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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!
I apolgize if this has been covered, but I didn't see it.
Has anyone been approved for a Penfed card after they were IIB? I was discharged in 3/18 and included them. They left my savings account alone so I still have an account with them.
@noswttea4u wrote:I apolgize if this has been covered, but I didn't see it.
Has anyone been approved for a Penfed card after they were IIB? I was discharged in 3/18 and included them. They left my savings account alone so I still have an account with them.
highly doubt it. Most CU's won't touch you for credit needs if you burnt them in a BK and never repaid them back especially more conservative ones like PenFed.. Paying them back might yield better chances although nothing is guranteed and certainly not required if you included them in your BK. I would personally go after a less conservative CU that you didn't burn for credit needs as other CU's like NFCU will never approve you for credit if you burnt them until you pay them back for an example.
Pen Fed Pathfinder Rewards Amex
EQ 08 Fico: 673
Penfed Nextgen: 698
Instant or Review?: Instant $7,500 SL
POI?(If yes, what type of proof of income) - No POI
AAOA: not sure 1-2 years
Derogs?: (If you have a BK please list type and discharge date!) Yes discharged 7/2010
Util: @ 12% when app'd
Total EQ Inquiries: 1 (from PenFed for savings account) [Note: I did get 2nd INQ on EQ for CC]
Last 12 months: 8
Last 6 months: 5
New Accounts in last 12 months: Many new accounts 10 Plus
Last 6 months: Same as above
I just applied yesterday (and was approved) for a PenFed auto loan refinancing. I thought since they did a hard pull, that they could use that again when I applied today for a Power Cash Rewards Visa (for which I was also approved - yay!).
Unfortunately, they did a hard pull yesterday and another one today. I called to ask why and was told that as of two weeks ago, they are no longer allowed to NOT do the multiple hard pulls. The lady I spoke with told me they had 'gotten in trouble' for doing the subsequent soft pulls, and that moving forward there would be a hard pull for each application. At least that was her understanding. Just a heads up to everyone.
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.
@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.
Dare I speak these words!
"Do you guys/gals think PenFed is once again opening the Approval/CL Floods Gates?" - last words of a gardener.