Penfed credit card question....

Anonymous · ‎01-15-2016

Greetings everyone,

Years ago I had a Penfed VISA. Like many folks it went into collections due to non-payment after having the card and paying it as I should for the first couple of years. Now my question is this... how does Penfed view members who previously had a credit card with them but then went into collections. This was at least 10 years ago.

I would like to apply for credit with them again, and my scores are significantly better, but wouldn't apply if it is no use in doing so.

Thanks in advance.

Anonymous · ‎01-15-2016

@Anonymous wrote:
Greetings everyone,

Years ago I had a Penfed VISA. Like many folks it went into collections due to non-payment after having the card and paying it as I should for the first couple of years. Now my question is this... how does Penfed view members who previously had a credit card with them but then went into collections. This was at least 10 years ago.

I would like to apply for credit with them again, and my scores are significantly better, but wouldn't apply if it is no use in doing so.

Thanks in advance.

Not sure how long PenFed holds a grudge or if you're going to find anyone here that has had the same experience. If I were in your situation and you really wanted back in, I'd call them and go over your situation with a rep and they might be able to give you an idea of your chances without actually applying. Clearly your scores are high enough (thought they do use the Fico NextGen score, not Fico 08) but if they blacklist, it could be problematic. Give them a call and good luck.

Anonymous · ‎01-15-2016

@Anonymous wrote:
@Anonymous wrote:
Greetings everyone,

Years ago I had a Penfed VISA. Like many folks it went into collections due to non-payment after having the card and paying it as I should for the first couple of years. Now my question is this... how does Penfed view members who previously had a credit card with them but then went into collections. This was at least 10 years ago.

I would like to apply for credit with them again, and my scores are significantly better, but wouldn't apply if it is no use in doing so.

Thanks in advance.
Not sure how long PenFed holds a grudge or if you're going to find anyone here that has had the same experience. If I were in your situation and you really wanted back in, I'd call them and go over your situation with a rep and they might be able to give you an idea of your chances without actually applying. Clearly your scores are high enough (thought they do use the Fico NextGen score, not Fico 08) but if they blacklist, it could be problematic. Give them a call and good luck.

Thanks a bunch. That sounds like a good idea. ;-)

Anonymous · ‎01-15-2016

One question I forgot to ask. Did you ever repay them? Often with banks, that's a key factor of whether they will let you back in.

CH-7-Mission-Accomplished · ‎01-15-2016

Most credit unions won't let you in unless you pay them back. It's pretty much a forever thing.

I would do as suggested and ask.

If it was a small amount, perhaps you can pay it now if they ask?

Anonymous · ‎01-15-2016

Yes I paid them back in full. I still have my savings account with them and constantly am depositing monies over into that account.

CH-7-Mission-Accomplished · ‎01-15-2016

@Anonymous wrote:
Yes I paid them back in full. I still have my savings account with them and constantly am depositing monies over into that account.

Then you are golden. I would still run it by them, but you made good and have great scores.

Anonymous · ‎01-17-2016

@CH-7-Mission-Accomplished wrote:
@Anonymous wrote:
Yes I paid them back in full. I still have my savings account with them and constantly am depositing monies over into that account.
Then you are golden. I would still run it by them, but you made good and have great scores.

Thanks, I appreciate the heads up on this ;-) MyFICO is the best!