PENFED CC's

[rchvmz]

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@FinStar wrote:

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@rchvmz wrote:

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@FinStar wrote:

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@rchvmz wrote:

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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. 

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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. 

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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.

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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?

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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.

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That's what I will do tomorrow...see if I can get specifics on the decline. Really appreciate you.. thanks

[CreditExpressNJ]

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@rchvmz wrote:

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@FinStar wrote:

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@rchvmz wrote:

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@FinStar wrote:

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@rchvmz wrote:

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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. 

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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. 

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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.

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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?

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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.

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That's what I will do tomorrow...see if I can get specifics on the decline. Really appreciate you.. thanks

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I'd be insanely surprised if they declined you for inquiries.

I literally just got approved for there PCR and a CLI on my Platinum with 39 inquiries.  LOL 
I didnt realize I had that many. I thought i was in the 20s but all my CRA are 30+.

It honestly makes me wonder does inquiries mean anything although I can't even imagine where all those came from. 

I dont remember doing that many ever LOL. But who knows guess they add up eventually. 

[SUPERSQUID]

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@rchvmz wrote:

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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?

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Hi, i filed bk7 in sept 2019 dc 12/20/2019. i didnt start applying for credit until sept/oct 2020. at first i got subprime cards that had crazy fees and af's, i canceled them already, 3 in total. all the store cards i have i got at that time. in may 2021 i received 3 preaproved mailers, mercury, first savings bank, and legacy. a month later i received a preapproved mailer from blaze but i ripped it up. i applied to cap 1 and was approved for a platinum 300 sl at 29.99. in oct 2021 my cap 1 plat was upgraded to QS and my cl was raised to 1800. in november 2021 i applied and was approved for cap 1 savor one 3000 sl at 26.99. in early dec i was reading a lot of approvals of the penfed pcr and then one post that a person was approved 7 months post bk7 so i got brave and applied. to my shock instant approval 7500 at 17.99. at the time i was 1yr/11mos post bk7 dc. on christmas day i got brave again and applied to navy and was approved for the cash rewards 3700 at 16.99 even though the prequal only offered the secured nrewards.

my fico 8's and 9's during this time were mid to high 600's, i had lots of inquiries, right now i have 23. my income is only 36,000.

EDIT - i joined penfed in may 2021 with a tiny 15 buck savings, and nfcu with savings/checking 15 buck each

[rchvmz]

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@CreditExpressNJ wrote:

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@rchvmz wrote:

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@FinStar wrote:

---

@rchvmz wrote:

---

@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.

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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?

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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. 

---

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.

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That's what I will do tomorrow...see if I can get specifics on the decline. Really appreciate you.. thanks

---

I'd be insanely surprised if they declined you for inquiries.

I literally just got approved for there PCR and a CLI on my Platinum with 39 inquiries.  LOL 
I didnt realize I had that many. I thought i was in the 20s but all my CRA are 30+.

It honestly makes me wonder does inquiries mean anything although I can't even imagine where all those came from. 

I dont remember doing that many ever LOL. But who knows guess they add up eventually. 

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PenFed sent the letter to my email on the reasons for denied PCR card. It's dated Dec 17 2021--my BK 13 was DC Dec 14 2021, 3 days earlier!!! Maybe I was a little fast on the trigger for applying. Any ways, I am attching a screenshot of reasons---as of today--

*I have no current serious delinquency, no collections and only public record is DC BK

*length of time Revolving accounts established has oldest as 1year 3 months

*time since Delinquency?(BK filing?) (BK DC?)---Dec 14 2021

* accounts with balances= My utilization is 1% for 25k overall credit line. 

Maybe you gurus can make heads or tails out of this....My guess is I applied just way to early when BK 13 was DC on 12/14, the credit reports did not have enought time to get updated.  So now that my files are all updated, maybe I would be approved for the PCR?

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[rchvmz]

PenFed sent the letter to my email on the reasons for denied PCR card. It's dated Dec 17 2021--my BK 13 was DC Dec 14 2021, 3 days earlier!!! Maybe I was a little fast on the trigger for applying. Any ways, I am attching a screenshot of reasons---as of today--

*I have no current serious delinquency, no collections and only public record is DC BK

*length of time Revolving accounts established has oldest as 1year 3 months

*time since Delinquency?(BK filing?) (BK DC?)---Dec 14 2021

* accounts with balances= My utilization is 1% for 25k overall credit line. 

