topic Re: Penfed holding my available credit more then 10 days in Credit Cards

Penfed holding my available credit more than 10 days

DI — Thu, 10 Dec 2009 22:33:22 GMT

In October after making a payment, the payment reflected the next day as being available. Last month after making payment on 11/25, the payment still not reflected in my available credit line.

Message Edited by DI on 12-10-2009 04:33 PM

Re: Penfed holding my available credit more then 10 days

Anonymous — Wed, 09 Dec 2009 23:03:44 GMT

@DI wrote:
In October after making a payment, the payment reflected the next day as being available. Last month after making payment on 11/25, the payment still not reflected in my available credit line.
Message Edited by DI on 12-09-2009 09:30 AM

DI, I am not a Penfed customer but on my CC Pages they show "PENDING PAYMENTS". Does Penfed have that option available and if so does it have your payment listed?

I know some have said that they hold payments on new customers for 10 days but this seems like an awful long time.

Re: Penfed holding my available credit more then 10 days

DI — Wed, 09 Dec 2009 23:09:19 GMT

The payment itself posted on 11/25. It's a fact that Penfed holds payment for 10 days. But today marks day number 14. I'm livid!

Re: Penfed holding my available credit more then 10 days

Anonymous — Wed, 09 Dec 2009 23:19:29 GMT

@DI wrote:
The payment itself posted on 11/25. It's a fact that Penfed holds payment for 10 days. But today marks day number 14. I'm livid!

Certainly seems like a valid complaint. Have you tried calling CS for an explanation?

Re: Penfed holding my available credit more then 10 days

DI — Wed, 09 Dec 2009 23:21:10 GMT

@Anonymous wrote:
@DI wrote:
The payment itself posted on 11/25. It's a fact that Penfed holds payment for 10 days. But today marks day number 14. I'm livid!

Certainly seems like a valid complaint. Have you tried calling CS for an explanation?

No. I figured it's not worth the time. I'll penalize them for that and not use the card for a month.

Re: Penfed holding my available credit more then 10 days

Anonymous — Thu, 10 Dec 2009 03:06:13 GMT

Hi DI…..I'm new to Penfed too but haven't kept track of when things were posted and when my CL changed. With a $20K CL the 10-day hold doesn't really effect me but I'll keep track this month.

Re: Penfed holding my available credit more then 10 days

Scuba — Thu, 10 Dec 2009 03:16:38 GMT

Hi idmd

I was thinking of applying with Penfed but thinking my FICO score is not high enough today. What kind of FICO range were you in when you applied. I want to pull the trigger tonight or tomorrow especially when I see some of the CL folks have with them.

Thanks

Re: Penfed holding my available credit more then 10 days

Anonymous — Thu, 10 Dec 2009 03:45:06 GMT

770+ with a fairly high income……they did ask for pay stubs before granting my request for $20K.

Re: Penfed holding my available credit more then 10 days

Jazzzy — Thu, 10 Dec 2009 03:56:27 GMT

@DI wrote:
The payment itself posted on 11/25. It's a fact that Penfed holds payment for 10 days. But today marks day number 14. I'm livid!

DI...I've never had PenFed hold payments. The payments are posted promptly. Do you mean that they hold available credit for 10 days?

Re: Penfed holding my available credit more then 10 days

DI — Thu, 10 Dec 2009 13:42:15 GMT

@LynetteM wrote:
@DI wrote:
The payment itself posted on 11/25. It's a fact that Penfed holds payment for 10 days. But today marks day number 14. I'm livid!
DI...I've never had PenFed hold payments. The payments are posted promptly. Do you mean that they hold available credit for 10 days?

Available Credit

Re: Penfed holding my available credit more then 10 days

wajj — Thu, 10 Dec 2009 17:28:27 GMT

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 )

Re: Penfed holding my available credit more then 10 days

DI — Thu, 10 Dec 2009 17:39:15 GMT

@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 )

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

Re: Penfed holding my available credit more then 10 days

Anonymous — Thu, 10 Dec 2009 18:20:04 GMT

@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 )
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!

Re: Penfed holding my available credit more then 10 days

Anonymous — Thu, 10 Dec 2009 21:27:02 GMT

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.

Re: Penfed holding my available credit more then 10 days

DI — Thu, 10 Dec 2009 21:36:06 GMT

@Anonymous 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.

Re: Penfed holding my available credit more then 10 days

Anonymous — Thu, 10 Dec 2009 21:52:40 GMT

@DI wrote:
@Anonymous 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).

Re: Penfed holding my available credit more then 10 days

Anonymous — Thu, 10 Dec 2009 22:22:45 GMT

@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?

Re: Penfed holding my available credit more than 10 days

DI — Thu, 10 Dec 2009 22:36:53 GMT

@Anonymous 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.

Re: Penfed holding my available credit more than 10 days

Anonymous — Thu, 10 Dec 2009 22:44:54 GMT

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!

Re: Penfed holding my available credit more than 10 days

DI — Thu, 10 Dec 2009 22:50:31 GMT

@Anonymous 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