- not sure if I’m the right section move if need to.
Hey guys so I was discharged on 2/20/19 and like most people I burned cap1, credit1, disco not for much but they are not letting me in yet but I’m gonna keep trying.
- I have an open account with PenFed and reached out to them about a secured CC .
They replied with -
“ PenFed offers two types of secured credit cards. We have the Initiator Card, which is designed for those members with limited or no credit experience. 50% of
the credit line will remain on hold in your Regular Share savings account. Funds
must be on deposit prior to submitting an application. To qualify for this card,
you cannot make more than $2,000 a month.
- The other secured card is the Rebuilder Card, which is intended for members with
poor credit history but who have regained control of their finances in last six
months. 100% of the credit line will remain on hold in your Regular Share
savings account. Funds must be on deposit prior to submitting an application.
Please be aware that eligibility for either secured program is based on the your
credit bureau and income; approval for a secured VISA is not guaranteed.
- I looked everywhere on here for info but didn’t find anything so I talked to them. Hope this helps.
- also I went ahead and asked if I was recently discharged from BK would I still qualify for any of them and they said.
- “ PenFed is a conservative lender with strict lending guidelines.”
- so I’m going to call and see if they can use the last pull for the secured in the next couple of days. I’ll update if I do and post my scores hope I can get in, if I can’t I guess it’s opensky for now. Trying to get 2-3 secured cards.
