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New Contributor
hawaiitony
Posts: 60
Registered: ‎04-12-2008

Penfed BK unfriendly

Ok, I opened a share account with them, but was denied a checking account. Never heard of that before. They have made me a restricted member for 6 months. Reason given for the denial was bk on record. Bk was dischrged 8/02.
 
I was actually planning to move all my banking to them, but now will have to maintain my current checking account. Has anyone gotten ANYTHING from them with a bk on your record. The current bk will be there for another 4 years. Should I just close the account and move on, or will I maybe have more luck after the 6 months of restricted membership.
 
Scores when applied were TU 596 EQ 616 EX 626
Current scores TU 601 EQ 625 EX 635
 
Tony 
Contributor
giant56
Posts: 77
Registered: ‎10-23-2007

Re: Penfed BK unfriendly

I applied today for a cc, with scores I thought would at least get me a small cl, but I was denied . Told it had to do with my recently discharged BK (12/07), but I have secured two new  unsecured cc's, and auto loan, all with perfect payment history.
"No one can make you feel inferior, unless you give them permission".

6/08 TU 631 EQ 620 EX 616
New Contributor
hawaiitony
Posts: 60
Registered: ‎04-12-2008

Re: Penfed BK unfriendly

As a restricted member they even hold all deposited checks for 9 business days. The CSR said it was only personal checks, but they are currently holding a check from the State of Hawaii. Not sure if it is worth my time to keep the account or not. Any opinions out there?
Senior Contributor
UpUpUp
Posts: 3,017
Registered: ‎06-03-2008

Re: Penfed BK unfriendly

[ Edited ]
They are strange birds with strange rules and even though so many love them, I find them to be unfriendly, period! I am not happy with them at all. I don't know about the BK stuff, but they are strict on everything so it doesn't surprise me. It took me a full week with a 740EQ score with no baddies to get approved for a whopping $1k credit card because I am self-employed and apparently they didn't like that. I had to send them 4 faxes....and everytime they replied back saying they wanted something else.  Not sure if it's this way for everyone or if they did some type of restriction to my account, but they will only let me deposit up to $50 a day into my savings with them until the 1st 6 months is up.


Message Edited by UpUpUp on 06-28-2008 08:59 AM
New Contributor
hawaiitony
Posts: 60
Registered: ‎04-12-2008

Re: Penfed BK unfriendly

Sounds like they restricted you. I actually received a letter explaining the restrictions to my account though.
Senior Contributor
UpUpUp
Posts: 3,017
Registered: ‎06-03-2008

Re: Penfed BK unfriendly

Never got a letter about anything. I don't know why they restricted me. It's ridiculous.


hawaiitony wrote:
Sounds like they restricted you. I actually received a letter explaining the restrictions to my account though.



Valued Contributor
Scamp
Posts: 2,791
Registered: ‎03-18-2007

Re: Penfed BK unfriendly



UpUpUp wrote:
 Not sure if it's this way for everyone or if they did some type of restriction to my account, but they will only let me deposit up to $50 a day into my savings with them until the 1st 6 months is up.


This is standard with PenFed - you're not 'restricted'.   
 
They simply are EXTREMELY conservative and careful about whom the approve for what, when they allow people to join - be glad of it; it keeps the uncreditworthy from messing things up for everyone else.  Hang tight with them, deposit your $50.00 a day, and show them how credit- and trust-worthy you are in how you handle your accounts with them; it'll get rewarded in the long run. :smileyhappy:
_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

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Senior Contributor
UpUpUp
Posts: 3,017
Registered: ‎06-03-2008

Re: Penfed BK unfriendly



scapegrace13 wrote:


UpUpUp wrote:
 Not sure if it's this way for everyone or if they did some type of restriction to my account, but they will only let me deposit up to $50 a day into my savings with them until the 1st 6 months is up.


This is standard with PenFed - you're not 'restricted'.   
 
They simply are EXTREMELY conservative and careful about whom the approve for what, when they allow people to join - be glad of it; it keeps the uncreditworthy from messing things up for everyone else.  Hang tight with them, deposit your $50.00 a day, and show them how credit- and trust-worthy you are in how you handle your accounts with them; it'll get rewarded in the long run. :smileyhappy:



Well that makes me feel much better. I'm not being punished! Hehe.  I guess I will transfer the $5-10K I had planned on transferring into my savings with them 1 day at a time! Woo that's going to take a while. I sure hope it pays off, everyone seems happy with them. We got off to a rocky start, I'm hoping to turn that around!
New Contributor
hawaiitony
Posts: 60
Registered: ‎04-12-2008

Re: Penfed BK unfriendly

I plan to hang in there for the initial six months and then see how they treat me. Not happy with the second class citizen treatment I havew gotten so far though.
Contributor
Carrot1
Posts: 122
Registered: ‎05-24-2008

Re: Penfed BK unfriendly

I don't have a BK, but they have been GREAT to me!  I love the fact that an English speaking PERSON will answer the phone 24/7, and they all seem really friendly! 

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