PenFed should I app for card or not yet?

[jason0618]

On February 10, I apped for something with PenFed. It was instantly declined with score of 572. Reasons given were:
Bankruptcy reported (discharged July, 2016)
Length of time accounts have been established
Proportion of balances too high
Number of inquiries.

Fast forward to today. My Equifax is now at 671, the bankruptcy is a couple of months older, I am currently reporting 1% utilization. Obviously, my open accounts are still relatively low age, but my aaoa is about ten years thanks to student loans that survived the bankruptcy. I still have a 9 month old ch7, and I do have a lot of inquiries from my rebuilding and car purchase.

I'm thinking of applying again for PenFed promise card. If approved, I would close my secured 5/3 bank MasterCard and probably a couple of comenity cards, which would leave PenFed, discover secured and USAA secured. I plan to keep discover and try to get something from USAA after my security cd matures at two years. I don't know how PenFed decides on approvals. I've read they want a 620 score, I've also read they want 680. I've read they want a few months post bankruptcy, and I've read they want 4 years post bankruptcy. I'm tired of apps, but once I get a decent unsecured card, I plan to hold off for a year. At least.

Other than the bankruptcy, I have no baddies since then and none prior to filing.

[Anonymous]

I am not confident enough to say yes or no. I am sorry I couldn't be more helpful, but have you considered applying to NFCU. They are good for rebuilders.

[jason0618]

I burned nfcu in my bankruptcy. At this point, they're not an option.

[steelers1]

I would wait a while.

You can try at over a year discharge but its probably not long enough. To be honest your chances are much better 2 years post discharge.

I got approved for the Promise and Power Cash Rewards cards over 2 1/2 years discharge.

Penfed is very conservative. Not as much as they used to be but much more than NFCU is.

[AverageJoesCredit]

Id wait, 2 months really shouldnt make much a difference in their thought process, though anything is possible. Ive had a bk7 on my report when i got my Promise card last year and had a 663 Nextgen score when they approved me but only for $500.

Each request after for cli turned down with that built in excuse of bk. Things are possible with Penfed if you go for a recon and perhaps explain your report better with them but i wouls at least try to get some distance from your relative fresh bk. Good luck if you decide to go for it though

[jason0618]

Alright, I think I'm just gonna wait. PenFed isn't really on my "must have" list for credit cards, just thought of them as a stepping stone.
Maybe I'll just consider the discover secured I already have as a decent card, since it'll eventually graduate and not app for anything for the next year or so

[Anonymous]

I was approved for a used-car loan in late February with Penfed, about 2 years 3 months after my Chapter 7 bankruptcy was discharged. My EQ (FICO NG2) score as reported on their site is 690 as of February 28; as they updated the site at the beginning of this month, I expect the next quarterly update in early July. I would quite like to get a card from them (at least the Promise Visa, preferably the Power Cash Rewards Visa), and judging from the info in this thread my BK shouldn't be a showstopper in and of itself - also I've never burned Penfed in BK or otherwise so that should increase confidence - but I think it wisest to garden and develop payment history for at least a few months seeing that I got two other credit cards in the period 2/10 - 3/22 in addition to my car loan.

[MyLoFICO]

If you have a lot of Inquiries the last thing you should do is app, regardless of scores.