topic PenFed post Ch7 BK in Bankruptcy

PenFed post Ch7 BK

dfw89 — Wed, 31 May 2023 18:59:02 GMT

Hey Y'all,

I'm hoping some here have recent experience with PenFed post-bankruptcy. Any suggestions on how long after discharge they consider for credit cards?

I recently (~1 month) opened a savings account with them and have been putting in small sums just to have some sort of relationship with them.

Idealy I wanted to work on credit through the CU I've been banking at for over a decade, but they don't seem too open to lending post BK. Still trying to get an answer from them on a timeline.

thanks!

Re: PenFed post Ch7 BK

MileHigh96 — Wed, 31 May 2023 19:14:21 GMT

@dfw89 wrote:
Hey Y'all,

I'm hoping some here have recent experience with PenFed post-bankruptcy. Any suggestions on how long after discharge they consider for credit cards?

I recently (~1 month) opened a savings account with them and have been putting in small sums just to have some sort of relationship with them.

Idealy I wanted to work on credit through the CU I've been banking at for over a decade, but they don't seem too open to lending post BK. Still trying to get an answer from them on a timeline.

thanks!

I opened a savings account with PenFed 3 months after my BK7 discharge. Then, just a month later, 4 months post discharge, I cold app'ed for one of their cards and was approved with a $6K SL instantly. Just a DP from me, and as always, YMMV.

Re: PenFed post Ch7 BK

Catbird_Seat — Thu, 01 Jun 2023 01:37:08 GMT

My BK 7 was discharged 8/20, I opened PenFed savings & checking accounts 4/22, then applied & was instantly approved for a $7,500 PCR card 11/22. I haven't tried for a CLI because I don't want a HP to check. Just taking good care of the current CL, using & paying it off.

Re: PenFed post Ch7 BK

sihmud — Thu, 01 Jun 2023 15:29:57 GMT

@dfw89 everyone's credit profile and application is different. As you can see the two post above were approved for healthy credit limits only a few months after discharge and only having small deposits in their savings. However, for me who primarily banks with penfed, have over 40k in my savings with them and my direct deposit but I keep getting denied. Then really weigh in on the score. For some reason my equifax score is lagging while my other scores are just shy of 700. They run esquifax fico 9 and I recommend you be @ a 670 or higher before applying.

Re: PenFed post Ch7 BK

FireMedic1 — Thu, 01 Jun 2023 15:52:17 GMT

I waited 4 yrs. then opened checking/savings and got the card at the same time. Had the same with NFCU for a year before applying at PENFED. YMMV. Its all over the place.

Re: PenFed post Ch7 BK

dryanaz80 — Mon, 05 Jun 2023 22:36:38 GMT

Just a data point, and YMMV.

I had an open savings and checking account with Pen Fed prior to BK which discharged 9/2022. Have had direct deposits going in with them since 3/2022. I applied for and was approved for a PLOC for $300 in January. Haven't had to tap into it once.

I prequalified for the Gold Card on 5/31 and went ahead and pulled the trigger and got a pend followed by denial 2-3 days later. I haven't been able to locate the denial letter to know the exact reason... email said it would be in secure messages but can't find anything. I'll update if I can find my specific info, but I know my scores were 625-637 across Fico 8 & 9.

Don't trust their prequalifications.

Good luck!