Does PenFed definitely use FICO 9, or, does PenFed just show you FICO 9 in their credit monitoring and in their app, leading people to assume they use FICO 9 for other stuff? Thanks!
My Approvals with Pen Fed Always goes into review then denied, due to Student Loans, I always have to do the reconsider and send them proof my sl are 0 payments. I have the Rewards Platinum Visa 10, 000 the Cash Rewards Visa 12,000 a consolidation loan for 12,000 and just got approved for a checking line of credit for 5,000.
A bk is huge regardless who was burned or not. Cap One would give a card to the devil if he asked for one lol. Im no fan of Pendread as the way they choose to give credit to doesnt make sense to me but i think you can do better eventually. But keep them on the back burner for future possibilities. You never know
@shadowbox wrote:Hey everyone,
I'll update a footer with all of my details and write up a post with my BK experience and journey following discharge soon, but since there has been so much information provided by others I wanted to provide a small data point for others. I've been a member of PenFed for about 8 years with no credit products and did not IIB. I filed September of 2017 and received my order of discharge March 2018.
I've received unsecured credit from Capital One, an auto loan, and a secured card with Discover. I applied for the PenFed Visa Platinum Rewards Signature card as well as an overdraft line of credit and was planning to refinance my auto loan through them, as well as consolidate my checking and savings account with them. I initially got the "we'll contact you" message saying it needed to be manually reviewed, but it also asked if I wanted to add authorized users to the card. I called in, the issue was they needed to verify my social security number. After that, I was asked to wait a few days.
Yesterday, Labor Day, I got my message reflecting a denial. They pulled a 719 from Equifax, no lines are carrying balances, no derogotories. Reason for denial: BANKRUPTCY. Knowing others had success as soon as 3 months out of BK I gave them a call and was ultimately told there is currently a hard line limit of no credit products until 24 months after discharge. Given that the instiution wasn't providing me any additional benefit I considered closing my account and there was no resitance from PenFed, but I might try once more after the 24 months. Then again, Capital One has always been generous, perhaps I just don't need PenFed's services.
It's frustrating when an institution you didn't burn isn't willing to work with you when they have for others. Especially when a file has been immaculate since discharge.
Best wishes everyone.
Don't give up on PenFed yet. Wait until your BK ages to the required time. Try them again later. You have 8 year history with them. In general, Credit Unions do value the relationship. Hopefully, they'll treat you right when it's time to
apply.
