Pen Fed question

[ScottsdaleDad]

Hi everyone. I had a chapter 7 bk discharged in May 2016, and was approved for a $1,400 Discover IT card in June 2016. The only credit I carried through the bk were 2 reaffirmed auto loans. Despite the recent discharge, I decided to take a chance with PEN FED and was approved for membership and a Thrifty Line of Credit for $500. Since they already had a hard pull, I also applied for a Platinum Rewards card, but was denied due to the recent bk. I reconned, but was again denied. The CSR said the loan officer was close to approving, but wanted more positive history. She recommended opening a share secured loan with PEN FED to build my history, and reapply in 6 months. I am going to do this and manage my LOC well to build the history. Despite the recent bk, my scores are not horrible  (EQ 651, TU 644, EX 610). 

Do you think I should recon again, apply for a Promise card, or just build the history and apply in 6 months? I have just started a significant direct deposit with them, so maybe that will help. I am also re-establishing with a couple of other lenders so that should help too. 

Thanks for any advice you have. 

[creditguy]

I wouldn't waste your time with another recon, while some may say it won't hurt to try again, I'd argue against that. They already stated they'd like to see more history and nothing will change that but time and patience.

Why risk poking a bee hive when all it takes is six months, which is nothing in the grand scheme of things. Good things come to those who wait. Build up your profile and get the card when the time is right, it will always be there waiting for you, you'll probably get a better SL too by waiting. Good luck.

[Anonymous]

Just do what they say, use your credit responsibly for at least 6 months. They aren't as crazy conservative as they used to be but they do want some history.

You can try NFCU (check the threads on how to build as a civilian) thru are more forgiving right out of a bk.

[ScottsdaleDad]

I actually included Navy in my bk. It killed me to do it because I had clean credit with them before the bk, but I didn't have a choice. My other creditors were the issue. I reaffirmed one of my auto loans with them and my savings accounts are still open, but I know they won't do anything for me until I pay back any losses. 

[Anonymous]

"Take the cannoli, Leave the gun-ship behind"

---

ScottsdaleDad wrote:

Hi everyone. I had a chapter 7 bk discharged in May 2016, and was approved for a $1,400 Discover IT card in June 2016. The only credit I carried through the bk were 2 reaffirmed auto loans. Despite the recent discharge, I decided to take a chance with PEN FED and was approved for membership and a Thrifty Line of Credit for $500. Since they already had a hard pull, I also applied for a Platinum Rewards card, but was denied due to the recent bk. I reconned, but was again denied. The CSR said the loan officer was close to approving, but wanted more positive history. She recommended opening a share secured loan with PEN FED to build my history, and reapply in 6 months. I am going to do this and manage my LOC well to build the history. Despite the recent bk, my scores are not horrible  (EQ 651, TU 644, EX 610). 

Do you think I should recon again, apply for a Promise card, or just build the history and apply in 6 months? I have just started a significant direct deposit with them, so maybe that will help. I am also re-establishing with a couple of other lenders so that should help too. 

Thanks for any advice you have. 

---

[ScottsdaleDad]

Yeah, I think I just need to be patient. I just saw my denial score. It was EQ 564. Not sure how I was approved for the LOC with that score, but I'll take it. 

[Anonymous]

Wait for Penfed and use your credit well with them is my suggestion. Good luck to you!

[ScottsdaleDad]

I will.

Thanks

[NichelleN]

---

@ScottsdaleDad wrote:

Yeah, I think I just need to be patient. I just saw my denial score. It was EQ 564. Not sure how I was approved for the LOC with that score, but I'll take it. 

---

I'd guess it's because it's a secured loan.

Congrats on the membership, the loan and a re-start

[Anonymous]

---

@NichelleN wrote:

---

@ScottsdaleDad wrote:

Yeah, I think I just need to be patient. I just saw my denial score. It was EQ 564. Not sure how I was approved for the LOC with that score, but I'll take it. 

---

I'd guess it's because it's a secured loan.

Congrats on the membership, the loan and a re-start

---

The LOC isn't secured.