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New to Penfed Checking - Apply for CC?

kittycreditmeow
Frequent Contributor

New to Penfed Checking - Apply for CC?

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

 

Credit Cards, Loans & Store Cards






Bank and Credit Union Memberships


Available Credit - $10,600
Util: 16%. Inquiries: TU: 43 EX: 31 EQ: 22
Gardening Until: March 28, 2023
AaOA: 1 Year & 6 Months

Fico 8 Scores Current as of March 2021

Fico 8 Scores Post BK

Bankruptcy Discharged: November 1, 2019
Message 1 of 8
7 REPLIES 7
ImTheDevil
Community Leader
Super Contributor

Re: New to Penfed Checking - Apply for CC?

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.



Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | PenFed PCR | Navy cashRewards | Navy Platinum | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





Message 2 of 8
coldfusion
Community Leader
Super Contributor

Re: New to Penfed Checking - Apply for CC?


@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

 


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.



(2/2021)
FICO 8 (EX) 808 (TU) 816 (EQ) 809
FICO 9 (EX) 825 (TU) 827 (EQ) 826

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 3 of 8
kittycreditmeow
Frequent Contributor

Re: New to Penfed Checking - Apply for CC?

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

Credit Cards, Loans & Store Cards






Bank and Credit Union Memberships


Available Credit - $10,600
Util: 16%. Inquiries: TU: 43 EX: 31 EQ: 22
Gardening Until: March 28, 2023
AaOA: 1 Year & 6 Months

Fico 8 Scores Current as of March 2021

Fico 8 Scores Post BK

Bankruptcy Discharged: November 1, 2019
Message 4 of 8
M_Smart007
Epic Contributor

Re: New to Penfed Checking - Apply for CC?


@kittycreditmeow wrote:

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


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.

"Why So Serious?"
Message 5 of 8
aptiger
Valued Contributor

Re: New to Penfed Checking - Apply for CC?


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. 


 


Filed chapter 7 in May 2017.

Message 6 of 8
FinStar
Moderator

Re: New to Penfed Checking - Apply for CC?


@aptiger wrote:

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. 


 


@aptiger 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).

Message 7 of 8
aptiger
Valued Contributor

Re: New to Penfed Checking - Apply for CC?


@FinStar wrote:

@aptiger wrote:

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. 


 


@aptiger 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).


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


Filed chapter 7 in May 2017.

Message 8 of 8
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