PenFed Credit Card

[sihmud]

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!

[Papa_Bear]

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

[FireMedic1]

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?

[Papa_Bear]

@FireMedic1 It was 3500.

[FireMedic1]

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@Papa_Bear wrote:
@FireMedic1It was 3500.

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

[DaveInAZ]

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@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!

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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.  

[sihmud]

@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

[pip3man]

@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.

[sihmud]

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

[sihmud]

@FireMedic1 does penfed do HP when requesting CLI?