PENFED CC's

[rchvmz]

I have been with PenFed for about a year--started with a $600.00 share loan. Opened a checking acct few months later. Keep 2k bal. 

My Fico score with them has went up, and I was BK13 DC 12/12/21----I have 7 CC, Highest limit is $4k with Cap 1 and Mercury, Sp Gd Vsa is at $3600.00. All cards are paid on time. Oldest is 14 months. I applied for the PCR 2 weeks after DC--declined. Of course my score was much lower...703 Fico 9 then. 

I hear the Promise card is the easiest, so what would you Fico Gurus suggest.....try for the Promise now or give it another 4-5 months. I want to get my foot in the door with these guys credit wise. I burned NFCU in the BK13--really hated that. They are a great Credit Union, but I hear once in with Penfed, they are good to their customers too. Fico 749 and income @ 85k---my DTI is very low, and I am at 2% Utilization. Own home, no car note--share loan is paid down to -8%........whats ya'lls experince say?

. 

[FinStar]

The Promise CC is no longer available for new applications, unfortunately. Their current products include Gold, Pathfinder, Power Cash Rewards, Platinum Rewards. 

[rchvmz]

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@FinStar wrote:

The Promise CC is no longer available for new applications, unfortunately. Their current products include Gold, Pathfinder, Power Cash Rewards, Platinum Rewards. 

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I see. Well, I'm thinking, regardless of the 749 score, with the BK freshly DC... likely I'm not ready as far as PenFeds underwriting is concerned. I believe you suggested that I wait 6 months or so in another thread. 

[SUPERSQUID]

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@rchvmz wrote:

I have been with PenFed for about a year--started with a $600.00 share loan. Opened a checking acct few months later. Keep 2k bal. 

My Fico score with them has went up, and I was BK13 DC 12/12/21----I have 7 CC, Highest limit is $4k with Cap 1 and Mercury, Sp Gd Vsa is at $3600.00. All cards are paid on time. Oldest is 14 months. I applied for the PCR 2 weeks after DC--declined. Of course my score was much lower...703 Fico 9 then. 

I hear the Promise card is the easiest, so what would you Fico Gurus suggest.....try for the Promise now or give it another 4-5 months. I want to get my foot in the door with these guys credit wise. I burned NFCU in the BK13--really hated that. They are a great Credit Union, but I hear once in with Penfed, they are good to their customers too. Fico 749 and income @ 85k---my DTI is very low, and I am at 2% Utilization. Own home, no car note--share loan is paid down to -8%........whats ya'lls experince say?

. 

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I know around dec/jan it seemed easy to get the penfed power cash rewards, there were a lot of approvals posted here including me 7500 at 17.99. ymmv

[rchvmz]

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@SUPERSQUID wrote:

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@rchvmz wrote:

I have been with PenFed for about a year--started with a $600.00 share loan. Opened a checking acct few months later. Keep 2k bal. 

My Fico score with them has went up, and I was BK13 DC 12/12/21----I have 7 CC, Highest limit is $4k with Cap 1 and Mercury, Sp Gd Vsa is at $3600.00. All cards are paid on time. Oldest is 14 months. I applied for the PCR 2 weeks after DC--declined. Of course my score was much lower...703 Fico 9 then. 

I hear the Promise card is the easiest, so what would you Fico Gurus suggest.....try for the Promise now or give it another 4-5 months. I want to get my foot in the door with these guys credit wise. I burned NFCU in the BK13--really hated that. They are a great Credit Union, but I hear once in with Penfed, they are good to their customers too. Fico 749 and income @ 85k---my DTI is very low, and I am at 2% Utilization. Own home, no car note--share loan is paid down to -8%........whats ya'lls experince say?

. 

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I know around dec/jan it seemed easy to get the penfed power cash rewards, there were a lot of approvals posted here including me 7500 at 17.99. ymmv

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I have some of the same cards as you---Ollo $1200.00, Mercury $4000.00, Kohls $500.00, Mission lane $1200.00, Cap 1Platinum $4000.00

I got some of these during the last year of my BK13---Mercury, Cap 1 and Kohls were after I was Dischrged on 12/21-----so I am almost 3 months post BK 13 DC---were you in a BK as well and was discharged, then got the Penfed?.......and was your Fico 9 higher than mine at 749?

