message 1 of 10
9 REPLIES 9
TXinandout
Frequent Contributor

Re: Are these lenders currently BK friendly?


@Anonymous wrote:

Hey everyone!

 

I'm currently looking around for my next lender - my DW's Credit One card will need replaced within the next 90 days (before the AF hits), I need to replace my auto lease within the next 6 months, and I'm always keen to get better rewards.  A complete picture of my household profile can be found in the thread linked in my sig.

 

Without further ado, here are the candidates:

 

Penfed - There's a lot of info out there so I have a "pretty good" idea what to expect - still, for the sake of completeness they're listed because I'm likely going to hit them up for an auto loan and/or their 5% gas rewards card.

 

Consumers CU (IL) - I'm loooking at these guys for my next checking account because who doesn't want to earn 3% on $10k, as well as their BCE clone credit card - and maybe an auto loan if they have a good deal...but are they friendly to a well-managed BK rebuilder?

 

Inspirus (WA) - These guys have my emergency fund (7% on $1k is really hard to ignore), and they recently came out with a Citi DC clone which has my mouth watering...but I know absolutely nothing about their credit underwriting so I'm hoping someone else does...

 

DCU - They'd be a good place to stash $750 of my savings, but mainly interested in Auto from them...and know little to nothing about the current state of their underwriting

 

I'm not limiting my inquiry to these, they're just the current short list - i'm also considering NFCU and Capital One for my auto loan, but I'm pretty confident I know the scoop on them -  feel free to suggest anyone else you think would be good for me  Smiley Happy

 

 


I think for DCU auto loans you need a min. of 2 years from discharge. NFCU I've read 6 months at a min, a year is the safe side (Scupra got his auto loan at a one year mark). Penfed seems to be all over when it comes to BK and auto loans, I've seen approvals 3,6,9,12 months post-discharge and also lots of denials.

 

I hope this helps.

BK Discharged 06/02/2016 SCORES AROUND 475

Current scores:
EXP-667
EQ-654
TU-653
Message 2 of 10
Anonymous
Not applicable

Re: Are these lenders currently BK friendly?

PenFed is very confusing. They DO NOT like a lot of inquiries and will reject you just on that. You can apply, you'll have to recon most likely. The CEO is really pushing for them to be a big CU, and cutting corners. A lot of people are new employees and have no clue what's going on, they don't have very good trainings, so it's worth trying to recon if you get a denial. I would also apply for a card with no frills then work your way up.

Message 3 of 10
TXinandout
Frequent Contributor

Re: Are these lenders currently BK friendly?


@Anonymous wrote:

PenFed is very confusing. They DO NOT like a lot of inquiries and will reject you just on that. You can apply, you'll have to recon most likely. The CEO is really pushing for them to be a big CU, and cutting corners. A lot of people are new employees and have no clue what's going on, they don't have very good trainings, so it's worth trying to recon if you get a denial. I would also apply for a card with no frills then work your way up.


Have you applied for any products with them? what's the most basic/easiest cc to get approved for? I believe you used to work for them right?

BK Discharged 06/02/2016 SCORES AROUND 475

Current scores:
EXP-667
EQ-654
TU-653
Message 4 of 10
Wovenyarn
Regular Contributor

Re: Are these lenders currently BK friendly?

I'm not sure about being BK friendly but I have one of my cars financed thru DCU.  it was a very easy process and they give you a lower rate if you direct deposit with them.  I think my rate is 3% and some change.  I also have a credit card and bank accounts with them as well.

Freedom $3k, DCU $5k, BoA Rewards $1k, BoA Americard $2k, Barclay's Ring $3k, Cap 1 Plat $2k, QS1 $2k, Discover IT $500, Lowe's $10k

Scores: EQ 687, TU 709, EX 692
Message 5 of 10
Anonymous
Not applicable

Re: Are these lenders currently BK friendly?

Yes, I used to work for them and have friends who are still stuck under it's regime. The PenFed Promise Visa is the basic card you can start off with, then the next level up is the Gold.

