topic Re: PenFed Credit Card in Bankruptcy

PenFed Credit Card

sihmud — Tue, 03 May 2022 03:02:37 GMT

Hey Guys!

question. I have seen a lot of success on this forum with PenFed Credit card some as fast as a 4-6 months after DC. my question is this. has anyone gotten approved after BK discharge on a PenFed card by doing a COLD application or have the approvals I've seen on here been with the typical log in to accounts and there is a CC pre-approval on your home screen. I am going to wait until I am about 8-9 months post-DC but am wondering if I should wait until I see the pre-approval.

thanks in advance!

Re: PenFed Credit Card

Papa_Bear — Tue, 03 May 2022 06:15:44 GMT

I did a cold app and was approved for my Penfed PCR around 8 or 9 months after discharge.

Re: PenFed Credit Card

FireMedic1 — Tue, 03 May 2022 09:33:13 GMT

I didnt apply until >6 yrs out thinking it wouldnt happen. They weren't open to everyone until recently. Opened checking/savings and applied. They gave me a so so CL. Thats fine. There have been many reports <1yr out of getting in.

@Papa_Bearwhat was your SL when approved?

Re: PenFed Credit Card

Papa_Bear — Tue, 03 May 2022 09:56:49 GMT

@FireMedic1 It was 3500.

Re: PenFed Credit Card

FireMedic1 — Tue, 03 May 2022 10:24:05 GMT

@Papa_Bear wrote:
@FireMedic1It was 3500.

Not bad. Wish CLI's werent all HP though. I wont go that route.

Re: PenFed Credit Card

DaveInAZ — Tue, 03 May 2022 14:22:06 GMT

@sihmud wrote:
Hey Guys!

question. I have seen a lot of success on this forum with PenFed Credit card some as fast as a 4-6 months after DC. my question is this. has anyone gotten approved after BK discharge on a PenFed card by doing a COLD application or have the approvals I've seen on here been with the typical log in to accounts and there is a CC pre-approval on your home screen. I am going to wait until I am about 8-9 months post-DC but am wondering if I should wait until I see the pre-approval.

thanks in advance!

Are you a member of Penfed? If not it's best to become a member first before doing a "cold app". The first 6 months of membership have limits on transfers, payments, etc., so better to get that out of the way. It's a soft pull to join & requires only $5 on savings.

Re: PenFed Credit Card

sihmud — Tue, 03 May 2022 15:28:35 GMT

@DaveInAZ I am a member. I joined back in Jan of this year opened checking/ savings and have a portion of my DD going in there. Also i refinsnced my auto with them but was only approved because i added a co-app with an 850 beacon. Hopefully that gives me a good internal score (if they even use one) later down the road when i apply for the CC

Re: PenFed Credit Card

pip3man — Tue, 03 May 2022 15:37:06 GMT

@sihmud So here's my experience with PENFED. I was a member for over 7yrs at the time of application and never ever received any of their rare preapproved offers that I hear about. At 5 months post BK 7 discharge, applied for the 1st card (PCR) and was instantly approved for $2k. At 8 months post discharge, applied for 2nd card (Platinum) but was instantly counter-offered another PCR which I accepted and got approved for $2.5k. At 17 months post DC, applied for Pathfinder and instantly approved for $10k. No proof of income was ever requested for any of the apps and little to no direct deposit activity in my checking & savings account. So I say that to say, you are good to go with submitting an application with them.

Re: PenFed Credit Card

sihmud — Tue, 03 May 2022 16:41:27 GMT

@pip3man Sweet. That answered my question. I will apply in august when I am 6 months post DC and keep you guys updated!

Re: PenFed Credit Card

sihmud — Tue, 03 May 2022 16:41:57 GMT

@FireMedic1 does penfed do HP when requesting CLI?

Re: PenFed Credit Card

pip3man — Tue, 03 May 2022 16:45:03 GMT

@sihmud wrote:
@FireMedic1 does penfed do HP when requesting CLI?

yeah all request for CLI will always be a HP on EQ. None of my cards has seen a CLI, always declined for some reasons and I put very heavy usage on them and always PIF

Re: PenFed Credit Card

FireMedic1 — Tue, 03 May 2022 18:41:54 GMT

This^^^^^^^^^^^^ I wont take a HP for a CLI. One reason I like NFCU. Just wanted the 2% CB even though I have PP MC. I serve my county no country in the FD. Thanks Grandpa for serving many moons ago.

Re: PenFed Credit Card

T_Diva — Wed, 04 May 2022 22:43:15 GMT

@Papa_Bear wrote:
I did a cold app and was approved for my Penfed PCR around 8 or 9 months after discharge.

@pip3man and @Papa_Bear

Do you know what your EQ Score was when you applied?

Re: PenFed Credit Card

Papa_Bear — Thu, 05 May 2022 05:27:58 GMT

@T_Diva My EQ9 was 640. I had a SSL loan with them and had just paid it off before applying.

Re: PenFed Credit Card

pip3man — Thu, 05 May 2022 14:27:13 GMT

My score around the initial app was somewhere in the 650-670 range. I can't remember exactly no more

Re: PenFed Credit Card

ballysdad — Fri, 06 May 2022 00:27:52 GMT

Me as well most of my HP are theirs for CLI. Always denied. I literally charge 25k or more every month. Always pay multiple times a month because CL is only 7.5k drives me crazy.. rarely do I carry a balance. My utilization on all cc combined are less than 10% a month

Re: PenFed Credit Card

MileHigh96 — Tue, 17 May 2022 18:26:50 GMT

I opened a savings account with PenFed 3 months post BK7 discharge and did a cold app for their card 4 months post discharge and was approved for a $6K limit.

Re: PenFed Credit Card

sihmud — Tue, 17 May 2022 22:00:33 GMT

@MileHigh96

Nice! What kind of accounts, balances and score did you have when you applied?

Re: PenFed Credit Card

MileHigh96 — Wed, 18 May 2022 12:37:41 GMT

@sihmud wrote:
@MileHigh96
Nice! What kind of accounts, balances and score did you have when you applied?

At the time I applied, I had the following cards:

Mission Lane Visa - $1,000 CL

Ollo MC - $1,500 CL

Mercury MC - $3,000 CL

BHG MC - $2800 CL (this card survived the bankruptcy as I had never used it prior to filing)

Jasper MC - $2,000 CL

Upgrade Visa Card - $17,500 LOC

And all of those card, other than the BHG card that survived the BK filing, were obtained within the first month to six weeks of discharge. My scores when I applied for the PenFed card were what is shown in my sig as of last November. Balances/utilization at the time was less than 6% when I applied.

Re: PenFed Credit Card

TRC_WA — Wed, 18 May 2022 15:14:05 GMT

I was approved yesterday for the PenFed Gold Visa... $2500 CL... 6 weeks after my BK13 discharge which was when I opened a savings account with them.

myFICO says EQ is 677... PenFeds approval email says it's 696.

Either way... I'll take it. I'm in the door and may even use them for an auto refi down the road. No plans to do any futher CC applications... this was my first in 6 months and I only did it because I was not a member of a CU so I figured they'd be a good place to start.

I already have the accounts I need for rebuilding so there will be no app sprees until everything bad falls off next year.