Reply
Contributor
wajj
Posts: 79
Registered: ‎10-09-2008
0

Re: Penfed holding my available credit more then 10 days

Wouldn't be surprised if it wasn't 10 business days that they hold it.  Today is the 10th business day from the 25th so perhaps it will release tonight.

 

I honestly never pay attention -- payment posts and I still have enough availble to cover my gas purchases and it always reports a $0.00 balance to the CRA no matter what the on screen available credit shows.

 

Also, PenFed won't care if you use your card or not so you aren't "punishing" them at all.  Instead you're punishing yourself by not availing yourself of their cash back (can't beat 5% on gas :smileyhappy: )

Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: Penfed holding my available credit more then 10 days

[ Edited ]

wajj wrote:

Wouldn't be surprised if it wasn't 10 business days that they hold it.  Today is the 10th business day from the 25th so perhaps it will release tonight.

 

I honestly never pay attention -- payment posts and I still have enough availble to cover my gas purchases and it always reports a $0.00 balance to the CRA no matter what the on screen available credit shows.

 

Also, PenFed won't care if you use your card or not so you aren't "punishing" them at all.  Instead you're punishing yourself by not availing yourself of their cash back (can't beat 5% on gas :smileyhappy: )


Perhaps it will be released tonight.  Also, the highest amount I charge is for my cell phone bill.  Sometimes, I may charge more.  Nevertheless, I still have enough available credit whether it's held or not.  The fact is,  I like seeing a zero balance and the  full amount of available credit that I was extended.  

 

I use my Kroger 123 to purchase my gas.  The 5% with PenFed is subpar compared to my savings with my Kroger card.  

Message Edited by DI on 12-10-2009 11:39 AM
Regular Contributor
idmd
Posts: 194
Registered: ‎09-18-2009
0

Re: Penfed holding my available credit more then 10 days


DI wrote:

wajj wrote:

Wouldn't be surprised if it wasn't 10 business days that they hold it.  Today is the 10th business day from the 25th so perhaps it will release tonight.

 

I honestly never pay attention -- payment posts and I still have enough availble to cover my gas purchases and it always reports a $0.00 balance to the CRA no matter what the on screen available credit shows.

 

Also, PenFed won't care if you use your card or not so you aren't "punishing" them at all.  Instead you're punishing yourself by not availing yourself of their cash back (can't beat 5% on gas :smileyhappy: )


Perhaps it will be released tonight.  Also, the highest amount I charge is for my cell phone bill.  Sometimes, I may charge more.  Nevertheless, I still have enough available credit whether it's held or not.  The fact is,  I like seeing a zero balance and the  full amount of available credit that I was extended.  

 

I use my Kroger 123 to purchase my gas.  The 5% with PenFed is subpar compared to my savings with my Kroger card.  

Message Edited by DI on 12-10-2009 11:39 AM

Wow….what does the Kroger 123 give back on gas? That must be some rewards program! 

 

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

Re: Penfed holding my available credit more then 10 days

Going on 12 day hold myself.  I make multiple payments on my cards throughout the month to ensure PIF.  I also like to see the full available credit limit.  The CSR that I talked to said to call in after 2 or 3 mths to ask about getting the 10 day hold lifted if it's still on.
Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: Penfed holding my available credit more then 10 days


cantex wrote:
Going on 12 day hold myself.  I make multiple payments on my cards throughout the month to ensure PIF.  I also like to see the full available credit limit.  The CSR that I talked to said to call in after 2 or 3 mths to ask about getting the 10 day hold lifted if it's still on.

I'm waiting for my PIN to arrive before I call them. 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.  

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Penfed holding my available credit more then 10 days


DI wrote:

cantex wrote:
Going on 12 day hold myself.  I make multiple payments on my cards throughout the month to ensure PIF.  I also like to see the full available credit limit.  The CSR that I talked to said to call in after 2 or 3 mths to ask about getting the 10 day hold lifted if it's still on.

I'm waiting for my PIN to arrive before I call them. 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.  


 

FICO scores have nothing to do with the holds.  I had 810 EQ and 814 TU when I joined and they held miy 'Available Credit' for a full 10 days for 6 months.  It never held for more than 10 days, but always the full 10 days.

 

When I called in and asked about it, they told me this is "standard new member policy" and will not be waived.  They said I could on occassion call in to have a portion of my available credit released upon request for a special need....but that this was an "occassional courtesy" and not guaranteed.  They did not care from what source the funds came, whether payment had cleared or could be verified.

 

I am quite sure this is there way to avoid their CC being used in any type of credit pyramiding scheme.  If you can't get access for 10 days to payment credit, then this card would not be very useful in any type of credit float or kite.

 

I don't use the card a whole lot because I got used to not using it, because the cards I use I use fairly heavy and the credit hold made this very inconvenient.  So, if you need access to your entire CL, this card won't be very useful for the first 6 months (for new members).

 

 

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 then 10 days


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?

 

 

Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: Penfed holding my available credit more than 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?

 

 


This isn't a big issue.  The fact is it's been more than 10 days.  

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

Re: Penfed holding my available credit more than 10 days

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!

Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: Penfed holding my available credit more than 10 days

[ Edited ]

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!


Some CSR's are just plain clueless.  As if getting on a new computer helps.  Maybe PenFed is making up for the time when they released my payment the same day in October.  Who gives?  More cards more problems.  It's time for me to give them a rest in August.  

Message Edited by DI on 12-10-2009 04:50 PM

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+
}