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PenFed BK friendly for membership?

New Contributor

PenFed BK friendly for membership?

Does PenFed usually approve membership if my chapter 13 is only a year old? Want to get my foot in with another credit union that is bk friendly. I know they pull EQ for membership and that's my highest score at 598.
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Frequent Contributor

Re: PenFed BK friendly for membership?


batechmikew wrote:
Does PenFed usually approve membership if my chapter 13 is only a year old? Want to get my foot in with another credit union that is bk friendly. I know they pull EQ for membership and that's my highest score at 598.

They will most likely only give you a savings account, but not a checking. You have to have a certain credit score in order for them to deem you worthy for a checking account. Risk based lending starts with them at 621 for the lowest tier for loan products.

Ch7 BK filed 7/5/16, DC 10/12/16
Message 2 of 5
New Contributor

Re: PenFed BK friendly for membership?

Decided to app for membership with one of the smaller CU's they are merging with on May 1st... If MFED approves me for membership I can get a checking, savings, and secured card that all transfers over to PenFed on May 1st 😎
Message 3 of 5
Frequent Contributor

Re: PenFed BK friendly for membership?

HAHA NICE.

Ch7 BK filed 7/5/16, DC 10/12/16
Message 4 of 5
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Community Leader
Super Contributor

Re: PenFed BK friendly for membership?


harleygirl1987 wrote:

batechmikew wrote:
Does PenFed usually approve membership if my chapter 13 is only a year old? Want to get my foot in with another credit union that is bk friendly. I know they pull EQ for membership and that's my highest score at 598.

They will most likely only give you a savings account, but not a checking. You have to have a certain credit score in order for them to deem you worthy for a checking account. Risk based lending starts with them at 621 for the lowest tier for loan products.


Depends...They gave me one with savings opening, and the $500 thrify CLOC.  Ive since then closed the checking/CLOC because I had too many checking accts at various institutions, and was hard to keep up with it all...So I just have my CC $5k, and savings with them now. 

 

 

(BK7 d/c-08/2013/FICO-400's) ~ 07/2017 FICO 08- EQ-669, TU-676, EX-681
Scores being held down by tons of INQ/New acts Smiley Wink
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