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Penfed success less than 1 year post BK.

anniea4001
Regular Contributor

Penfed success less than 1 year post BK.

My CH7 was discharged in March 2021. Soon after filling in Dec 2020 I opened a savings account with Penfed and I had been adding a little money here and there since. Today I logged in to my Penfed account to find a credit card approval on my main page. I decided to pull the trigger and was an instant approval with a 5k SL. I cannot express how thrilled I am with this. I must admit my rebuild has been much much better than I expected when I decided to file for BK. I never had this much available credit before filling, probably because I did not understand credit like I do now and was not on top of things like I have been in the last few years. 

 

Screenshot 2022-01-06 143444.png

22 REPLIES 22
Guyatthebeach
Valued Contributor

Re: Penfed success less than 1 year post BK.

anniea4001,

 

Congratulations! That's awesome to see!

 

Keep on rebuilding!

 

Guyatthebeach

Message 2 of 23
Credit_Master
Regular Contributor

Re: Penfed success less than 1 year post BK.


@anniea4001 wrote:

My CH7 was discharged in March 2021. Soon after filling in Dec 2020 I opened a savings account with Penfed and I had been adding a little money here and there since. Today I logged in to my Penfed account to find a credit card approval on my main page. I decided to pull the trigger and was an instant approval with a 5k SL. I cannot express how thrilled I am with this. I must admit my rebuild has been much much better than I expected when I decided to file for BK. I never had this much available credit before filling, probably because I did not understand credit like I do now and was not on top of things like I have been in the last few years. 

 

Screenshot 2022-01-06 143444.png


Congrats on your PCR approval. Do you have any data points you could share? My discharge was in April 2021 and I opened a savings account with them in September and checking account in November. I think I need to wait a little longer before I pull the trigger on apping for the PCR.

Financial Institutions

Current Cards

Goal Cards

Total CL $38,950
Message 3 of 23
MileHigh96
Regular Contributor

Re: Penfed success less than 1 year post BK.

Congratz on the PenFed approval! They are just all kinds of awesome. I did the same as you, I opened a savings account with them about 3 months after my BK7 discharge and then the following month, just 4 months after my discharge, they approved me for a card with a $6K CL, by far the highest out of any of the cards I've gotten since my rebuild started.

They really are amazing!
BK7 discharged - 06JUL2021
Loans:

Revolving Accounts:

FICO8 Scores on 11/22/2021:

FICO8 Scores on 05/18/2022:
Message 4 of 23
anniea4001
Regular Contributor

Re: Penfed success less than 1 year post BK.

@Credit_Master thank you.

 

According to the letter Penfed sent me, they pulled my EQ with a 652 score. Not sure which Fico version thou because the letter does not say. 

But my Fico 8s were around the 660's last time I checked a couple of weeks ago.

Utilization always under 5% all across the board.

 

Message 5 of 23
whoelze
Member

Re: Penfed success less than 1 year post BK.

Congratulations on your approval! Your DP means there is hope for me!! Smiley LOL I opened my account with them last month, 3.5 months post discharge.

Ch. 7 - 05/14/2021 : Discharged - 08/30/2021

FICO 8 Scores as of 01/06/2022:
EQ = 653 EX = 608 TU = 622

FICO 9 Scores as of 01/06/2022:
EQ = 713 EX = 660 TU = 701
Message 6 of 23
anniea4001
Regular Contributor

Re: Penfed success less than 1 year post BK.

@whoelze well, based on several threads I have read in this forum I knew that a lot of people get approved within the year after BK.

But I was not expecting a pre approval at all. Also, I was not expecting anything until after I hit the year post discharge. 

But yes, there is plenty of hope. Good luck on your rebuilding 

Message 7 of 23
anniea4001
Regular Contributor

Re: Penfed success less than 1 year post BK.

@MileHigh96 same here. This would be my highest limit besides my Alphaeon account. 

I have read a lot of great things about Penfed, that is why I joined. 

Message 8 of 23
FireMedic1
Community Leader
Super Contributor

Re: Penfed success less than 1 year post BK.

Congrats @anniea4001 . Might have been FICO 8 or 9 Bankcard Score. Not a member.So dont know which one.




Homeowner since Sept 2020. Sharing my experiences after BK from learning here. Rebuild to recovery from the @ 540's.
Message 9 of 23
mark3038
Established Contributor

Re: Penfed success less than 1 year post BK.

Pen Fed is a fantastic way to re build your credit. 

Here is some info on them as well.

 

PenFed will consider you for a second card (gold card) without a new inquiry. If you apply within 30 days of your first card they will use that first inquiry so you have nothing to loose. The reason I am saying the gold card as it is the easiest one to be approved for and quickly before the 30 days run out. I would think you stand a good chance of getting the second card but the starting CL will probably be less then the first card. I would give it a shot ASAP

Thanks

Mark

Please note; My postings are my opinion only. You can accept them or reject them. Thanks, Mark
Message 10 of 23
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