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Contributor
lphelps
Posts: 89
Registered: ‎06-29-2009
0

6 Month PenFed probation.

I have been working on getting my score to qualify for a PenFed card or at least some preapprovals but I had to clear the 6 month probation period. I noticed that it didn't occur automatically... so when I inquired this was the response.

 

 After 6 months, you may request a
review of your account to determine if you are eligible to have the hold
provision removed.  Please submit the written request with your signature (and
the signature of any other owners of the account) for our verification.  The
request should also contain authorization to review the credit bureau from all
of the owners of the account. 

 

I wasn't expecting that this was a reviewable item.. and possibly requires a hard pull? 

7/16/09 - EQ 684, TU 691

7/25/09 - EQ 682 (-2) 7th INQ did it.
8/21/09 - EQ 684 Bounced back from the Inq even though none expired. There was a new credit account opened on the same day. *shrug*
10/23/09 - EQ 691
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: 6 Month PenFed probation.

I guess the 6 month hold provision is the minimum time frame.  It may also have something to do with how your credit looked at the time you joined.

 

My hold provision was removed automatically at 6 months, but I have had a CC the entire time and had excellent credit when I joined....maybe this has something to do with it????

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: 6 Month PenFed probation.

Are you all referring to the available credit hold time for credit cards?  After making charges and paying in full, my available credit was delayed only once for greater than 10 days.  After the first month, I now have no hold time on my card. 
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: 6 Month PenFed probation.


DI wrote:
Are you all referring to the available credit hold time for credit cards?  After making charges and paying in full, my available credit was delayed only once for greater than 10 days.  After the first month, I now have no hold time on my card. 

 

You are fortunate. I had 10 day holds on available credit on any payment to my CC, regardless of source (including cash from a PenFed account).  After 6 months, they removed this and now give me immediate credit and available credit.

 

When I spoke to CSR, they said this is the standard new member treatment.  I guess you are an above standard member, DI  :smileywink:

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: 6 Month PenFed probation.

My last payment was made avialable the next day after posting.  I was wondering about the hold time. I heard from people on this board saying there is a 6 months hold.  I didn't think anymore about it.  The rep told me my credit score with them was 792 if that means anything. 
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: 6 Month PenFed probation.


DI wrote:
My last payment was made avialable the next day after posting.  I was wondering about the hold time. I heard from people on this board saying there is a 6 months hold.  I didn't think anymore about it.  The rep told me my credit score with them was 792 if that means anything. 

 

Hard to say.  My FICO was 806 with them and went up to 810 soon after my application. I was approved a $10k Plat Visa with them, but they still stuck me with 6 months of 10 day hold on "available credit" even when it was cash transferred from a PenFed account.

 

You are favored at PenFed I guess  :smileywink:

 

 

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Contributor
lphelps
Posts: 89
Registered: ‎06-29-2009
0

Re: 6 Month PenFed probation.

In either case I'll be waiting until after Dec 11th to request the bump out of probation. That way I'll have dumped all my serious derog's and gotten a new report from a low limit cc that currently has high util.

 

 

7/16/09 - EQ 684, TU 691

7/25/09 - EQ 682 (-2) 7th INQ did it.
8/21/09 - EQ 684 Bounced back from the Inq even though none expired. There was a new credit account opened on the same day. *shrug*
10/23/09 - EQ 691
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: 6 Month PenFed probation.

If you don't have a credit product with them they are not regularly softing you and therefore have no information to base an automatic removal on. Most everybody with a credit product has their account reach "maturity" without completing a request.
Senior Contributor
O6
Posts: 3,626
Registered: ‎10-13-2009
0

Re: 6 Month PenFed probation.


txjohn wrote:

I guess the 6 month hold provision is the minimum time frame.  It may also have something to do with how your credit looked at the time you joined.

 

My hold provision was removed automatically at 6 months, but I have had a CC the entire time and had excellent credit when I joined....maybe this has something to do with it????

 

 


 

I've never had a hold ... even right at the beginning.  I think that if you are employed by DOD they do not give you the new member treatment.
IAALBNYL
Established Member
partsworks
Posts: 35
Registered: ‎01-25-2008
0

Re: 6 Month PenFed probation.

Inbred Penfed is the King of inconsistency.


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