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Penfed secured credit card .

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Established Member

Penfed secured credit card .

- 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.
BK7 discharged 2/22/19
2/22/19 FICO 8 EX 522 EQ 569 TU 505
Message 1 of 8
7 REPLIES 7
Frequent Contributor

Re: Penfed secured credit card .

Navy Federal arguably has the best secured credit card around. Are you an immediate family member of a servicemember or a veteran? If so, you're eligible.

Message 2 of 8
Established Member

Re: Penfed secured credit card .

Yes navy federal has the best unfortunately I can’t get it. No service or immediate family.
BK7 discharged 2/22/19
2/22/19 FICO 8 EX 522 EQ 569 TU 505
Message 3 of 8
Valued Member

Re: Penfed secured credit card .


@jlozano7 wrote:
Yes navy federal has the best unfortunately I can’t get it. No service or immediate family.

Thank you very much for the information. I have had a savings account with this since I have filed my bk13. I was unaware of a secured credit card. Did you apply and get approval yet? I am going to reach out to them on Monday to get more information on it.


Starting scores Pre-Filing: High 400s. Gardening Until 06.2019.Utilization 3%/AZEO.
Current FICO 8 Scores as of 04.01.19:


$1000 SDFCU Secured Credit Card | $500 SDFCU Secured Shared Loan | $550 Credit One Card | $300 First Premier Bank Card
Message 4 of 8
Regular Contributor

Re: Penfed secured credit card .

You should take a look at FNBO. They are BK friendly.  You can receive a CLI at 7 months and graduate at 11.  Thereafter, you can request soft pull clis about every 6 months 

Message 5 of 8
Established Member

Re: Penfed secured credit card .

no i havnt talked to the yet. But i will soon and update with any results

BK7 discharged 2/22/19
2/22/19 FICO 8 EX 522 EQ 569 TU 505
Message 6 of 8
Established Member

Re: Penfed secured credit card .

thanks I will look into them

BK7 discharged 2/22/19
2/22/19 FICO 8 EX 522 EQ 569 TU 505
Message 7 of 8
Valued Member

Re: Penfed secured credit card .

I spoke with a rep at PenFed today about their secured cards and they said that they recently stopped accepting any applicants for them as they are restructuring their secured cards and in the next month or so they will soon be offered on their main website under their credit card banner.

Feb 4 FICO 8 Scores

Apr 4 FICO 8 Scores










Message 8 of 8
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