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Penfed's "restricted acct" thing, and BK.

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pizza1
Community Leader
Super Contributor

Penfed's "restricted acct" thing, and BK.

ok, So everyone knows, ( well, a few of you know), that back in early July I applied to Penfed for membership, and got approved. Well, I knew I would get declined for their CC being they are conservative, but I apped anyways, LOL. At that point 1 more inquiry on EQ was NOT going make or break me or my application. Of course denied for Pyramiding Debt; BK. ( im totally not surprised by that), and on Recon..lol..( cant blame a girl for trying).

 

Anyway....So, I decided to let things go, and garden for 2 yrs, and then try again in fall of 2017 with NO inquiries, and my BK will then be 4 yrs old. So, as Ive been doing some research on the boards tonight, I keep seeing this comment  "restricted acct". 

 

If you dont have a clean report, does Penfed place you in their "restricted area", kinda like FICO and their dirty buckets??

 

How do I get off their restricted thing, and how long will I be in it? Saw one comment, that once you apply, and are placed in that internal bucket of theirs, its for 6 months. True? Not true? Is it longer?

 

Basically, I want to know if their are peeps here with BK and a CC with them. 

 

After gardening till 2017, and having no new accts or inquires for over 2 yrs, are my chances still slim to none for getting a CC with them? 

 

Just looking for some advice, comments, whatever, and someone explain to me this "restriced" thing...Im confused by that. Thanks Smiley Wink

 

 

Message 1 of 59
58 REPLIES 58
padme
Established Contributor

Re: Penfed's "restricted acct" thing, and BK.

I too, did the exact thing as you did..."opened a so called savings acct" approved or whatever that means. I waited a month or so and app'd for a CC card. I got the letter of Pryamiding debt too... didnt know about the 6 month deal. I was gonna open a DD checking and flow so payments thru that for a year or so. Guess i have to wait the 6 months? i app's in late spring around May. Should i wait til after NYE? maybe someone can chime in...?

Message 2 of 59
ddemari
Super Contributor

Re: Penfed's "restricted acct" thing, and BK.

Pizza call them. After I was approved for 2 cc's, my accounts all said restricted still for checking products etc. u joined within 90 days of still right?

Do u want an access America checking account? Call them and say please remove the restrictions from my account and they will. Also if u want the checking, say I'm a new member please don't re pull my credit

They are nice on the phone. Sometimes they restrict u for 6 months too, until they know u. So it could be one or the other if that helps?
Message 3 of 59
ddemari
Super Contributor

Re: Penfed's "restricted acct" thing, and BK.

I had restrictions on my account 18 months after opening. No bankruptcy though now but back in early 2014 it was still there. The restrictions are more than likely the 6 month thing.
Message 4 of 59
Anonymous
Not applicable

Re: Penfed's "restricted acct" thing, and BK.

I agree with the above poster.  Call them and see how best they can help you.

Message 5 of 59
JLK93
Established Contributor

Re: Penfed's "restricted acct" thing, and BK.

Penfed restricts everyone's accounts for 6 months.

 

As far as I can tell, there is really only one issue with joining Penfed while you still have dirty credit reports. Penfed gives out quarterly offers that sometimes include soft pull cli's and approvals for new cards and loas. If you originally join with a dirty report, you may never get the soft pull offers.

 

Aside from that, you're in with Penfed, so you're golden. Once your credit profile meets their standards, Penfed will extend credit to you.

 

 

Message 6 of 59
JLK93
Established Contributor

Re: Penfed's "restricted acct" thing, and BK.

I don't have any experience with BK's. Penfed is not exactly BK friendly, but I think you will have a good chance of getting approved after 2 years of gardening. You will probably have to recon. Just make sure that Penfed is your first app after your gardening stint.

Message 7 of 59
lord_kinbote
Established Contributor

Re: Penfed's "restricted acct" thing, and BK.

@Pizza1 really? Are we going to do this again? I guess our monthly quota for attention has not been met. Of course you were denied, you have around 80 inquiries on ONE credit bureau. You go through this exact same situation about every three months and everyone tells you the same thing. Lol, 2 years gardening! Sorry, but you will be apping in a month if not sooner.

Hope this post brings all the attention you need. Poor pizza, we love you and keep up the good work! You are making such forward progress and demonstrate such remarkable credit worthiness, not.

Message 8 of 59
takeshi74
Senior Contributor

Re: Penfed's "restricted acct" thing, and BK.


@pizza1 wrote:

After gardening till 2017, and having no new accts or inquires for over 2 yrs, are my chances still slim to none for getting a CC with them? 

 


Just as with any creditor, your entire credit profile matters -- not just new accounts on inquiries so we can't give you a meaningful answer when only consdiering those two things.

 


@oilcan12 wrote:

If you originally join with a dirty report, you may never get the soft pull offers. 


Seems to be a myth (popular on Credit Boards) from my experience.  My report wasn't clean when I joined.  Eventually I did clean everything up and did qualify for the PPCR.  Also received quarterly offers until activity killed those.

Message 9 of 59
UncleB
Credit Mentor

Re: Penfed's "restricted acct" thing, and BK.


@pizza1 wrote:

ok, So everyone knows, ( well, a few of you know), that back in early July I applied to Penfed for membership, and got approved. Well, I knew I would get declined for their CC being they are conservative, but I apped anyways, LOL. At that point 1 more inquiry on EQ was NOT going make or break me or my application. Of course denied for Pyramiding Debt; BK. ( im totally not surprised by that), and on Recon..lol..( cant blame a girl for trying).

 

Anyway....So, I decided to let things go, and garden for 2 yrs, and then try again in fall of 2017 with NO inquiries, and my BK will then be 4 yrs old. So, as Ive been doing some research on the boards tonight, I keep seeing this comment  "restricted acct". 

 

If you dont have a clean report, does Penfed place you in their "restricted area", kinda like FICO and their dirty buckets??

 

How do I get off their restricted thing, and how long will I be in it? Saw one comment, that once you apply, and are placed in that internal bucket of theirs, its for 6 months. True? Not true? Is it longer?

 

Basically, I want to know if their are peeps here with BK and a CC with them. 

 

After gardening till 2017, and having no new accts or inquires for over 2 yrs, are my chances still slim to none for getting a CC with them? 

 

Just looking for some advice, comments, whatever, and someone explain to me this "restriced" thing...Im confused by that. Thanks Smiley Wink

 

 


Quick question for the dummy here (me)... when you say 'get a membership', does that generally mean a checking/savings account?  Or is getting a membership at PenFed separate from having a deposit account?  If so, what benefits do you get with a membership and no deposit/credit accounts?  Please forgive me if this is a redundant question.

 

Also, I'm familiar with the concept of a 'restricted' status you mention since USAA has something similar, but it only applies to folks who cost them money (BK, CO, etc.)... I have family in this situation.  USAA restricts you to using their 'mobile' website (even on a PC), which doesn't have near the functionality as the 'main' website, with lack of bill pay being the most irritating loss for most.  With USAA, having a membership doesn't necessarily mean you have a bank/credit account, but they have insurance as well, so that makes sense.  Of course, they aren't a CU (although it's been said they are set up similarly), which is why I have the question about PenFed.

 

Again, please forgive my ignorance; I'm not well-versed when it comes to CUs.  Smiley Happy

 

(Maybe I should check into one in the future???)

Message 10 of 59
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