Pen Fed Question

[ScottsdaleDad]

I was approved for a Pen Fed LOC of $500 in mid-July and immediately took an advance of $460. My intention was to have heavy usage and PIF before my closing date to report 0% utilization on the CR. I called Pen Fed, and they told me my payment date was the 1st and my closing date was the 9th. My plan was to PIF by the 9th.

Yesterday, My Fico notified me Pen Fed reported $460 utilization (92%) to the CR well before the 9th. I called Pen Fed, and they said they report once a month, but not necessarily after the closing date. I was caught totally off guard by this reporting. I know I can fix it this month, but I feel I got started on the wrong foot with Pen Fed. I'm thinking they actually report after the 1st, so I plan on paying in full before the first each month going forward.

Has anyone else had this issue with Pen Fed (Reporting balances before the closing date)?    

[Anonymous]

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@ScottsdaleDad wrote:

I was approved for a Pen Fed LOC of $500 in mid-July and immediately took an advance of $460. My intention was to have heavy usage and PIF before my closing date to report 0% utilization on the CR. I called Pen Fed, and they told me my payment date was the 1st and my closing date was the 9th. My plan was to PIF by the 9th.

Yesterday, My Fico notified me Pen Fed reported $460 utilization (92%) to the CR well before the 9th. I called Pen Fed, and they said they report once a month, but not necessarily after the closing date. I was caught totally off guard by this reporting. I know I can fix it this month, but I feel I got started on the wrong foot with Pen Fed. I'm thinking they actually report after the 1st, so I plan on paying in full before the first each month going forward.

Has anyone else had this issue with Pen Fed (Reporting balances before the closing date)?    

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It might just be the first reporting of it, I'd leave like $1 next month to see if it updates on the 1st again, or not until the 9th.

[ScottsdaleDad]

Yeah, I think you're right. I'll test it this month and see when it reports.

[lindsaydruart]

They update ANYTIME between the first and the 10th. For the last 6 months, they have never updated on the same date so it's a toss up with them. Sometimes, I use the entire thing and pay it but it still reports. You just never know with them. Don't touch it again until it reports at zero when you pay it off.