topic Re: Penfed's "restricted acct" thing, and BK. in Credit Cards

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

pizza1 — Tue, 22 Sep 2015 01:37:45 GMT

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

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

padme — Tue, 22 Sep 2015 02:10:02 GMT

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...?

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

ddemari — Tue, 22 Sep 2015 02:48:03 GMT

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?

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

ddemari — Tue, 22 Sep 2015 02:49:49 GMT

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.

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

Anonymous — Tue, 22 Sep 2015 10:41:53 GMT

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

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

JLK93 — Tue, 22 Sep 2015 10:51:04 GMT

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.

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

JLK93 — Tue, 22 Sep 2015 11:12:21 GMT

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.

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

lord_kinbote — Tue, 22 Sep 2015 11:50:11 GMT

@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.

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

takeshi74 — Tue, 22 Sep 2015 12:19:06 GMT

@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.

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

UncleB — Tue, 22 Sep 2015 12:38:51 GMT

@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

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.

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

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

baller4life — Tue, 22 Sep 2015 12:49:44 GMT

With Penfed membership means a share account with minimum $5. That's generally with any CU. Checking is optional. And yes UncleB, you definitely want a CU or 3 in your back pocket.

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

Anonymous — Tue, 22 Sep 2015 12:56:08 GMT

Sorry but I just don't get the "what are my chances in 2017?" thing-- so much could happen between now and then including looser or even more stricter standards. You tried on your own merit, even reconned. When you feel like trying again, just do it. At the end of the day, it is always YOUR credit profile and you are the one paying your bills. Many people have had YMMV type experiences and you'll never know unless you try. Just in my opinion, focusing on chances with getting a credit card 2 years from now is moot.

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

UncleB — Tue, 22 Sep 2015 13:04:24 GMT

@baller4life wrote:
With Penfed membership means a share account with minimum $5. That's generally with any CU. Checking is optional. And yes UncleB, you definitely want a CU or 3 in your back pocket.

Ah, gotcha. I remember the share account from dealing with a CU back in the 90s... had to keep $5 in it at all times. I never was able to do anything with that particular CU back then, so after six months or so I closed the account. Back then, that particular CU was very strange. I had coworkers who could get literally anything they wanted, yet other folks with seemingly similar backgrounds couldn't even get a tiny $500 signature loan, even if the payment was payroll deducted (like me). It always seemed like once somebody was "in" they were golden, otherwise you were pretty much out of luck.

I'm in a good place at the moment, but I might give a CU another chance some day. I have a brother in the USAF, and I've advised him to get an account with NFCU before he gets out next Spring. Depending on how it works out for him I might see about it myself.

Thanks baller4life for the quick answer!

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

baller4life — Tue, 22 Sep 2015 13:08:02 GMT

OMG make sure bro joins Navy Fed before he leaves military. You as well. People would give their first born to be eligible to join. Don't let that boat sail. You won't be disappointed. Love love love NFCU.

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

Revelate — Tue, 22 Sep 2015 15:17:42 GMT

@takeshi74 wrote:
@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.

Lack of real data. Penfed doesn't do AR's on share accounts, so if you can't get a product when you get membership, oh doom and gloom.

*shrug* Didn't appear to hurt my PLOC approval, and given the technical savviness of CU's (which is to say, all over the map) getting that membership date sometimes helps far far more than any pre-approval even on the minimal $5 share account.

Granted Penfed has finally started acting like the top 5 CU by assets they are, but Penfed has always had some serious mystique here and otherplaces with just how conservative they were.

And pizza: mortgage yo! Credit cards / Penfed / etc. = w/e in comparison heh.

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

pizza1 — Tue, 22 Sep 2015 15:47:29 GMT

@oilcan12 wrote:
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.

Thank you. This is the type of info im looking for, and that was helpful!!

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

pizza1 — Tue, 22 Sep 2015 15:49:32 GMT

@Revelate wrote:
@takeshi74 wrote:
@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.
Lack of real data. Penfed doesn't do AR's on share accounts, so if you can't get a product when you get membership, oh doom and gloom.

*shrug* Didn't appear to hurt my PLOC approval, and given the technical savviness of CU's (which is to say, all over the map) getting that membership date sometimes helps far far more than any pre-approval even on the minimal $5 share account.

Granted Penfed has finally started acting like the top 5 CU by assets they are, but Penfed has always had some serious mystique here and otherplaces with just how conservative they were.

And pizza: mortgage yo! Credit cards / Penfed / etc. = w/e in comparison heh.

LOL...Yes..Im thinking after mortgage, not before, hahahah...but, the reserach I do before then, while building a small history with PF will regular deposits into my share acct. Thank you for the info too

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

pizza1 — Tue, 22 Sep 2015 23:04:59 GMT

@akula wrote:
@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.

(Mod Cut)

<yawns & rolls eyes>.......

Im doing research on PF for a reason, and despite what you think, which I dont care, people want to get into certain CU's for one reason only....Credit products or loans. Nothing wrong with that, and since there isnt much info out there on PF and dirty profiles, this is a legitamate post inquiring for info. So far, you are the only one here who has turned it around, and made it out to be more than it really is....which is just merely seeking info and advice from other members....who are actually helpful.

(Mod Cut)

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

hot4u — Tue, 22 Sep 2015 15:57:50 GMT

@baller4life wrote:
OMG make sure bro joins Navy Fed before he leaves military. You as well. People would give their first born to be eligible to join. Don't let that boat sail. You won't be disappointed. Love love love NFCU.

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

pizza1 — Tue, 22 Sep 2015 15:58:21 GMT

@UncleB wrote:
@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

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.

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

oh, I know alllllllll about the resricted access with USAA. They were burned in my BK, so I only have access to the "mobile". Funny thing is, I call in every month and pay my insurance bill with a CC, lol. Im like, youll take it over the phone, but you wont allow me access to your "real" site, LOL...(lame)...

And yes, membership means that I opened a share acct with them, after being approved for membership.