Try for PenFed PCR?

[jayhawk05]

Hi all,

Seems like PenFed is very BK friendly and it has been suggested by a few people on this board that I should try for the Power Cash Rewards.

Just wondering if it would be dumb to even try. Here are my data points:

BK 7 discharged: 6/2021

EQ FICO 8: 646 (Reporting 69% utilization, all paid to 0, will report around Feb. 15th)

2 Inquires (5/21, 8/21)

1 paid medical collection (Reported 2017, paid 2020):  ~$1,000

Income: $127,000

Current Cards:

6/2021 - Mission Lane - $0/$1,000 limit

7/2021 - Merrick Bank - $0/$2000 limit (AU)

8/2021 - Capital One Platnium - $0/$300 limit

8/2021 - Mercury - $0/$1,100 limit (increased from $750 in 12/21)

11/21 - Local credit union auto loan, 3.9% as a joint account

1/22 - Kohls - $0/$300 limit

I should see a jump when my utiliztion drops. Should I try for AZEO? If so which card and how much?

If I decide to apply, it will definitely be after utilization is reported.

Thanks!

[FinStar]

Personally, I would hold off until your BK is at least a year out (or longer preferably). The potential issues you might run into is that you're still considered fresh out of BK, and while it's possible that individuals can get approved with less than 1 year post-BK, you've amassed several new accounts in a relatively short period and the scores need some fine tuning.

Of course, this depends on your overall strategy. Are you looking at it from a 'YOLO' or a cautious perspective?

[FireMedic1]

---

@jayhawk05 wrote:

Hi all,

Seems like PenFed is very BK friendly and it has been suggested by a few people on this board that I should try for the Power Cash Rewards.

Just wondering if it would be dumb to even try. Here are my data points:

BK 7 discharged: 6/2021

EQ FICO 8: 646 (Reporting 69% utilization, all paid to 0, will report around Feb. 15th)

2 Inquires (5/21, 8/21)

1 paid medical collection (Reported 2017, paid 2020):  ~$1,000

Income: $127,000

Current Cards:

6/2021 - Mission Lane - $0/$1,000 limit

7/2021 - Merrick Bank - $0/$2000 limit (AU)

8/2021 - Capital One Platnium - $0/$300 limit

8/2021 - Mercury - $0/$1,100 limit (increased from $750 in 12/21)

11/21 - Local credit union auto loan, 3.9% as a joint account

1/22 - Kohls - $0/$300 limit

I should see a jump when my utiliztion drops. Should I try for AZEO? If so which card and how much?

If I decide to apply, it will definitely be after utilization is reported.

Thanks!

---

Yes AZEO. The "all paid to $0 will ding you" for no revolvers reporting. @FinStar took care of the rest.

[4sallypat]

If you have a current PenFed deposit wait for a pre-approval/pre-qualification.

If you don't have a deposit account, open a checking account at a minimum.

I opened a checking and savings account, waited about 6 months and then I started seeing the pre-approved mailer and online messages.

Applied after my house purchase escrow closed and got $12,500 Visa Gold PenFed card.

They pulled EQ 09

[justbeyou0724]

My BK was discharged 11/2020 and I was approved less than 1 year from discharged. However, I had a savings account with them for about 2 years as well. When I applied the first time i was denied with a 639 EQ 9 score. I read about others with a BK and it seems as though they are looking for a EQ 9 of no less than 650 to even consider.  So I waited a few  and noticed my score went up to 681 and applied again which i was approved with a  starting limit of $5000.00. 

---

@jayhawk05 wrote:

Hi all,

Seems like PenFed is very BK friendly and it has been suggested by a few people on this board that I should try for the Power Cash Rewards.

Just wondering if it would be dumb to even try. Here are my data points:

BK 7 discharged: 6/2021

EQ FICO 8: 646 (Reporting 69% utilization, all paid to 0, will report around Feb. 15th)

2 Inquires (5/21, 8/21)

1 paid medical collection (Reported 2017, paid 2020):  ~$1,000

Income: $127,000

Current Cards:

6/2021 - Mission Lane - $0/$1,000 limit

7/2021 - Merrick Bank - $0/$2000 limit (AU)

8/2021 - Capital One Platnium - $0/$300 limit

8/2021 - Mercury - $0/$1,100 limit (increased from $750 in 12/21)

11/21 - Local credit union auto loan, 3.9% as a joint account

1/22 - Kohls - $0/$300 limit

I should see a jump when my utiliztion drops. Should I try for AZEO? If so which card and how much?

If I decide to apply, it will definitely be after utilization is reported.

Thanks!

---