Penfed success less than 1 year post BK.

[anniea4001]

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. 

[Guyatthebeach]

anniea4001,

Congratulations! That's awesome to see!

Keep on rebuilding!

Guyatthebeach

[Credit_Master]

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@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. 

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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.

[MileHigh96]

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!

[anniea4001]

@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.

[whoelze]

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

[anniea4001]

@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 

[anniea4001]

@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. 

[FireMedic1]

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

[Anonymous]

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