Congrats on your rebuild! Your doing just fine, and just so you know, PF is pretty good with recons, so If you get declined, wait for their email "survey", fill it out,, and at the end there's a place for comments.
Fill it out stating your Bk, and why it happened, and what you've done to prevent it in the future (insurance, savings, etc), and ask for reconsideration even a small $500 SL to just get in the door and prove yourself, etc...Id would apply for the promise
Thats what I did a couple years ago, started with the promise, then upgraded to the CR once my CL was there, the rest is history!
Fill it out stating your Bk, and why it happened, and what you've done to prevent it in the future (insurance, savings, etc), and ask for reconsideration even a small $500 SL to just get in the door and prove yourself, etc...Id would apply for the promise
Thats what I did a couple years ago, started with the promise, then upgraded to the CR once my CL was there, the rest is history!
PenFed has not been recon friendly with me.
Applied for the Promise Visa one year post discharge and was denied after review.
Reconned and denied again.
Scores are all mid six hundreds, utilization is at 30%, all rebuild accounts are paid on time and often in full, and my income is solid.
I’ll try again next summer after a year in the garden.
Also, I read a lot in these forums about their post-decline email survey...I never received one.
Good luck, be patient and I’m sure it’ll come together eventually.
Applied for the Promise Visa one year post discharge and was denied after review.
Reconned and denied again.
Scores are all mid six hundreds, utilization is at 30%, all rebuild accounts are paid on time and often in full, and my income is solid.
I’ll try again next summer after a year in the garden.
Also, I read a lot in these forums about their post-decline email survey...I never received one.
Good luck, be patient and I’m sure it’ll come together eventually.
@Nyght wrote:Ok, here is my update, sorry it's been a while but I've been overseas.
Unsecured cards:
Capital One: Started with plat. card 1K limit, now QS 1.5K
First Premier: $700 SL, still the same (I know this card is NOT a fav but it is unsecured (0 bal) I like this card more than Credit One for sure!
Credit One: so-called plat card...300 SL, gave me my 1 and only ding on 30 days late, so ready to rid myself of them as it's my lowest limit card, high rates, zero grace period, etc
Langley FCU: VISA 1K 14% no AF
Secured cards:
DISCOVER it: started $200 now 700
USAA: VISA $1400
I burned NFCU so no joy there (trust me I hate that but after the pain I went through in this ordeal I can't see myself paying them back UNLESS it would wipe the ch7 out)
So now I have set a goal of getting PenFed to give me a chance but I want to come to them right so I will take some time out and just cruise and maintain what I have to help build my score into the 700's and have 1-2 years since my last credit inq. Any help on what PF loves to see so I can work on it? I'd like to get PCR from them but I'll take Promise to start to get in the door.
Great work on the re-build, OP! You are making strides.
I can't comment on PenFed, but my advice to you would be to Goodwill (GW) the 30-day late payment from Credit One. That late payment is recent and could prevent you from getting approvals in the future. You have worked very hard in your re-build, and you should be proud of that. Don't let that missed payment hold you back!
Here is a link to a thread that explains what Good-willing is, provides examples of great Goodwill letters, and provides data points for different lenders: https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-St...