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PenFed Credit

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New Member

PenFed Credit

Hi everyone,

I just got a ch 7 bankruptcy discharged last month. Is penfed bk friendly? Or does anyone know a good credit u ion that’s good? I’m teying to get a car loan next year. But wanted to open a checking for now.
Message 1 of 11
10 REPLIES 10
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Community Leader
Mega Contributor

Re: PenFed Credit

You can check out the big Penfed thread in Applications for lots of data points. It is possible to join PF with bk7 reporting but you may get bucketed for awhile in regards to credit products like a cc. Ymmv of course.
Message 2 of 11
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Valued Member

Re: PenFed Credit

yes they are, at least for auto loans. they approved me a year after my bk with a 5.7% rate on new car
Message 3 of 11
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Frequent Contributor

Re: PenFed Credit

I am now contemplating joining PenFed soon thanks to all info I've been reading.
BK CH7--Filed September 25, 2018--D/C Jan.4, 2019
{FICO8 Feb.12, 2019--TU 580--EX 600--EQ 626}

Credit One Visa CLOSED by me May 2020!! :-)($500 now $700) Nov. 2018
SelfLender (2 year) Nov. 2018
Capital One Platinum MC ($2000 now $2500) Jan. 2019
Target RedCard ($500 at 4 months $800 six months later $1900) April 2019
Venus Comenity ($500 now $1500) May 2019 no HP
Ann Taylor Loft MC ($1000) June 2020 no HP
Overstock ($350 now $2350) June 2020 no HP


FICO 8 SCORES: 06-04-2020633 TU656 EX652 EQ
Message 4 of 11
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Valued Member

Re: PenFed Credit

I believe PenFed is going to require you have at least 6-12 months of positive account history. I was at the 2 year mark when I was approved with them, but that was only because I went with NFCU first.

Rebuild Path: BK7 Discharged 4/19/2016

** 4/2016 - Credit One Unsecured -$400 limit (CLI to $600 on 10/16) - Closed account 4/17 prior to annual fee
** 5/2016 - Houston Highway Credit Union - $1000 Credit Builder loan
** 5/2016 - Capital One Quicksilver - $3000 Unsecured
** 11/2016 - Barclay Rewards - $1500 Unsecured
** 1/2017 - Discover Card - $3000 Limit -(Auto CLI 7/17 to $3500 - Requested CLI 5/18 to $4100)
** 5/2018 - PenFed Cash Rewards - $10,000
** 5/2018 - PenFed Checking Credit Line - $2,000
** 8/2018 - Suntrust Auto Loan - $47,000
** 11/2018 - Barclay Card reduced credit limit to $500 - Due to public records on my credit report (The BK that was on there when they approved the card)
** PenFed Pathfinder Amex - $9,000
Message 5 of 11
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New Member

Re: PenFed Credit

yes they are im 3 months post discharge and they approved me for an auto loan 43k zero down my auto score was 676 eq

Message 6 of 11
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Frequent Contributor

Re: PenFed Credit

Momo75052
What's the interest rate?
BK CH7--Filed September 25, 2018--D/C Jan.4, 2019
{FICO8 Feb.12, 2019--TU 580--EX 600--EQ 626}

Credit One Visa CLOSED by me May 2020!! :-)($500 now $700) Nov. 2018
SelfLender (2 year) Nov. 2018
Capital One Platinum MC ($2000 now $2500) Jan. 2019
Target RedCard ($500 at 4 months $800 six months later $1900) April 2019
Venus Comenity ($500 now $1500) May 2019 no HP
Ann Taylor Loft MC ($1000) June 2020 no HP
Overstock ($350 now $2350) June 2020 no HP


FICO 8 SCORES: 06-04-2020633 TU656 EX652 EQ
Message 7 of 11
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New Member

Re: PenFed Credit

6% not the best but I’ll refinance in June just glad they approved me so soon
Message 8 of 11
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New Contributor

Re: PenFed Credit

I had a PenFed before my BK and I paid off card and it did not close through my BK one one to survive not sure if helpful info.

Message 9 of 11
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New Contributor

Re: Pen Fed Credit

I had a PenFed before my BK and I paid off card and it did not close through my BK one one to survive not sure if helpful info.

Message 10 of 11
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