Maybe you gurus can make heads or tails out of this....My guess is I applied just way to early when BK 13 was DC on 12/14, the credit reports did not have enought time to get updated.  So now that my files are all updated, maybe I would be approved for the PCR? 

What you guys think?

[FinStar]

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@rchvmz wrote:

PenFed sent the letter to my email on the reasons for denied PCR card. It's dated Dec 17 2021--my BK 13 was DC Dec 14 2021, 3 days earlier!!! Maybe I was a little fast on the trigger for applying. Any ways, I am attching a screenshot of reasons---as of today--

*I have no current serious delinquency, no collections and only public record is DC BK

*length of time Revolving accounts established has oldest as 1year 3 months

*time since Delinquency?(BK filing?) (BK DC?)---Dec 14 2021

* accounts with balances= My utilization is 1% for 25k overall credit line. 

Maybe you gurus can make heads or tails out of this....My guess is I applied just way to early when BK 13 was DC on 12/14, the credit reports did not have enought time to get updated.  So now that my files are all updated, maybe I would be approved for the PCR? 

What you guys think?

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Personally, I would wait.

Even if a couple of the reasons have improved since you last applied, the other 2 reasons very much apply (reasons 2 & 3). Of course, this decision is entirely up to you.

An item to keep in mind, the longer things age, the better the terms of any outcome, such as the APR (which cannot be lowered once approved) and the starting limit (HPs for any future requests). If those are irrelevant and want to go 'YOLO' mode, then that's entirely up to you.

[rchvmz]

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@FinStar wrote:

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@rchvmz wrote:

PenFed sent the letter to my email on the reasons for denied PCR card. It's dated Dec 17 2021--my BK 13 was DC Dec 14 2021, 3 days earlier!!! Maybe I was a little fast on the trigger for applying. Any ways, I am attching a screenshot of reasons---as of today--

*I have no current serious delinquency, no collections and only public record is DC BK

*length of time Revolving accounts established has oldest as 1year 3 months

*time since Delinquency?(BK filing?) (BK DC?)---Dec 14 2021

* accounts with balances= My utilization is 1% for 25k overall credit line. 

Maybe you gurus can make heads or tails out of this....My guess is I applied just way to early when BK 13 was DC on 12/14, the credit reports did not have enought time to get updated.  So now that my files are all updated, maybe I would be approved for the PCR? 

What you guys think?

---

Personally, I would wait.

Even if a couple of the reasons have improved since you last applied, the other 2 reasons very much apply (reasons 2 & 3). Of course, this decision is entirely up to you.

An item to keep in mind, the longer things age, the better the terms of any outcome, such as the APR (which cannot be lowered once approved) and the starting limit (HPs for any future requests). If those are irrelevant and want to go 'YOLO' mode, then that's entirely up to you.

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I agree 100%. I actually do not need another CC, but my thought process is this, if I can get a premier CC with these guys, I would close a few more of the AF cards. Mission lane ($850.00-$59.00 AF), Fortiva ($1000.00-$49.00 AF), Aspire ($1000.00-$49.00 AF) and Surge ($1150.00-$75.00 AF+ $5.00 monthly fee!!!) are 4 of the AF cards left that will not grow much if any, so a nice premier card from PenFed with 3-5k or better would be awesome and I could say Bye Bye to those AF cards So, I can let the files age for a bit. 

 So FinStar.

 What would you suggest I let the CRA's age.....I realize my scores arent going to change much with the BK showing, and its due to fall of 11-26-2025.....approx 3 years-8 months. Which the scores can go up dramatically from what I have seem here. I hear anywhere from 50-150 pts....Im so looking forward to that---Thanks in advance and thanks for the advice so far

[FinStar]

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@rchvmz wrote:

---

@FinStar wrote:

---

@rchvmz wrote:

PenFed sent the letter to my email on the reasons for denied PCR card. It's dated Dec 17 2021--my BK 13 was DC Dec 14 2021, 3 days earlier!!! Maybe I was a little fast on the trigger for applying. Any ways, I am attching a screenshot of reasons---as of today--

*I have no current serious delinquency, no collections and only public record is DC BK

*length of time Revolving accounts established has oldest as 1year 3 months

*time since Delinquency?(BK filing?) (BK DC?)---Dec 14 2021

* accounts with balances= My utilization is 1% for 25k overall credit line. 

