Hello All!
I was recently discharged from BK7 on 9.14.2016. Started cleaning up my reports prior to discharge - which are all cleaned all of my stuff say IIB.
Some background.....
Went to the CAP1 pre approve site and was approved for the Plant - 500 (CAP1 creditwise states that my score with them is 653, but this form says 545). 
Did the SCT and got the VC card $250.00, denied for the LUV button... (no more SCT trick for me - I just needed another card and didn't want Credit One).
I tried opening a checking/savings account with PenFed, denied for checking due to recent BK. They did grant my membership with the savings only.
I had NFCU account for almost 10 years before my BK, only burned them for 5k - but we know the rules with them. I cannot get back in only if I can pay the amount owed.
I also applied for a car loan with carfinance.com, denied...they sent my application to a third party...which I was bummed about. I cannot use CAP1 for aunto loan becuase ....yeah, I added my car loan to my BK7.
...my question is, should i try to recon with PenFed about the checking account. I'm trying to get back in with a credit union and desperatley need to start my rebuild.....what should I do? Or should, I just try to rebuild and try back with them in 6 months?
I know...I need to take my time..."It's a Marathon, Not a Sprint"....
@prettyinpink0609 wrote:Hello All!
I was recently discharged from BK7 on 9.14.2016. Started cleaning up my reports prior to discharge - which are all cleaned all of my stuff say IIB.
Some background.....
Went to the CAP1 pre approve site and was approved for the Plant - 500 (CAP1 creditwise states that my score with them is 653, but this form says 545).
Did the SCT and got the VC card $250.00, denied for the LUV button... (no more SCT trick for me - I just needed another card and didn't want Credit One).
I tried opening a checking/savings account with PenFed, denied for checking due to recent BK. They did grant my membership with the savings only.
I had NFCU account for almost 10 years before my BK, only burned them for 5k - but we know the rules with them. I cannot get back in only if I can pay the amount owed.
I also applied for a car loan with carfinance.com, denied...they sent my application to a third party...which I was bummed about. I cannot use CAP1 for aunto loan becuase ....yeah, I added my car loan to my BK7.
...my question is, should i try to recon with PenFed about the checking account. I'm trying to get back in with a credit union and desperatley need to start my rebuild.....what should I do? Or should, I just try to rebuild and try back with them in 6 months?
I know...I need to take my time..."It's a Marathon, Not a Sprint"....
I used to work at PenFed and since you have your HP withthem already, you could ask about getting a CC with them. I think their Visa Promise is the easiest one to get with guaranteed $500 min. You can check the site to be sure. They have requirements for their checking accounts, if you are denied then you're denied on the checking. It's always been like that with them, you have to have a certain score to show you can have a checking. I'm not sure on how long after BK until they will grant you a checking, however you could ask them. If you can get a loan product through them, that will show that you're trustworthy and building a relationship with them.
PenFed started risk based lending last year, and has been easier and easier to get loans with them, however lately they seem to have pulled back some. Too bad you burnt NavyFed. If you are in need of a checking, contact local CUs and see what they can offer you. Some have a risk checking for people who have done BK, and others require a year after BK till they give you one. That's why I always say to get the checking account dealt with prior to filing...
Thanks for taking the time to reply to my post.
I actually have a checking/savings with SunTrust. I wanted to build a relationship with a CU while trying to rebuild my credit. Yeah, I wish that I didn't burn NFCU also, it HAUNTS me.
So, I took your advice (thank you) and called PENFED and went over the entire spill about rebulding/building a relationship...etc.....been on my job for 11 years and unfor had to file BK. I explained what happened with my denial with the checking. The rep wasn't feeling it and he out right said, "If we denied you for a checking account we will deny you for a credit card". YIKES.... so, I actually took a deep pause...then he said or you can get a co-signer for the credit card.
@prettyinpink0609 wrote:@Anonymous-
Thanks for taking the time to reply to my post.
I actually have a checking/savings with SunTrust. I wanted to build a relationship with a CU while trying to rebuild my credit. Yeah, I wish that I didn't burn NFCU also, it HAUNTS me.
So, I took your advice (thank you) and called PENFED and went over the entire spill about rebulding/building a relationship...etc.....been on my job for 11 years and unfor had to file BK. I explained what happened with my denial with the checking. The rep wasn't feeling it and he out right said, "If we denied you for a checking account we will deny you for a credit card". YIKES.... so, I actually took a deep pause...then he said or you can get a co-signer for the credit card.
That ticks me off so hard. That employee is stupid. They ARE giving credit to people who have had a BK, and are fresh out of BK. They aren't as willy nilly as NavyFed, but a Credit Card is a different loan product, same with a car etc they are all looked at differently. I've never known why they're so hard about the checking requirements however. I LITERALLY remember seeing them GIVE out 50k ccs to people in Guam, who didn't have the money to support the payments or that line of credit. If you do apply for a card, and are denied. Make sure to fill out the survey they will send you, and you can also recon with a supervisor who is also an LO. If you DO call again, call after 6pm PST. You'll get the Eugene office, they are a younger/hip crowd and seem to not be as "stupid" as other call centers (cough couch Omaha)...
Also the big thing with Penfed is they don't like a lot of inquiries. If you've had more than 3 in 6 months then don't apply with them since they will reject it and claim you're Pyramiding debt. They are also turning out a new denial of "wanting to see a relationship with PenFed" which is just a blanket rejection. You CAN get products with them, but you will have to most likely do some leg work. Just go for the EASIEST thing to get and take it, since you can graduate to better cards and products.