PenFed New Guidelines Regarding CLI and BK

[Anonymous]

Hi all.. I'm long time lurker but just registered. Hoping to contribute more. I've gone from no credit/bankruptcy in 2015 to a few cards with very good credit limits thanks to some of the tips and advice here. So thank you.

I wanted to let everyone now that PenFed told me they have new guidelines regarding credit card/loan approvals and credit limit increases (for those who already have a credit card with them) in that thewill automatically deny if a bankruptcy was within 48 months. They said this was due to an audit that was done by the National Credit Union Administration and guidelines that were issued down. 

I think more than likely other institutions will follow this also, but am interested in thoughts on the matter.

I have the powercash rewards $10k limit and the platinum rewards, $5k limit. I was able to do a recon however and get platinum rewards raised to $10k.

So a recon with PenFed may work.. but ymmv. I just wanted to share my experience.

[Adkins]

Thanks for sharing your data points! 

[Anonymous]

No wonder, I applied one of their CC back in October 2017 and didnt get approved stated BK. I was discharge 07/2014 (39 months).

Thanks for sharing. I will try again after 48 months, maybe August 2018 on the 49 months to be safe! LOL

[Shawndoe79]

I just closed my Penfed account/membership due to multiple recent denials.  They wasnt benefiting my cause but my apps stated "excessive obligation in relation to income (overextended) which is far from the truth so now that you mention this, my bk7 was in 1/2015 but they couldve just said due to BK and not debt to income ration smh.  At any rate, NavyFed definitely filled the void. Dueces.