topic Re: PenFed Question... Thanks! in Credit Cards

PenFed Question... Thanks!

CreditCuriosity — Sun, 22 Nov 2015 01:04:45 GMT

So just got my PenFed CC today in the mail... Question for some of you with PenFed CC's.. I am in middle is switching the majority of my Direct Deposit over to PenFed for checking, but as many of you know this can take a few months as their has to be a test deposit from most employers, plus for my own sanity I want to make sure it is smooth so the end of this month I will have a whopping 1% of my paycheck go into penfed checking if all goes well and money shows up and avaiable to be used on time I will move 90%ish of my paycheck to be direct desposited into PenFed Checking..

With that said while I wait can you have PenFed pull payment from say my still active UsBank account or do you have to use the push method to get them the payment? Also beyond this do payments post instanty and credit is available instantly or do they delay new customers on CC's payments? Also do they report a few days after statement cuts like 95% of other lenders?

Thanks in advance and appologize for all the questions, just always like to know how new lenders work and their quarks.

Re: PenFed Question... Thanks!

NRB525 — Sun, 22 Nov 2015 01:21:42 GMT

With most banks, there is a Transfer or External Transfer function where you have to set up your other checking accounts through verification.

On PenFed, go to the Transfers tab in your main screen, then Add Non-PenFed account, create a nickname, enter account number and routing number, click Verify just to confirm the routing number is going to the right bank, then Continue. Then you select either Incoming and Outgoing, where they will send two tiny deposits to the target account. OR you select Incoming only which requires less verification. For the incoming/outgoing, after those deposits get there, you make note of the amounts, log back in to PenFed, then complete the verification process.

Timing on credit availability after payment, I haven't checked too closely. Yes, they report to the bureaus soon after statement prints.

And regarding direct deposit I've just set up the amount that I want to go to that bank. I don't know how an employer would ping the bank to verify the account, it's something the employee just sets up, AFAIK.

Re: PenFed Question... Thanks!

CreditCuriosity — Sun, 22 Nov 2015 01:32:41 GMT

@NRB.. Appreciate the info.. Much appreciated.

Re: PenFed Question... Thanks!

CreditCuriosity — Sun, 22 Nov 2015 01:48:52 GMT

Weird set up incoming transfers and the limit is 50$ a day ACH.. That doesn't seem quite right.. Guess I might have to call them. I never plan on transferring out of PenFed to US Bank, but need ability to pay my PenFed CC until I have enough $ in PenFed account to feel comby.

Re: PenFed Question... Thanks!

NRB525 — Sun, 22 Nov 2015 02:16:33 GMT

Did you select the "non confirmed" option? My ability to pay my $500 secured PenFed CC is up to $5,000 per day, but I went through the account verification process.

Re: PenFed Question... Thanks!

CreditCuriosity — Sun, 22 Nov 2015 02:37:34 GMT

@NRB525 wrote:
Did you select the "non confirmed" option? My ability to pay my $500 secured PenFed CC is up to $5,000 per day, but I went through the account verification process.

Their was two options one for incoming/outgoing and one for incoming.. Figured I didn't need incoming/outgoing (which takes verificaiton) so just picked incoming.. Maybe I need to do the incoming/outgoing to get a bigger limit per day? Guess I will try that now as $50 well is worthless .. Let you know how that works out when I see the test deposits made from them. Silly process kinda, but I know they want to make sure it is a valid account for their financial security I guess.

Re: PenFed Question... Thanks!

Thomas_Thumb — Sun, 22 Nov 2015 02:41:05 GMT

Anyone know the requirements to get a Fico NextGen score through PenFed.

Is it available to members with only a savings/checking account or do you need to also have a CC or loan?

Re: PenFed Question... Thanks!

CreditCuriosity — Sun, 22 Nov 2015 02:43:54 GMT

Ok I had them do two test deposits as well which will take a few days.. Also notifcied I can transfer 50$ into Checking/Savings at the moment from another bank, but up to 5k on CC which says it can take up to 48 hours.. I think it is fine now. Thanks for your help!

Re: PenFed Question... Thanks!

