topic Re: Penfed Account Review in General Credit Topics

Penfed Account Review

AverageJoesCredit — Sat, 20 May 2017 02:40:42 GMT

Hey guys just wondering if its almost time for Penfed to do their next AR and when the next Fico score update is. I know last time was a bit late, last Fico , or NextGen score was dated 28 Feb so should the next one be forc28 May snd come out in June? Thanks

Re: Penfed Account Review

Anonymous — Sat, 20 May 2017 05:32:18 GMT

I was wondering about that the other day, and was thinking the same timeline

Probably by the 2nd week of June (which is still nearly a month away)

Re: Penfed Account Review

AverageJoesCredit — Sat, 20 May 2017 12:09:43 GMT

Yeah sounds about right, i just want to see positive score increase instead of the negative on the last. I hate that they get most of their info from Equifax, whom is my worse and akways a billion tears behind the curve. I was able to get most of my issues resolved so hopefully when they update the score, they wont see my bk7 anymore as its now off EQ. If i can crack 700 next gen ill be happy

Re: Penfed Account Review

Anonymous — Sat, 20 May 2017 12:36:52 GMT

They do the ARs every 3 months and the scores are updated the next month. The scores are updated in January, April, July, and October

Re: Penfed Account Review

AverageJoesCredit — Sat, 20 May 2017 12:54:27 GMT

Thank you Irish!

Re: Penfed Account Review

Anonymous — Sat, 20 May 2017 13:29:19 GMT

*knock on wood* Right now, Penfed's EQ NextGen 2 is my highest of all my FICO scores at 690, and I'm hoping for a gain (maybe even into the 700's?) now that my car loan, my unsecured Cap One and my Discover have all been reporting for at least a couple of months.

Re: Penfed Account Review

AverageJoesCredit — Sat, 20 May 2017 17:39:57 GMT

I hear you Joe, i went from 663 to 695 then fell 2 points to 693 last update. Im leery of asking any more cli with PF considering the battle i had just to get it up to $1500. . Its ok though, i wanna use PF more for my next car loan.

Re: Penfed Account Review

Grafton88 — Sun, 21 May 2017 22:50:40 GMT

"akways a billion tears behind the curve"

What a wonderful Freudian slip. I too have shed some of those tears.

Re: Penfed Account Review

Anonymous — Mon, 22 May 2017 14:14:50 GMT

@AverageJoesCredit wrote:
I hear you Joe, i went from 663 to 695 then fell 2 points to 693 last update. Im leery of asking any more cli with PF considering the battle i had just to get it up to $1500. . Its ok though, i wanna use PF more for my next car loan.

My new Overstock card will shake up the mix some, positively on the whole I hope. The good thing is that, as a SP, there won't be an inquiry for it on the EQ report so said report will continue to show no hard inquiries over the past 6-some months when I go in to Penfed. As all Penfed customers here know, this is important because Penfed gets skittish about multiple inquiries and new accounts within a very short space of time. I'm trusting that 3-4 months since the OS account opened, as well as paying down existing balances over the summer, will be enough time so that the "pyramiding debt" button doesn't get slapped. It's just mildly frustrating that in September, Penfed will be using the end-of-August score and I won't know what it is until I get the results letter.

Re: Penfed Account Review

Anonymous — Mon, 22 May 2017 20:41:52 GMT

Tazman81 wrote:
Starting to see a lot of activity around the NFCU AR, but the information that I've found on the site about the PenFed AR seems a bit inconsistent. Wanted to see if we could get some insight from those that know more about the PenFed AR process than I do.

From what I understand, the process is quarterly. Is there predictibility on when during the quarter it takes place? i.e. does it take place at the end of the last month of the quarter, or at a different interval. I've seen info to suggest it takes place the last day of the month in February, May, August, & November. Are these months within the quarter correct? Is the last day of the month correct?
For AR, PenFed pulls credit at the end of the following months: February, May, August, & November.