@TXinandout wrote:

@Anonymous wrote:

PenFed is very confusing. They DO NOT like a lot of inquiries and will reject you just on that. You can apply, you'll have to recon most likely. The CEO is really pushing for them to be a big CU, and cutting corners. A lot of people are new employees and have no clue what's going on, they don't have very good trainings, so it's worth trying to recon if you get a denial. I would also apply for a card with no frills then work your way up.


Have you applied for any products with them? what's the most basic/easiest cc to get approved for? I believe you used to work for them right?


 

Message 6 of 10
TXinandout
Frequent Contributor

Re: Are these lenders currently BK friendly?


@Anonymous wrote:
Yes, I used to work for them and have friends who are still stuck under it's regime. The PenFed Promise Visa is the basic card you can start off with, then the next level up is the Gold.

@TXinandout wrote:

@Anonymous wrote:

PenFed is very confusing. They DO NOT like a lot of inquiries and will reject you just on that. You can apply, you'll have to recon most likely. The CEO is really pushing for them to be a big CU, and cutting corners. A lot of people are new employees and have no clue what's going on, they don't have very good trainings, so it's worth trying to recon if you get a denial. I would also apply for a card with no frills then work your way up.


Have you applied for any products with them? what's the most basic/easiest cc to get approved for? I believe you used to work for them right?


 


Regime? Oh my LOL!

BK Discharged 06/02/2016 SCORES AROUND 475

Current scores:
EXP-667
EQ-654
TU-653
Message 7 of 10
Anonymous
Not applicable

Re: Are these lenders currently BK friendly?


@Anonymous wrote:

PenFed is very confusing. They DO NOT like a lot of inquiries and will reject you just on that. You can apply, you'll have to recon most likely. The CEO is really pushing for them to be a big CU, and cutting corners. A lot of people are new employees and have no clue what's going on, they don't have very good trainings, so it's worth trying to recon if you get a denial. I would also apply for a card with no frills then work your way up.


Is this a lot?

 

Inquiries

EX: 2
TU: 4
EQ: 5
Message 8 of 10
Anonymous
Not applicable

Re: Are these lenders currently BK friendly?


@Anonymous wrote:

PenFed is very confusing. They DO NOT like a lot of inquiries and will reject you just on that. You can apply, you'll have to recon most likely. The CEO is really pushing for them to be a big CU, and cutting corners. A lot of people are new employees and have no clue what's going on, they don't have very good trainings, so it's worth trying to recon if you get a denial. I would also apply for a card with no frills then work your way up.


I agree with Harleygirl. PenFed is a confusing mess. They like to approve for a savings account w/ a hard pull and then offer a "Limited Checking" that isn't really worth having - HOWEVER, recently PenFed has announced their merger with Miramar FCU (MFED) in San Diego and if you can get in with MFED, the rules of the merger sound like you'll end up with a full-featured PenFed account in June without a hard pull, and no weird limits like denying all ACH xfers. 

Message 9 of 10
Anonymous
Not applicable

Re: Are these lenders currently BK friendly?


@Anonymous wrote:

@Anonymous wrote:

PenFed is very confusing. They DO NOT like a lot of inquiries and will reject you just on that. You can apply, you'll have to recon most likely. The CEO is really pushing for them to be a big CU, and cutting corners. A lot of people are new employees and have no clue what's going on, they don't have very good trainings, so it's worth trying to recon if you get a denial. I would also apply for a card with no frills then work your way up.


I agree with Harleygirl. PenFed is a confusing mess. They like to approve for a savings account w/ a hard pull and then offer a "Limited Checking" that isn't really worth having - HOWEVER, recently PenFed has announced their merger with Miramar FCU (MFED) in San Diego and if you can get in with MFED, the rules of the merger sound like you'll end up with a full-featured PenFed account in June without a hard pull, and no weird limits like denying all ACH xfers. 


Sadly, I do not qualify for MFED - the only reason I qualify for PenFed is my NLUS membership, which is what got me into NFCU  Smiley Wink

Message 10 of 10
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