Maybe you gurus can make heads or tails out of this....My guess is I applied just way to early when BK 13 was DC on 12/14, the credit reports did not have enought time to get updated.  So now that my files are all updated, maybe I would be approved for the PCR? 

What you guys think?

---

Personally, I would wait.

Even if a couple of the reasons have improved since you last applied, the other 2 reasons very much apply (reasons 2 & 3). Of course, this decision is entirely up to you.

An item to keep in mind, the longer things age, the better the terms of any outcome, such as the APR (which cannot be lowered once approved) and the starting limit (HPs for any future requests). If those are irrelevant and want to go 'YOLO' mode, then that's entirely up to you.

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I agree 100%. I actually do not need another CC, but my thought process is this, if I can get a premier CC with these guys, I would close a few more of the AF cards. Mission lane ($850.00-$59.00 AF), Fortiva ($1000.00-$49.00 AF), Aspire ($1000.00-$49.00 AF) and Surge ($1150.00-$75.00 AF+ $5.00 monthly fee!!!) are 4 of the AF cards left that will not grow much if any, so a nice premier card from PenFed with 3-5k or better would be awesome and I could say Bye Bye to those AF cards So, I can let the files age for a bit. 

So FinStar.

What would you suggest I let the CRA's age.....I realize my scores arent going to change much with the BK showing, and its due to fall of 11-26-2025.....approx 3 years-8 months. Which the scores can go up dramatically from what I have seem here. I hear anywhere from 50-150 pts....Im so looking forward to that---Thanks in advance and thanks for the advice so far

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Ok, I see what you're saying. I had no idea you had 4 CC's sucking the life out of you with those AFs! And, while I understand that sometimes not everyone has the same access to no-AF cards while rebuilding, sometimes those are the options presented.

Well, let me ask you this: have the annual fees been already paid on these particular 4 cards? Are they coming up for renewal or are the assessed monthly?

[rchvmz]

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@FinStar wrote:

---

@rchvmz wrote:

---

@FinStar wrote:

---

@rchvmz wrote:

PenFed sent the letter to my email on the reasons for denied PCR card. It's dated Dec 17 2021--my BK 13 was DC Dec 14 2021, 3 days earlier!!! Maybe I was a little fast on the trigger for applying. Any ways, I am attching a screenshot of reasons---as of today--

*I have no current serious delinquency, no collections and only public record is DC BK

*length of time Revolving accounts established has oldest as 1year 3 months

*time since Delinquency?(BK filing?) (BK DC?)---Dec 14 2021

* accounts with balances= My utilization is 1% for 25k overall credit line. 

Maybe you gurus can make heads or tails out of this....My guess is I applied just way to early when BK 13 was DC on 12/14, the credit reports did not have enought time to get updated.  So now that my files are all updated, maybe I would be approved for the PCR? 

What you guys think?

---

Personally, I would wait.

Even if a couple of the reasons have improved since you last applied, the other 2 reasons very much apply (reasons 2 & 3). Of course, this decision is entirely up to you.

An item to keep in mind, the longer things age, the better the terms of any outcome, such as the APR (which cannot be lowered once approved) and the starting limit (HPs for any future requests). If those are irrelevant and want to go 'YOLO' mode, then that's entirely up to you.

---

I agree 100%. I actually do not need another CC, but my thought process is this, if I can get a premier CC with these guys, I would close a few more of the AF cards. Mission lane ($850.00-$59.00 AF), Fortiva ($1000.00-$49.00 AF), Aspire ($1000.00-$49.00 AF) and Surge ($1150.00-$75.00 AF+ $5.00 monthly fee!!!) are 4 of the AF cards left that will not grow much if any, so a nice premier card from PenFed with 3-5k or better would be awesome and I could say Bye Bye to those AF cards So, I can let the files age for a bit. 

So FinStar.

