New to Penfed Checking - Apply for CC?

[kittycreditmeow]

Hi y'all, 

I just opened a penfed checking account and was wondering if I should wait before applying for a CC through them or if I should apply right away? It looks like the only thing under offers is the lowest rank rewards card through penfed. Should I go for it or wait awhile? I do have two credit cards that have been paid off but they haven't reported yet. 

I am in the process of rebuilding after bankruptcy ch. 7 was discharged in November 2019. I currently have several cc's all in good standing as listed below, not all of them are the best cc's but just cards I opened to help build credit. My scores across the three bureaus range from 618-631. 

Capital One Platinum - $500 Limit

First Premier Bank - $700 Limit

Mission Lane - $500 Limit 

Target Red Card - $300 Limit

Overstock Store - $500 Limit 

Aspire Card - $1000 Limit 

First Savings Bank - $350 Limit 

Merrick Card - $500 Limit 

Genesis/Wayfair - $2000 Limit 

Affirm Account - $400 Limit 

Self/Lead Bank - $500 Loan/PAID OFF

[Anonymous]

You have plenty of time, no need to rush in immediately, especially if your reports are soon to reflect positive changes. PenFed will pull EQ9 for card approval - do you know your score of that variant? It would be worth finding out so you can see where you stand and gauge your odds.

[coldfusion]

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@kittycreditmeow wrote:

Hi y'all, 

I just opened a penfed checking account and was wondering if I should wait before applying for a CC through them or if I should apply right away? It looks like the only thing under offers is the lowest rank rewards card through penfed. Should I go for it or wait awhile? I do have two credit cards that have been paid off but they haven't reported yet. 

I am in the process of rebuilding after bankruptcy ch. 7 was discharged in November 2019. I currently have several cc's all in good standing as listed below, not all of them are the best cc's but just cards I opened to help build credit. My scores across the three bureaus range from 618-631. 

Capital One Platinum - $500 Limit

First Premier Bank - $700 Limit

Mission Lane - $500 Limit 

Target Red Card - $300 Limit

Overstock Store - $500 Limit 

Aspire Card - $1000 Limit 

First Savings Bank - $350 Limit 

Merrick Card - $500 Limit 

Genesis/Wayfair - $2000 Limit 

Affirm Account - $400 Limit 

Self/Lead Bank - $500 Loan/PAID OFF

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By my count it looks like you've picked up 11 cards in the ~15 months since your BK7 was discharged.    I suspect that velocity is going to be a bit too fast for Penfed's liking.

You might want to hold off for a few months without applying for any additional credit elsewhere and let your scores come up a bit from aging before you apply for a Penfed CC.

[kittycreditmeow]

I think y'all are right. I'm gonna wait a bit. Thank you for the level headed perspective. 

[M_Smart007]

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@kittycreditmeow wrote:

I think y'all are right. I'm gonna wait a bit. Thank you for the level headed perspective. 

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I strongly agree with @coldfusion on holding off a bit.

Let Penfed warm up to you, 6 months relationship is a good time to apply for a card. JMHO

It can be a YMMV.

[Anonymous]

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One of my friend applied for PenFed after 8 month of discharge and was approved for $3,500. He then applied for another credit card with them after 3 months was approved for 10K. He applied immediately after establishing membership. 

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[FinStar]

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@Anonymous wrote:

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One of my friend applied for PenFed after 8 month of discharge and was approved for $3,500. He then applied for another credit card with them after 3 months was approved for 10K. He applied immediately after establishing membership. 

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@Anonymous While your friend had success with their approval (post BK), it's likely your friend and the OP's profiles are vastly different.  Since the OP has opened several CCs in such a short period of time, their odds do not look favorable at the present time (as mentioned further upthread by @coldfusion).

[Anonymous]

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@FinStar wrote:

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@Anonymous wrote:

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One of my friend applied for PenFed after 8 month of discharge and was approved for $3,500. He then applied for another credit card with them after 3 months was approved for 10K. He applied immediately after establishing membership. 

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@Anonymous While your friend had success with their approval (post BK), it's likely your friend and the OP's profiles are vastly different.  Since the OP has opened several CCs in such a short period of time, their odds do not look favorable at the present time (as mentioned further upthread by @coldfusion).

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I would recommend op to wait also. But my friend did open a lot of accounts prior to Penfed approval. He just got lucky.