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