topic Re: Pen Fed Approval in Bankruptcy

Pen Fed Approval

Goal7502022 — Fri, 08 Oct 2021 18:24:17 GMT

Pen Fed is definitely BK Friendly. I received a pre-approved offer for the Gold Visa from them in the mail and decided to apply even though I was gardening. I was approved with a $6500 and 0% balance transfer until September 2022. This will be my biggest limit by $2500.

Data points:

My bankruptcy was discharged on November 6, 2020.
I opened a savings a with them in February 2021and premuim online savings in April 2021. I have a small direct deposit of $25 monthly going into the premium savings.
Current scores are EXP 665 EQ 675 TU 669
Have six credit cards with a combine limit of $12,600 with 3% usage and student loans around $60k.

This does make me wonder why Discover has not graduated my secured card yet. I opened it in November 2021, have $500 limit, charge between $250-$300 each month, and rarely have a balance at statement close.

I need to add that I have no idea what bureau they pulled since I didn't get an alert.

Re: Pen Fed Approval

MileHigh96 — Fri, 08 Oct 2021 16:26:09 GMT

Very nice to know! PenFed is definitely a place I would love to get a regular (not sub-prime) card from in the future. Nice to know that I should be able to apply next year after my BK7 ages a bit more and my scores go up.

Re: Pen Fed Approval

Horseshoez — Fri, 08 Oct 2021 17:30:21 GMT

@Goal7502022, congratulations on the new card! Your timeline with them was similar to mine, opened a Regular Savings account, opened a Premium Savings account a few months later, then applied for a card. Approved!

@MileHigh96, yeah, definitely bankruptcy friendly, my PenFed card is my highest limit of my three cards; I was approved just beyond a year after my bankruptcy was discharged. Many here have opined I would have been approved even sooner, but I really wanted to avoid a denial, so I waited until the 54 week post-discharge point before applying.

Re: Pen Fed Approval

chalupaman — Fri, 08 Oct 2021 18:56:12 GMT

Yeah, Penfed has been more and more lenient lately with those with BKs, even if you're only a year or two from discharge. I know that first hand from experience. The instant approval I got on the PCR still shocks me to this day, but I'm very grateful for the opportunity from them to bounce back.

Re: Pen Fed Approval

gjean78 — Fri, 08 Oct 2021 19:06:17 GMT

@Horseshoez wrote:
@Goal7502022, congratulations on the new card! Your timeline with them was similar to mine, opened a Regular Savings account, opened a Premium Savings account a few months later, then applied for a card. Approved!

@MileHigh96, yeah, definitely bankruptcy friendly, my PenFed card is my highest limit of my three cards; I was approved just beyond a year after my bankruptcy was discharged. Many here have opined I would have been approved even sooner, but I really wanted to avoid a denial, so I waited until the 54 week post-discharge point before applying.

Congratulation on your PenFed approval success! It is nice to see PendFed is not only clean profile friendly. I've seen some data point on hear stating Penfed only approve scores in the 700 limits, your post prove these data points wrong. Looking forward to get a card with Penfed next Year

Re: Pen Fed Approval

FireMedic1 — Fri, 08 Oct 2021 22:52:57 GMT

Congrats! Nice SL too!

Re: Pen Fed Approval

twono — Sat, 09 Oct 2021 15:51:23 GMT

A data point that would be nice to know of those who are getting these approvals is, was Penfed burned in any of their BK's?

I received a mailer offer for the Penfed Gold Visa and it shows up as an offer on my Penfed acct page....I've been a member with Penfed for 10 yrs...Still have a savings witht them but they were burned significantly in my Ch. 7 BK that was DC'd a little over 2 yrs ago.

Re: Pen Fed Approval

Goal7502022 — Tue, 12 Oct 2021 17:29:28 GMT

I never had a PenFed card prior to this one so they weren't burned in my BK.

Re: Pen Fed Approval

coreyb80 — Wed, 13 Oct 2021 17:59:28 GMT

Congrats on the nice approval!

I love PENFED. Within the last few months I was able to obtain their PCR card with $2500 limit and also utilize them to purchase a brand new vehicle as well. Monday I was approved for their Gold card with a $7500 limit & 9% APR. I made my last Chap13 payment last month and should be wrapping up in the next couple of months or so. I'm in the garden, after I'm able to obtain an AMEX card. PENFED has moved up to my favorite over NFCU. I only wish that PENFED offered Zelle and I would make them my main banking institution.

