Just became a member of Penfed

[TangMeister]

Smallfry, not trying to be argumentative here, but you're the first person I've seen who thought Penfed was bk friendly...and I'm on several of these credit forums.  NFCU is bk friendly, though.  But don't take my word for it...check out whogavemecredit,  and scroll down the Penfed CC list, and read the reasons for rejections.  They're one of the most conservative CUs out there.

I wish the OP the very best and it will be great if they're approved, but I think the BK is going to be an issue if it's showing on their Equifax report. 

[itzateach]

Well I guess  I became the guinea pig for Penfed apps! LOL...we were both denied....not sure why hubby was, but I will have him call for a recon on Monday. I am sure mine was probably the BK even though it has been 6 years ;(.  Sure wish I knew that was going to be a hit when I applied, but I guess asking for my ss no should have been a warning.

Thanks for your help.

[jmbfl]

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@itzateach wrote:

Well I guess  I became the guinea pig for Penfed apps! LOL...we were both denied....not sure why hubby was, but I will have him call for a recon on Monday. I am sure mine was probably the BK even though it has been 6 years ;(.  Sure wish I knew that was going to be a hit when I applied, but I guess asking for my ss no should have been a warning.

Thanks for your help.

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You won't get a bank account without supplying a SSN. That is an absolute requirement.

Each of you should separately call PenFed during business hours on Monday and inquire into the disposition of your applications. Do not refer to each others applications during your discussion. No need to taint one application with info from the other. They are good and will tell you exactly what is going on and what you need to do to get what you want. Please let us know what they say.

[itzateach]

Thanks, I will do that. However, I might wait until Tuesday when we are funded from our refinance and I can tell them I am now debt free with the exception of my Honda Pilot. Hubby will only have 2 cc's left. I will let you know what happens!

[haulingthescoreup]

And again, even if you can't get anywhere with them now, set up some sort of direct deposit to keep them interested. They are great folks to get a long-term relationship going with.

Good luck on the recon, but welcome to PenFed anyway!

[itzateach]

Aw thanks Hauling. I might just switch my paycheck over to them as I already have a 10k Visa from my own credit union (where the auto loan is).  We'll see how it goes on Tuesday!!

[smallfry]

Tang a recent BK would be a tough go but I got a decent limit card and many others on creditboards did as well with BK's showing. Not that it matters to OP. 

[Anonymous]

OP, if you have online access to your account, you can see the reasons for the denial there. Go to 'Manage your account', then click on 'Check loan applications'. It should have any credit products listed here that you applied for. Click on the number and it will give the explanation why you were turned down.

But I agree with the others, don't give up on them just yet.

[itzateach]

Here is what they said about me:

Comments: BANKRUPTCY FILING REPORTED
LENGTH OF TIME ACCTS ESTABLISHED
PROPORTION OF BAL-TO-LIMIT TOO HIGH

Interesting...I have my accounts a long time....16-20 years...aaoa is about 6-7 years. The proportion will be fixed on Tuesday, but the bk is a different story.

Here is hubby's denial reason:

 COLLECTION ACCOUNT(S)
LENGTH OF TIME ACCTS ESTABLISHED
PROPORTION OF BAL-TO-LIMIT TOO HIGH

Same thing for him....except the collection account (our insurance took too long to pay and Dr. went to ca) - we are in a big dispute and trying to get removed.

I don't even think a recon will work until coll is gone...and bk is a good 5 years away from dropping off record (except for the 5-6 accounts scheduled off this spring/fall).

What now?

[jmbfl]

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@jmbfl wrote:

Each of you should separately call PenFed during business hours on Monday and inquire into the disposition of your applications. Do not refer to each others applications during your discussion. No need to taint one application with info from the other. They are good and will tell you exactly what is going on and what you need to do to get what you want. Please let us know what they say.

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Now it is time to execute the above. Call! Ask them to reconsider your application. Be prepared to explain yourself fully. Do not refer to both applications in the same telephone call. Keep things simple and separate - do not taint one application with the negative information from another.

LENGTH OF TIME ACCTS ESTABLISHED: I will suggest to you that you are reporting a newish account (that is the mortgage). PenFed looks at how recently you have opened another TL. They do not like new credit/recent inquiries. (Older accounts are good, but how many of your older accounts are coded as IIB? They don't help much at all!)

Their CSR's are really nice and very knowledgible. Call them and have a heart-to-heart. Just be sure to do it during business hours so the credit analysts are there if needed. If the answer is that you have to wait 90 days to re-app, do it! Start doing some banking business with them now - it will help you greatly in the long run. Once you can clear the bar PenFed will be very nice to you. You know your situations present problems, so just be patient and allow time for your issues to work out.

(BTW - If you open a checking account with them be very clear about whether you want the OD protection product or not. You have to keep a minimum balance in the checking account of $500 to keep it free. I my case I thought the OD protection was useless - I already have a $500 pad in the account!)