Reply
Senior Contributor
score_building
Posts: 3,559
Registered: ‎01-10-2008
0

Re: Penfed holding my available credit more then 10 days


jausanka wrote:

DI wrote:
 Having a 792 FICO score with them, I don't see how they even fixed their computer to place a restriction on my available credit.  

I must have missed something... I don't see the connection between your personal FICO score on any given day and an exemption from a blanket new-member anti-kiting policy.

 

That would be quite the set of disclosures and disclaimers they would have to provide at application for a card if your payment terms were based on your FICO score at the time of payment.  Would they pull it every day?  Every week?  Every time you made a payment?  If your FICO dropped 13 points, would you have to look up in a chart to see how many days' hold you would have?

 

 


+1

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: Penfed holding my available credit more then 10 days

What is the purpose for the hold?  We are not talking about $10,000 or more.  My point is this.  If one has an excellent credit history and no problems with Chex System, there's no just reason to hold available credit.  That is bad customer service and plain dumb!!
Frequent Contributor
DickC
Posts: 260
Registered: ‎05-21-2009
0

Re: Penfed holding my available credit more then 10 days


DI wrote:
What is the purpose for the hold?  We are not talking about $10,000 or more.  My point is this.  If one has an excellent credit history and no problems with Chex System, there's no just reason to hold available credit.  That is bad customer service and plain dumb!!

 

DI, I am sure this not a personal issue with you but a Company policy.  I know in the Casino Business we had a policy that ALL CUSTOMERS were on a "7 DAY CREDIT LIMIT", meaning your total credit available could not be exceeded in a 7 day period. It did not matter if your available Credit Limit was $250 or $250,000, it was for a 7 day period, NO EXCEPTIONS.  Yes, we had a few advantages in regards to clearing items, since we had a bank branch in the soft count area so we always got quick service.

 

As for having an excellant credit history and no problems with Chex System, that to me is really not a factor. I have known people with excellent credit histories go bankrupt and have seen many long time customers default on their accounts when you think they would not.

 

Like I say, I have no doubts it is nothing against you personally but just an internal Credit policy.

Frequent Contributor
Karatz
Posts: 318
Registered: ‎09-25-2008
0

Re: Penfed holding my available credit more than 10 days

DI. I think you commented on a similiar question I had with NAVY. Did you pull the amount in from PenFED?

 

NAVY took one of my savings accounts as a payment soure, with the long hold, but didn't take the other one at all. The other day I pushed a small amount from BofA VISA just to test it, and waa laa, payment posted and is available next day at NAVY, but BofA still shows it hasn't cleared yet LOL.

TransUnion/Equifax
746/754
Date: 9/24/2009/10/02/2009
Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: Penfed holding my available credit more than 10 days

Full credit line is now available and new statement generated.  So it took 10 business days from 11/25.
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Penfed holding my available credit more than 10 days


jausanka wrote:

Today is 10 business days.  After tomorrow, there may be something wrong.

 

Also, I ran into the same problem the last couple of months... The CSRs blamed it on IT.  When I called in, my correct balance and available credit showed up, and the CSR verified those two items.  I told them I was looking at my available credit online, and it was lower by exactly the amount of my last payment (longer than 10 days before).  They said, "no, sir, I am looking at it right here in the computer.  You have $xx,xxx available after your last payment of $xxx."

After arguing with them for a while and explaining that the website did not say the same as them (and them continually insulting my intelligence by telling me to "try logging in on another computer" or "try clearing out your cache"), they referred me to the IT department who said they were having issues since the last website update.

 

Long story short, I'd recommend calling and seeing what they say is available, and I bet it will be correct and it isn't because of the new member "probation".  Just bad luck and bad programming!

 

Good luck!


 

LOL.  I had this same conversation, but the CSR knew how to fix it.

 

When you are looking at your available balance, click directly on that available balance and it will refresh.  But PenFed is "Batch" processing like banks, not real time like a lot of CU's have traditionally been.  So even if it is day 10, the screen will not automatically reflect the actual available balance till the next day, UNLESS you click on the available balance to get a refresh.  Hitting F5 or Refresh will not do it.  You have to click directly on the number for their server to refresh the data rather than display the data cache default.

 

 

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
New Contributor
cantex
Posts: 70
Registered: ‎10-07-2008
0

Re: Penfed holding my available credit more than 10 days

Aha!!  TXJOHN, that worked for me.  It's now updated.
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Penfed holding my available credit more than 10 days

It's the simple things that make you smile!

 

:smileywink:   lol

 

 

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
Frequent Contributor
jausanka
Posts: 483
Registered: ‎05-06-2009
0

Re: Penfed holding my available credit more than 10 days

wow... +1 for you, and -alot for PenFed and myself for complaining about it for months and apparently never just... clicking it.

 

Thanks TX!


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}