Re: Pen Fed Approval

MileHigh96 — Wed, 13 Oct 2021 19:17:50 GMT

I just opened a savings account with them. Want to build a relationship with them before I apply for the card next year. Just going to put small amounts away every payday, but at least I will keep the account active and can use it as a 'rainy day fund' if something comes up.

Re: Pen Fed Approval

sccredit — Wed, 13 Oct 2021 22:50:46 GMT

IIRC PenFed (like most credit unions) will not lend after a loss unless rapaid in full, which would nagate the purpose of the BK in the first place. I burned them for about $30k so I am in the same boat as you.

Re: Pen Fed Approval

Anonymous — Thu, 14 Oct 2021 17:32:53 GMT

Yayyy! Congrats! I too started a relationship with Penfed recently this past April but only for a car loan. They denied my cc app. Approved car loan for 20k and my BK7 was discharged 8/2019. I have small dep transferred from BofA to them bi-wkly and will try again for CC early next year. I do not care for their CS tho. I've had a few small issues here and there and they weren't very helpful. And I absolutely can not stand their website lol. I mean it's such a dinosaur.

Re: Pen Fed Approval

Anonymous — Fri, 15 Oct 2021 09:50:14 GMT

Congrats!!! Nice approval.

Re: Pen Fed Approval

Anonymous — Fri, 15 Oct 2021 16:19:03 GMT

@Goal7502022

Data points:
I opened a savings a with them in February 2021and premuim online savings in April 2021. I have a small direct deposit of $25 monthly going into the premium savings.

Congratulations to you! 👍🏾🎊 I am 8.5 months out from being done with my five year BK13. By God's Grace 🙏🏾, I have made it this far. This is very similar to what I am doing with PenFed - I opened my Regular Savings in August - so almost two months ago. I immediately set up direct deposit with my job at $25 per paycheck (50.00 a month). I thought about the premium online. I guess I might explore that again in a few months. NFCU will approve me for a secured card between $200-$1000 (while still in BK). So, I'm happy about that. I might try for a secured card w/PenFed a few months before completing my BK repayment plan. Best in your financial endeavors!

Re: Pen Fed Approval

Rebuild2019 — Fri, 15 Oct 2021 16:27:53 GMT

Congratulations 🎉🎈🍾🎊 on your PenFed Approval.

Re: Pen Fed Approval

MileHigh96 — Mon, 08 Nov 2021 18:25:20 GMT

Just barely passed 4 months since my BK7 discharge and decided to give it a go and was approved with a $6K CL and 0% interest for 12 months on balance transfers! I posted about it in the Credit Card Approvals section.

Re: Pen Fed Approval

anniea4001 — Tue, 09 Nov 2021 14:38:41 GMT

@MileHigh96 congrats on the approval!

I joined Penfed with a savings account at the beginning of the year in hopes that they would extend me credit in the future but I have been hesitant about applying because I thought they required at least 6 months to a year of payment history after BK.

Now I know this is not necessarily true. Will definitely give it a try

Re: Pen Fed Approval

Jmjm2530 — Wed, 28 Dec 2022 19:42:20 GMT

Nice and congrats ! I'm late but what bureau does pen fed pull? I just opened a premium savings with them last week. I'm 15 months post DC now, I'll probably wait til I'm 20-21 months before I apply for a pen fed card unless they send me a offer before then. I have 5 cards currently with a total 20k credit combined and I'm sitting at 7% util currently. Last card I received was five months ago so I'm relaxing for now lol. Scores are EXP 662 EQ 668 TU 656

Re: Pen Fed Approval

pt91978 — Fri, 30 Dec 2022 21:47:26 GMT

@Jmjm2530 wrote:
Nice and congrats ! I'm late but what bureau does pen fed pull? I just opened a premium savings with them last week. I'm 15 months post DC now, I'll probably wait til I'm 20-21 months before I apply for a pen fed card unless they send me a offer before then. I have 5 cards currently with a total 20k credit combined and I'm sitting at 7% util currently. Last card I received was five months ago so I'm relaxing for now lol. Scores are EXP 662 EQ 668 TU 656

They pulled from EQ. My score was 670 on their site. I never got any offer from them, so I just cold apped. I was shocked when they approved and gave me the PCR for $6.5k with an open Chapter 13 that was just filed last year (11.2021). I do have checking and saving with them and my work deposits go there as well. It's just sux that my Zelle limit is so low, only $1K monthly compare to Chase & US Bank that are currently at $5k limit.

Re: Pen Fed Approval

Jmjm2530 — Sun, 01 Jan 2023 16:51:08 GMT

Nice I did the same with their pen fed gold card got approved for 3500, 0% APR for 15 months. Now I will chill for all of 2023 lol. Happy new year.