[CH-7-Mission-Accomplished]

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@rchvmz wrote:

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@FinStar wrote:

The Promise CC is no longer available for new applications, unfortunately. Their current products include Gold, Pathfinder, Power Cash Rewards, Platinum Rewards. 

---

I see. Well, I'm thinking, regardless of the 749 score, with the BK freshly DC... likely I'm not ready as far as PenFeds underwriting is concerned. I believe you suggested that I wait 6 months or so in another thread. 

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Did you do a recon?   Penfed is fine granting credit when you are still in an open 13, so long as your FICO scores are good enough, which is supposed to be 650 plus.   You need to find out why they declined you.  It was not due to a recently discharged BK13.    Always recon and ask them if they have another card they could offer, or a lower limit, or something to show for your HP.

[rchvmz]

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@CH-7-Mission-Accomplished wrote:

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@rchvmz wrote:

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@FinStar wrote:

The Promise CC is no longer available for new applications, unfortunately. Their current products include Gold, Pathfinder, Power Cash Rewards, Platinum Rewards. 

---

I see. Well, I'm thinking, regardless of the 749 score, with the BK freshly DC... likely I'm not ready as far as PenFeds underwriting is concerned. I believe you suggested that I wait 6 months or so in another thread. 

---

Did you do a recon?   Penfed is fine granting credit when you are still in an open 13, so long as your FICO scores are good enough, which is supposed to be 650 plus.   You need to find out why they declined you.  It was not due to a recently discharged BK13.    Always recon and ask them if they have another card they could offer, or a lower limit, or something to show for your HP.

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I did not... didn't know I could. I THINK I remember something about inquiries, which I have 9 on EQ...and something about balances too high for credit limits, or something like that... But my utilization is about 2% so I figured they were looking at all the cards in my BK.... But I never thought about a recon. I'll have to call them tomorrow and find out exactly why they turned me down.... My income is 85k... Utilization at 2% ... No derogs and Fico 9 at 749.... That ought to get me a CC I'd think. 

[FinStar]

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@rchvmz wrote:

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@CH-7-Mission-Accomplished wrote:

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@rchvmz wrote:

---

@FinStar wrote:

The Promise CC is no longer available for new applications, unfortunately. Their current products include Gold, Pathfinder, Power Cash Rewards, Platinum Rewards. 

---

I see. Well, I'm thinking, regardless of the 749 score, with the BK freshly DC... likely I'm not ready as far as PenFeds underwriting is concerned. I believe you suggested that I wait 6 months or so in another thread. 

---

Did you do a recon?   Penfed is fine granting credit when you are still in an open 13, so long as your FICO scores are good enough, which is supposed to be 650 plus.   You need to find out why they declined you.  It was not due to a recently discharged BK13.    Always recon and ask them if they have another card they could offer, or a lower limit, or something to show for your HP.

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I did not... didn't know I could. I THINK I remember something about inquiries, which I have 9 on EQ...and something about balances too high for credit limits, or something like that... But my utilization is about 2% so I figured they were looking at all the cards in my BK.... But I never thought about a recon. I'll have to call them tomorrow and find out exactly why they turned me down.... My income is 85k... Utilization at 2% ... No derogs and Fico 9 at 749.... That ought to get me a CC I'd think. 

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Unfortunately, if you applied around mid-December (or shortly after your BK was DC'd), the window to have the application reconsidered was within 30 days. Typically, reconsiderations with PenFed anymore these days do no yield fruitful results, but that would largely depend on the reason(s) why the application was denied which you alluded to inquiries? Did you not receive the letter?

[rchvmz]

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@FinStar wrote:

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@rchvmz wrote:

---

@CH-7-Mission-Accomplished wrote:

---

@rchvmz wrote:

---

@FinStar wrote:

The Promise CC is no longer available for new applications, unfortunately. Their current products include Gold, Pathfinder, Power Cash Rewards, Platinum Rewards. 

