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I have been lurking these forums for the past month or so. In summary, chapter 7 filed February 2016, discharged June 2016. I picked up an auto loan just after discharge and I have two student loans to give an installment loan history. I picked up Credit One and Matrix months after discharge along with some store cards (I had not yet discovered these forums). Store cards include Fingerhut, HSN, Kohls, and a local furniture store who is provided Comenity Bank (none burned in BK).
I decided to sign up for Penfed and try a credit card. I did not research which card to apply and I went for Cash Rewards on March 9. Up until today status showed Pending and it was referred to a loan officer. I called today stating I wanted to check on the status and provide any additonal information. To my surprise I was approved for $5,000 at 17.99%. I was told it was a "comedy of errors" as to why the account remained in pending for so long. I didn't push and ask any questions since I was approved.
Product(s) approved and Limit: Cash Rewards, $5,000
EQ 08 Fico: EQ 663, TU 654, EX 663
Penfed Nextgen: Unk, will update when received
Instant or Review?: Review for over 2 weeks, had to call in and check on status
POI?(If yes, what type of proof of income): No
AAOA: 1.5
Derogs?: BK discharged June 2016
Util: 33% (at time of app, now at 0%)
Total EQ Inquiries:
Last 12 months: 5
Last 6 months: 6
New Accounts in last 12 months: 7
Last 6 months: 1
A few questions if I could: Since one hard inquiry when we sign up for Penfed, should I apply for another CC with them? If so, which one? Is the cash rewards I applied for the one I should have (guess it doesn't matter since I was approved)?
Thanks all
Congrats on the new card! I don't have an answer...originally applied for the Plat, denied, so applied for the Promise...approved...recon'd the Plat which they said they could approve but rec getting the Power...so I went for the Power...
@ mark_mark welcome and congrats on the new relationship with PenFed and the new card!
IMHO, I would not app for the second card now and concentrate on establishing a history with the CR. PenFed will take care of you if you take care of them! The toughest part is NOT to keep opening too many new accounts after a BK but the gardening is important. It sounds like you have a great start to your rebuild, so you may consider waiting four to six months and then applying for the second card. I apped for my second card with them, right at four months. During the time I waited, I used my Promise card heavily and PIF before each statement cut. Actually, with the Promise card, I had some automatic payments hit the card each month around the 1st and then PIF before my statemnet cut on the 12th. As far as the Cash Rewards card, it all depends on your needs and which card is a good fit. I like the Promise due to its simplicity but I love my new CR card.
You may also want to look at Navy Federal at some point, they have been nothing short of amazing with my rebuild.
I look forward to following your journey and congrats again!!
Chapter 7: Discharged November 2015
Total Revolving Credit Lines January 2016: $2600
Total Revolving Credit Lines January 2017: $138K
11/15 Fico 8: EQ-585, TU-550, EX- 551
01/17 Fico 8: EQ-695, TU-703, EX-673
03/17 Fico 8: EQ-694, TU-710, EX-678
Advantis CU Siggy Visa $25K, NFCU Cash Rewards Visa $4600> $22K, NFCU CLOC $15K, NFCU Go Rewards Visa $5,500, PenFed Promise Visa $10,500, PenFed Platinum Rewards Siggy Visa $5500, SPGVisa $4,500>$5250, Cap One Platinum $2K>$4K>$8K, Good Sam Visa $1800>$3300, Discover $1800>$2K>$2300>$2600, Lowe's $6K>$17K, Overstock $7K>$7300>$7700, Evine $1K>$5K>$6K, HSN $3750, PenFed Thrifty $500, Barclay's Hawaiian Airlines WEMC $2K, Amazon Store card $1900, Williams-Sonoma Siggy Visa $5K. That's right..Credit One Visa is G-O-N-E!
So I joined PenFed yesterday with a PCR app...called today and...
Product approved and Limit: Power Cash Rewards $5000
EQ 08 Fico: 681
Penfed Nextgen: 655
Instant or Review?: Review
POI? No
AAOA: 7 Yr
Oldest Account: 15.6 Yr
Derogs?: BK7 filed 1/19/2016, discharged 4/27/2016
Util: 21%
Total EQ Inquiries: 6
Last 12 months: 6
Last 6 months: 3
New Accounts in last 12 months: 7 (3 AU)
Last 6 months: 4 (2 AU)
Went back and tried just to see if they could/would beat my recent Navy Federal auto loan approval - nope, declined
Update: and my attempt to recon the SL on the survey also came up blank - I think I'm just not smooth enough on the phone, lol
Hello all. I need some advice from all you Penfed Gurus. I have a Promise card that is been sitting at 2.5K CL for a year current utilization on it about 8%. I tried to CLI it before the 90 days pull expired last year with no luck and I did not wanted another HP since then so I left it alone mostly due to trying to rebuild after my BK 3 years ago. All my FICO scores have gone up about 20 points since receiving the promise card last year. I also have a NFCU cash reward that I was just able to soft pull CLI to 20K. I definitely would like to CLI the promise card after the first week of April when the Penfed NG scores are updated and my increase from NFCU cash rewards reflect on my reports. But I would also like to apply for my second card with Penfed. The question is what would be the best approach to do it? Apply for the second card first and then within the 30 days call and request an increase on the promise with the same pull or vice versa? Just looking for the best approach in order to have the best shot at higher limit on both cards. You guys advice would be greatly appreciated thank you.
Current FICO8 scores EX 669 EQ 668 TU 643 Current Total Utilization 6%
@Gixeerman definitely wait till Navy Fed cli reports. I would then apply for 2nd card and Promise cli. If computer doesn't give you what you want, you can recon with a loan officer and use Navy Fed limit as leverage. They LOVE to compete with NFCU. 😉