CreditCuriosity — Sun, 22 Nov 2015 02:45:33 GMT

@Thomas_Thumb wrote:
Anyone know the requirements to get a Fico NextGen score through PenFed.

Is it available to members with only a savings/checking account or do you need to also have a CC or loan?

Only way I know is if you apply for a loan/cc/etc through them, but I am new to them.. Others might be able to answer if there is another way to do this.

Re: PenFed Question... Thanks!

Anonymous — Sun, 22 Nov 2015 03:08:04 GMT

Here’s how it works

If you are a PenFed member and you have an active checking account, installment loan, or a revolving line of credit—such as a credit card with us, you are now able to access and view your FICO® Score on PenFed Online when you login to your account.

http://blog.penfed.org/your-fico-score/

Re: PenFed Question... Thanks!

Anonymous — Sun, 22 Nov 2015 03:28:50 GMT

Sounds like you've got this worked out, but I found with DCU that using the iphone deposit from an exisitng account is the quickest way to get $ into it. Quicker than ACH and I think it's $5k limit per day.

Re: PenFed Question... Thanks!

CreditCuriosity — Sun, 22 Nov 2015 04:05:16 GMT

@Anonymous wrote:
Here’s how it works

If you are a PenFed member and you have an active checking account, installment loan, or a revolving line of credit—such as a credit card with us, you are now able to access and view your FICO® Score on PenFed Online when you login to your account.

http://blog.penfed.org/your-fico-score/

Thanks I did not know this.. I didn't see them advertise this either.. maybe I just misssed it...About to try it now.

Re: PenFed Question... Thanks!

CreditCuriosity — Sun, 22 Nov 2015 04:08:18 GMT

@CreditCuriousity wrote:
@Anonymous wrote:
Here’s how it works

If you are a PenFed member and you have an active checking account, installment loan, or a revolving line of credit—such as a credit card with us, you are now able to access and view your FICO® Score on PenFed Online when you login to your account.

http://blog.penfed.org/your-fico-score/
Thanks I did not know this.. I didn't see them advertise this either.. maybe I just misssed it...About to try it now.

Hmmm maybe since I just joined and got a credit card since I got my letter with score their is no way of manually seeing it.. It appears that it pops up wen you login I assume when they SP you on occassion? As I have not got what the article stated assuming once again due to account being new.

Re: PenFed Question... Thanks!

Anonymous — Sun, 22 Nov 2015 04:14:16 GMT

It should be on the banner. "Get your useless fico, now"

It updates every quarter. It's inflated to make you feel good.

Re: PenFed Question... Thanks!

NRB525 — Sun, 22 Nov 2015 04:19:51 GMT

@CreditCuriousity wrote:
Ok I had them do two test deposits as well which will take a few days.. Also notifcied I can transfer 50$ into Checking/Savings at the moment from another bank, but up to 5k on CC which says it can take up to 48 hours.. I think it is fine now. Thanks for your help!

This makes more sense. No reason to limit customers in how fast they can pay off their CC if that is all they have

Re: PenFed Question... Thanks!

NRB525 — Sun, 22 Nov 2015 04:29:18 GMT

@Anonymous wrote:
It should be on the banner. "Get your useless fico, now"

It updates every quarter. It's inflated to make you feel good.

The scale may be inflated, but as of 9/1/2015 it gives me a 706 when at that time EQ=729 TU=752 EX=733.

Reasons are Amount Owed on revolving accounts is too high (tell me something I don't know) and Lack of Recent Installment Loan Information. I just added a toy installment loan in early Sept, it started reporting in October, so will be interesting to see what my NG2 score will be on December 1.

Re: PenFed Question... Thanks!

mitchblue — Sun, 22 Nov 2015 06:28:04 GMT

Because the cash is available right away 50$ per day is correct. After awhile, it goes away. Mine is 5k a day now. Now as much as my bank but it's fair.

@CreditCuriousity wrote:
Weird set up incoming transfers and the limit is 50$ a day ACH.. That doesn't seem quite right.. Guess I might have to call them. I never plan on transferring out of PenFed to US Bank, but need ability to pay my PenFed CC until I have enough $ in PenFed account to feel comby.