I know that AR is used to populate the scores that can be viewed on the PenFed website. Does anyone know if there is any truth to there being a delay between when the SP actually happens and the length of time that it take PenFed to make the scores available on the website? Some data points I've found seem to suggest 30+ delay, but others seemed to indicate it was within 2-3 days.
After AR, the credit score pulled by PenFed is available at the beginning of the next calendar quarter. So about 30 days after the score is pulled through AR. As an example, when the SP is done at the end of February, the credit score shows up the first of April, which is the beginning of the quarter after the SP was done.

We know that PenFed uses the Quarterly AR as part of their Pre-Approval process. Is there a timeframe after the AR happens that folks can expect to receive the pre-approvals show up on their PenFed site if they are one of the lucky ones to have been selected to get a Pre-Approval? Again, for this one, I've read data points of 3 days, but also have read data points of 30 days.
After an AR, the credit score obtained by PenFed is used to give Pre-Approvals starting the next calendar quarter. As an example, when AR happens in
May, it's for Pre-Approvals that will be available during the next calendar quarter which is July.

With a NFCU AR, many are lucky enough to be able to put in a request for a CLI within a few days of the AR, and there is not a HP for the increase request. Does PenFed offer something similar? Or is a manually request after an AR still most surely a HP? -- this scenario assumes there is no Pre-Approval, and there was not a HP within the past 90 days.
After an AR, if there are no Pre-Approvals listed during the next calendar quarter (see chart below), then it will be a HP in order to request a CLI.

Lastly, what products do you need to have in order to get the AR? Is it only checking account, or do you have to have a credit product with PenFed? Again, I've seen conflicting data points on this, so wasn't sure if there was some more concrete information on this.
A credit product with PenFed is needed to get the AR.
Thanks for taking the time to review. I wanted to try and consolidate the different data points that I was hearing about the AR process to hopefully come to the right conclusions to use for future reference.
Reading through data points on the internet, and the creditboards website, I was able to derive the answer to some of the questions below. I've put them in BLUE. Hoping that others on the board can confirm the answers that I've put in above and maybe answer the questions that I have not been able to find the answers too yet.

Below is a table that should help to demonstrate the answers to Questions 1 - 3 above.

AR SP Pull Date Date Credit Score Available Date Pre-Approvals Available
February 28th April 1st April 1st
May 31st July 1st July 1st
August 31st October 1st October 1st
November 30th January 1st January 1st

Edit: I updated with the answers to questions #4 & #5 based on response from baller. Thanks!

Re: Penfed Account Review

Anonymous — Wed, 24 May 2017 16:09:15 GMT

When I log into my account, where do I see the score? I've had a Penfed account for over 10 years but just a savings. I only opened a car loan and credit card recently (in the last few weeks) so maybe that's why I don't see it yet?

Re: Penfed Account Review

Anonymous — Wed, 24 May 2017 16:44:40 GMT

@Anonymous wrote:
When I log into my account, where do I see the score? I've had a Penfed account for over 10 years but just a savings. I only opened a car loan and credit card recently (in the last few weeks) so maybe that's why I don't see it yet?

Penfed will be updating the FICO scores around the end of this month, so they'll become available in early July. Once they do, you'll see the link in one of the boxes at the top of your account window.

Re: Penfed Account Review

SouthJamaica — Sat, 02 Jun 2018 01:28:04 GMT

@Anonymous wrote:
@Anonymous wrote:
When I log into my account, where do I see the score? I've had a Penfed account for over 10 years but just a savings. I only opened a car loan and credit card recently (in the last few weeks) so maybe that's why I don't see it yet?
Penfed will be updating the FICO scores around the end of this month, so they'll become available in early July. Once they do, you'll see the link in one of the boxes at the top of your account window.

Not sure but I think it just updated. I have the EQ FICO 9 that was pulled May 8th.

Re: Penfed Account Review

AverageJoesCredit — Mon, 04 Jun 2018 12:18:07 GMT

Yes looks like Penfed updated early again. Cant believe mine reads 810. To Penfed that's like a 500 lol, with regards to how much they like me

AR SP Pull Date	Date Credit Score Available	Date Pre-Approvals Available
February 28th	April 1st	April 1st
May 31st	July 1st	July 1st
August 31st	October 1st	October 1st
November 30th	January 1st	January 1st