When can I apply for a CC with PenFed?

[Creditjunky37]

Hi Everyone,

I had an account with penfed which I unfortunately had to let go into CO status about a year an a half ago. I am back on my feet and clearing up a few accounts that I messed up. But wondering once I pay them off, if I'd be able to apply again. And how long I'd have to wait.

They sold my account to a collection agency and report to the CRAs as zero balance but CO status. Does penfed have a blacklist similar to other banks? Does anyone know if I'll be banned from them for 5 maybe 10 years? I hope not.... 

Thanks! 

[AllZero]

What kind of account was charged off with PenFed?

I don't have an answer to your specific question.

In general, with credit unions, you will have to make them whole on the loss incurred. I don't know if PenFed will consider offering credit or loan products after the debt has been paid in full.

Hopefully, other members can advise.

[AverageJoesCredit]

No clue either but doesnt sound promising. Recent burns for any lender usually have consequences,  unless they are Capital One. 

[Creditjunky37]

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@AllZero wrote:

What kind of account was charged off with PenFed?

I don't have an answer to your specific question.

In general, with credit unions, you will have to make them whole on the loss incurred. I don't know if PenFed will consider offering credit or loan products after the debt has been paid in full.

Hopefully, other members can advise.

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I apologize, I left that out. It was a credit card. Promise Visa. 

[AllZero]

I quick search using "PenFed Charge Off", yielded these results:

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Does-PenFed-reverse-charge-off/m-p/5862322

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Possible-Win-PenFed/m-p/5846734

[Creditjunky37]

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@AllZero wrote:

I quick search using "PenfFed Charge Off", yielded these results:

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Does-PenFed-reverse-charge-off/m-p/5862322

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Possible-Win-PenFed/m-p/5846734

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Thank you @AllZero I appreciate you searching that up! 

[AllZero]

@Creditjunky37  Good luck! Report back on your journey.