Penfed Secured? any OTHER options?

SoDenied · ‎12-28-2015

Question,

I just opened a Penfed account because a couple members told me that they offer a real good secured card. So far, my interactions with these guys have been less than stellar.

I've opened an account with them and my credit score got me a their best savings account and best checking account. The good thing about them is they use that same inquiry for 90 days.

I've deposited 1000 with them in hopes to open a secured card with them and they have been giving me the run around on when my funds with post and wether or not I will be able to get that secured card.

Now I understand it's up to them to ultimately approve a secured card or not even if I am using my own capital but this is starting to look like a waste of their time and ULTIMATELY my time.

Their only plus side is that they don't check ChexSystems (my down fall until it drops off, an account I did not even create.) so that why I opened an account with them to get a secured card.

ARE THERE ANY OTHER SECURED CARDS THAT WILL BENEFIT ME (GRADUATION WISE) THAT I CAN TRY??

elim · ‎12-28-2015

stay in good graces with Pen Fed even if they don't approve the sec card. when your scores are up, they WILL be stellar.

Anonymous · ‎12-28-2015

@elim wrote:
stay in good graces with Pen Fed even if they don't approve the sec card. when your scores are up, they WILL be stellar.

This^^^^^..

NRB525 · ‎12-29-2015

OP, did you apply for a regular PenFed credit card? My experience is that I got denied for the regular credit card, so used that application to ask for the Secured card.

I'm not familiar with the possibility of them just giving you a secured credit card.

But if you app for the regular credit card, and they give you a regular credit card, well, that'd be kind of a downer because that doesn't sound like your objective.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

NRB525 · ‎12-29-2015

The other secured card you can get for sure is the State Department FCU Secured card. Put up the deposit, at least $250, and they process to issue you a secured card.

It won't graduate, but then, you didn't really do much to get the card anyway, and any possible graduation is at least a year away anyhow.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

creditguy · ‎12-29-2015

You mentioned something about a chexsystems issue? If so don't waste your time with state department FCU, because while they won't do a credit check they will run your chexsystems file and deny you membership based on any negatives on chexsystems. If you want a secured card give BofA a shot they are a prime bank and the card will graduate.

SoDenied · ‎12-30-2015

Denied BofA - Charge off from 2011 still reporting EVERY month (Santander Auto Loan) they said that's the only reason why they said no.

Another hard inq. Yay.