Denied Penn Fed Card

[AJR1]

I guess to soon - Got the Response in 24-48 hrs message called and said denied because of BK - Been discharged since 6/22/18

Little depressed scores are over 620 across the board - Is this normal

[shadanat]

PenFed is a tough one post BK in my experience. If you are a member of Navy Federal, I would suggest starting with their secured card. It will graduate.

[Anonymous]

Ive seen data points for  Penfed stating you are more likely for approval with 650/679 fico9. 

[Guyatthebeach]

AJR1,

Unless something has changed, Penfed normally approves credit cards with a 650 score or higher and 12 months of perfect credit(maybe 24 months).  It’s my experience that they aren’t as bankruptcy friendly as other lenders.  Now 

I carry two cards from Penfed and my bankruptcy was discharged in Feb 2012.

Since you already took a hit, you could recon the denial. You could also turn around and get a secured loan to build a relationship with PENFED. My feeling is PENFED is a great CU but are very conservative in their lending practices.  

BTW, your scores look fine at this point of your credit rebuilding stage. I think my FICO scores didn’t reach 650 until after 9 months.  Don’t worry it takes time to let new accounts age and regain perfect credit history. 

Guyatthebeach

[AJR1]

Just want a REAL credit card - Ill keep chugging along

[AJR1]

Has anyone gotten the card after going thru the RECON

[shadanat]

If Capital One or Discover weren't included in your BK then I would try them.

[Shooting-For-800]

I dont think I will ever deal with PenFed again.  

They instantly approved me for $10k Visa Sig (max SL) then denied me for anything.

Process took over 2 weeks of non-returned emails, etc.

Thought I wanted a credit union credit card even though no real rewards any better than what I have already.  I thought wrong.

I don't want to get into details, but common sense went out the window day 3.

759 EX at 8% utl with 1 inq at time of pull.  

[pizza1]

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@AJR1 wrote:

Has anyone gotten the card after going thru the RECON

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I did. I got the card on recon after filling out their email survey, and basically saying why I wanted the card, and what Ive done to rebuild etc...SL $500, now $5k

[Shooting-For-800]

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@Shooting-For-800 wrote:

I dont think I will ever deal with PenFed again.  

They instantly approved me for $10k Visa Sig (max SL) then denied me for anything.

Process took over 2 weeks of non-returned emails, etc.

Thought I wanted a credit union credit card even though no real rewards any better than what I have already.  I thought wrong.

I don't want to get into details, but common sense went out the window day 3.

759 EX at 8% utl with 1 inq at time of pull.  

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Here is where is gets silly...

6 months later I get denied for NFCU flagship with Fico 745 and utilization of around 12-15% (0% offers).

I apply for cash rewards from NFCU and get $1k SL!  Yes $1k!  by far my lowest card.

So NFCU, who gives 575 Fico scores $25k SLs, gave me $1k with a 745 Fico after denying me for a flagship.

Then I apply for a Regions (conservative bank) and get a $10k SL.

Then I get like $10k-$15k in CLIs on existing cards.

Then for some reason, I decide to apply for PenFed and I get instant approval for $15k SL!  Huh?

PenFed denied me at 759 due to "too much credit" then approve me when I have lower Fico, more inquiries, and like $50k more credit available.

I honestly have no idea how credit unions think but I will figure it out one day.