What would you suggest I let the CRA's age.....I realize my scores arent going to change much with the BK showing, and its due to fall of 11-26-2025.....approx 3 years-8 months. Which the scores can go up dramatically from what I have seem here. I hear anywhere from 50-150 pts....Im so looking forward to that---Thanks in advance and thanks for the advice so far

---

Ok, I see what you're saying. I had no idea you had 4 CC's sucking the life out of you with those AFs! And, while I understand that sometimes not everyone has the same access to no-AF cards while rebuilding, sometimes those are the options presented.

Well, let me ask you this: have the annual fees been already paid on these particular 4 cards? Are they coming up for renewal or are the assessed monthly?

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Ok----Fortiva JUST hit me with $49.00 AF + $12.50 maint fee=$61.50, bummer---Aspire and Mission lane will hit in April, and Surge is 6 months away----surge gets $5.00 every month plus the AF---

What you thinking?

[FinStar]

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@rchvmz wrote:

---

@FinStar wrote:

---

@rchvmz wrote:

---

@FinStar wrote:

---

@rchvmz wrote:

PenFed sent the letter to my email on the reasons for denied PCR card. It's dated Dec 17 2021--my BK 13 was DC Dec 14 2021, 3 days earlier!!! Maybe I was a little fast on the trigger for applying. Any ways, I am attching a screenshot of reasons---as of today--

*I have no current serious delinquency, no collections and only public record is DC BK

*length of time Revolving accounts established has oldest as 1year 3 months

*time since Delinquency?(BK filing?) (BK DC?)---Dec 14 2021

* accounts with balances= My utilization is 1% for 25k overall credit line. 

Maybe you gurus can make heads or tails out of this....My guess is I applied just way to early when BK 13 was DC on 12/14, the credit reports did not have enought time to get updated.  So now that my files are all updated, maybe I would be approved for the PCR? 

What you guys think?

---

Personally, I would wait.

Even if a couple of the reasons have improved since you last applied, the other 2 reasons very much apply (reasons 2 & 3). Of course, this decision is entirely up to you.

An item to keep in mind, the longer things age, the better the terms of any outcome, such as the APR (which cannot be lowered once approved) and the starting limit (HPs for any future requests). If those are irrelevant and want to go 'YOLO' mode, then that's entirely up to you.

---

I agree 100%. I actually do not need another CC, but my thought process is this, if I can get a premier CC with these guys, I would close a few more of the AF cards. Mission lane ($850.00-$59.00 AF), Fortiva ($1000.00-$49.00 AF), Aspire ($1000.00-$49.00 AF) and Surge ($1150.00-$75.00 AF+ $5.00 monthly fee!!!) are 4 of the AF cards left that will not grow much if any, so a nice premier card from PenFed with 3-5k or better would be awesome and I could say Bye Bye to those AF cards So, I can let the files age for a bit. 

So FinStar.

What would you suggest I let the CRA's age.....I realize my scores arent going to change much with the BK showing, and its due to fall of 11-26-2025.....approx 3 years-8 months. Which the scores can go up dramatically from what I have seem here. I hear anywhere from 50-150 pts....Im so looking forward to that---Thanks in advance and thanks for the advice so far

---

Ok, I see what you're saying. I had no idea you had 4 CC's sucking the life out of you with those AFs! And, while I understand that sometimes not everyone has the same access to no-AF cards while rebuilding, sometimes those are the options presented.

Well, let me ask you this: have the annual fees been already paid on these particular 4 cards? Are they coming up for renewal or are the assessed monthly?

---

Ok----Fortiva JUST hit me with $49.00 AF + $12.50 maint fee=$61.50, bummer---Aspire and Mission lane will hit in April, and Surge is 6 months away----surge gets $5.00 every month plus the AF---

What you thinking?

---

Let's do it

I would definitely go for the Power Cash Rewards, if that aligns with your spending and lifestyle. Since the Promise CC is no longer available for new applicants, there's the Gold card, but that's mainly for BTs (no guarantee of getting their lowest rate). If you travel, there's Pathfinder. And, of course, lastly Platinum Rewards. I would definitely look at the ones you're interested and narrow down the choices. Only thing to consider, PenFed does not reallocate limits nor PC their CCs, so choose wisely!