---

I see. Well, I'm thinking, regardless of the 749 score, with the BK freshly DC... likely I'm not ready as far as PenFeds underwriting is concerned. I believe you suggested that I wait 6 months or so in another thread. 

---

Did you do a recon?   Penfed is fine granting credit when you are still in an open 13, so long as your FICO scores are good enough, which is supposed to be 650 plus.   You need to find out why they declined you.  It was not due to a recently discharged BK13.    Always recon and ask them if they have another card they could offer, or a lower limit, or something to show for your HP.

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I did not... didn't know I could. I THINK I remember something about inquiries, which I have 9 on EQ...and something about balances too high for credit limits, or something like that... But my utilization is about 2% so I figured they were looking at all the cards in my BK.... But I never thought about a recon. I'll have to call them tomorrow and find out exactly why they turned me down.... My income is 85k... Utilization at 2% ... No derogs and Fico 9 at 749.... That ought to get me a CC I'd think. 

---

Unfortunately, if you applied around mid-December (or shortly after your BK was DC'd), the window to have the application reconsidered was within 30 days. Typically, reconsiderations with PenFed anymore these days do no yield fruitful results, but that would largely depend on the reason(s) why the application was denied which you alluded to inquiries? Did you not receive the letter?

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No...I didn't. I seen some posts saying PenFed is not BK friendly...I seen one that said something like they want you 6-9 months post BK...so I'm totally confused now. Also, are you saying that now they are not open to recons....and FYI... I'm not saying I'd call for a recon, but to find out why it was declined. 

[FinStar]

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@rchvmz wrote:

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@FinStar wrote:

---

@rchvmz wrote:

---

@CH-7-Mission-Accomplished wrote:

---

@rchvmz wrote:

---

@FinStar wrote:

The Promise CC is no longer available for new applications, unfortunately. Their current products include Gold, Pathfinder, Power Cash Rewards, Platinum Rewards. 

---

I see. Well, I'm thinking, regardless of the 749 score, with the BK freshly DC... likely I'm not ready as far as PenFeds underwriting is concerned. I believe you suggested that I wait 6 months or so in another thread. 

---

Did you do a recon?   Penfed is fine granting credit when you are still in an open 13, so long as your FICO scores are good enough, which is supposed to be 650 plus.   You need to find out why they declined you.  It was not due to a recently discharged BK13.    Always recon and ask them if they have another card they could offer, or a lower limit, or something to show for your HP.

---

I did not... didn't know I could. I THINK I remember something about inquiries, which I have 9 on EQ...and something about balances too high for credit limits, or something like that... But my utilization is about 2% so I figured they were looking at all the cards in my BK.... But I never thought about a recon. I'll have to call them tomorrow and find out exactly why they turned me down.... My income is 85k... Utilization at 2% ... No derogs and Fico 9 at 749.... That ought to get me a CC I'd think. 

---

Unfortunately, if you applied around mid-December (or shortly after your BK was DC'd), the window to have the application reconsidered was within 30 days. Typically, reconsiderations with PenFed anymore these days do no yield fruitful results, but that would largely depend on the reason(s) why the application was denied which you alluded to inquiries? Did you not receive the letter?

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No...I didn't. I seen some posts saying PenFed is not BK friendly...I seen one that said something like they want you 6-9 months post BK...so I'm totally confused now. Also, are you saying that now they are not open to recons....and FYI... I'm not saying I'd call for a recon, but to find out why it was declined. 

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They are BK-friendly with the right profile and timeframe. There is no hard-and-fast rule on the post-BK requirements. Some folks can get approved within less than a year while others may take a year (or so) post-DC. It's all profile dependent.

It's possible you can view the declined letter online if they posted it there. Otherwise, you can reach out to them to see if they can resend you the letter or provide the reason(s) over the phone. As far as reconsiderations go, they typically require them to be submitted in writing.