Credit Cards

[firstinlastout]

It's been nearly a month since I received my PenFed Visa card. Since then I have used it extensively and today I see that there is finally a due date on my online statement. I checked my credit reports last night and PenFed is still not showing up on any other 3 agencies. Is this normal ?

[cheddar]

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firstinlastout wrote:
It's been nearly a month since I received my PenFed Visa card. Since then I have used it extensively and today I see that there is finally a due date on my online statement. I checked my credit reports last night and PenFed is still not showing up on any other 3 agencies. Is this normal ?

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I know it can seem like forever when you're waiting for something to report, but you've only had your card for two weeks.  Looks like you received it around 6/10.

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=90190#M90190

Patience.

Edit to add:  Since most CCs report on the statement date, many of them will not report at all for the first time until the first statement drops.  Even after that, it could take up to another two weeks for the CRAs to update.  You could be looking at up to 6 weeks after opening the account before you see a new account on your reports.

Message Edited by cheddar on 06-27-2008 06:24 AM

[firstinlastout]

oh snaps ! patience is a virtue I guess.

[haulingthescoreup]

PenFed is a little screwy if you try to PIF before the statement date, etc. My statement drops on the 2nd of the month, but this month I didn't see a new statement online until the 6th or 7th, and it wasn't on my reports until then. But once it did show up, the displayed date was the 2nd. I wound up having a balance report due to the confusion.

They also seem to have delays in when a charge actually posts to your online account, and they don't seem to show "pendings." So for those who like to have $0 reporting on their cards, you'll definitely need to stay on your toes with PenFed, stopping using it at least 5 days before the statement date and tracking to see if they post. Or more simply, let PenFed be that one card that does report for you.

I do hope that they unclutter their website pretty soon. It's a bit eccentric at the moment. But it's worth it!

[nathan]

Mine was approved on may 20 and it just started reported  this week. like HTSU rightly said, they are slow to post transactions and payments. I have decided they will be my only card that will be reporting a bal.

[jmbfl]

PenFed does not report pendings. Pendings may or may not be reflected fully in your available balance so it can be a little hard to tell where you're at. I pay my a/c by transfer from a PenFed checking account and I have not figured out yet if you can overpay the balance (i.e. pay a pending, but not yet posted amount). Payments I make by transfer from checking are fully posted by the end of business the next day as long as it is not a weekend.

I put about $1,500 dollars thru this account last cycle and it reported about a $150 balance. I would not even try to report a zero balance on this account. Glad I don't have to.

If they revise the website I am sure they could report the pendings.

As for reporting, they report shortly after the statement cuts. Just be patient. BofA and Macy's they are not.

Message Edited by jmbfl on 06-27-2008 07:56 PM

[UpUpUp]

Just curious if you PenFed reported yet? Just saw mine on EX and luckily they seem to have reported a zero balance even though I've been actively using and PIF the card.  Funny thing for me is that I have not received a statement yet and when I log in online and try to retreive the statement, it tells me there is not one available for this account yet. 

[smallfry]

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UpUpUp wrote:

Just curious if you PenFed reported yet? Just saw mine on EX and luckily they seem to have reported a zero balance even though I've been actively using and PIF the card. Funny thing for me is that I have not received a statement yet and when I log in online and try to retreive the statement, it tells me there is not one available for this account yet.

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You normally can't view your statement until about a week after the statement cuts. Horse and buggy stuff huh?

[UpUpUp]

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smallfry wrote:


You normally can't view your statement until about a week after the statement cuts. Horse and buggy stuff huh?

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Oh that's too funny. Thanks!

[cjoconn22]

I just got my PenFed card approved about two weeks ago. I do a daily pull from CreditSecure and PenFed was listed on all three bureaus before I even received my card in the mail.