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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 $36,950
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
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. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from 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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