@VelosterBEAR wrote:
It seems like PenFed just isn’t great when it comes rebuilding or at least not right off the bat. I figured I would give it a year and see how they respond the next time I apply for products.
In the meantime, I’ve been able to establish my relationship with NFCU and it’s paying off BIG TIME!
Some people have a really tough time with PenFed while others seem to have no issues. I'm one of those that didn't have issues. I financed 2 cars and had over $15k in available credit across 2 cards with them 3 years into my 5 year BK13. Never once did an underwriter question my BK. They did occasionally mention my (at the time) constant opening of new cards. But honestly, I was never denied anything from PenFed with my BK being the sole reason.
Now with that being said, I wouldn't recommend ANYONE go against the trustee in regards to opening new credit while in the process of a BK13. It was, and I believe still is, against the rules for most folks. I rolled the dice and it happened to work out for me. The reward in the risk that I took was that I was well into my rebuild at time of discharge. I took a gamble and was prepared to deal with the results of it had come to that. However, I repeat, do not attempt to play game I played...looking back on it, it was very foolish when I did it...thankfully I walked away unscathed.
