topic PenFed New Card - Credit Bureau Reporting in General Credit Topics

PenFed New Card - Credit Bureau Reporting

LawStudentCivilis — Wed, 18 Nov 2020 16:57:27 GMT

The following information may be a little helpful for some as a DP. PenFed reported my new card approximately 20 days from the date of approval, and 9 days from the date of receipt/activation.

A week or so after approval I wondered to myself about a rough time frame when new cards are typically reported. I don't remember coming across this information from my many searches on this forum. So hopefully this is useful to someone.

TransUnion has not updated, or it may not have been reported to TransUnion just yet. Time will tell.

Re: PenFed New Card - Credit Bureau Reporting

blindambition — Wed, 18 Nov 2020 17:11:36 GMT

Each lender is quite different in relation to first reporting. Cap one and Amex can be two statements. Whereas Syncrony and Barclays can be literally 3 days to appear.

DP always help to see lenders habits and changing patterns. Also help with choosing best time for application.

Re: PenFed New Card - Credit Bureau Reporting

LawStudentCivilis — Wed, 18 Nov 2020 17:24:17 GMT

@blindambition Glad to help! I know PenFed is perceived to be unpredictable so adding any relevant info can help piece together the puzzle.

Re: PenFed New Card - Credit Bureau Reporting

TheFIGuy — Wed, 18 Nov 2020 20:44:55 GMT

@LawStudentCivilis wrote:
The following information may be a little helpful for some as a DP. PenFed reported my new card approximately 20 days from the date of approval, and 9 days from the date of receipt/activation.

A week or so after approval I wondered to myself about a rough time frame when new cards are typically reported. I don't remember coming across this information from my many searches on this forum. So hopefully this is useful to someone.

TransUnion has not updated, or it may not have been reported to TransUnion just yet. Time will tell.

Thanks, OP!

To add my own DP's:

PenFed Gold Approved 10/25/20, ~20/days later, the Card reported TU only so far. I have no gotten an alert from Credit Karma for EQ, and EX 100% hasn't reported as I pay for their monthly 3 CB monitoring.

Hopefully, this helps!

Re: PenFed New Card - Credit Bureau Reporting

LawStudentCivilis — Wed, 18 Nov 2020 21:18:31 GMT

@TheFIGuyInteresting, exactly 20 days for us both but with reverse bureaus. Have you pulled your free credit reports from annualcreditreport.com? You can pull all three bureaus for free once a week for the remainder of 2020. Note these are your full reports, scores are not included.

Re: PenFed New Card - Credit Bureau Reporting

TheFIGuy — Wed, 18 Nov 2020 21:37:26 GMT

@LawStudentCivilis wrote:
@TheFIGuyInteresting, exactly 20 days for us both but with reverse bureaus. Have you pulled your free credit reports from annualcreditreport.com? You can pull all three bureaus for free once a week for the remainder of 2020. Note these are your full reports, scores are not included.

@LawStudentCivilis No, I just had EX credit monitoring pull all three, and PenFed was on TU only. That was after the notification and update from Credit Karma regarding the new account showing on TU. I assumed EQ would be the first to show the update, but I was wrong. Are all three of your reports showing PenFed now?

Funny thing I decided to apply for US Bank Altitude GO right before PenFed reported to TU. Luckily USB pulled EX for me, but still, it was CLOSE call!

Re: PenFed New Card - Credit Bureau Reporting

LawStudentCivilis — Wed, 18 Nov 2020 22:32:30 GMT

@TheFIGuyI got the info from annualcreditreport.com. No, it has not updated Transunion yet. I do have creditkarma and a few other credit monitoring, but no notifications just yet.

Re: PenFed New Card - Credit Bureau Reporting

M_Smart007 — Thu, 19 Nov 2020 00:35:22 GMT

As another DP .. Since the beginning of Covid-19

Penfed had failed to update My CC or PL for a few statements.

Then it was erratic/sporadic .. finally for an EX update,

The long wait times on hold, I just said forget it and,

I opened a dispute. (I know you should call the lender first)

Well, got them to update .. I think they are finally on track now.

Looks like both the CC and PL are updating as they should.

Re: PenFed New Card - Credit Bureau Reporting

LawStudentCivilis — Thu, 19 Nov 2020 05:03:08 GMT

@M_Smart007 wrote:
As another DP .. Since the beginning of Covid-19
Penfed had failed to update My CC or PL for a few statements.
Then it was erratic/sporadic .. finally for an EX update,
The long wait times on hold, I just said forget it and,
I opened a dispute. (I know you should call the lender first)

Well, got them to update .. I think they are finally on track now.
Looks like both the CC and PL are updating as they should.

That's interesting, I wonder if anyone else had a similar issue. It sounds like they just stopped reporting. No telling how long that would have continued if you didn't take action. What stuck out to me is once you disputed the incorrect reporting, they had no trouble reporting regularly after that. I can't tell if this is isolated or more common for others. Thanks for sharing, I will keep an eye out. I have not used my card so there's nothing to report so far.

Re: PenFed New Card - Credit Bureau Reporting

blindambition — Thu, 19 Nov 2020 15:20:03 GMT

@LawStudentCivilis wrote:
@M_Smart007 wrote:
As another DP .. Since the beginning of Covid-19
Penfed had failed to update My CC or PL for a few statements.
Then it was erratic/sporadic .. finally for an EX update,
The long wait times on hold, I just said forget it and,
I opened a dispute. (I know you should call the lender first)

Well, got them to update .. I think they are finally on track now.
Looks like both the CC and PL are updating as they should.

That's interesting, I wonder if anyone else had a similar issue. It sounds like they just stopped reporting. No telling how long that would have continued if you didn't take action. What stuck out to me is once you disputed the incorrect reporting, they had no trouble reporting regularly after that. I can't tell if this is isolated or more common for others. Thanks for sharing, I will keep an eye out. I have not used my card so there's nothing to report so far.

They weren't the only ones falling behind in COVID era. DCU and Apple made me want to pull my hair out.

Re: PenFed New Card - Credit Bureau Reporting

southernblueeyes — Thu, 19 Nov 2020 15:43:06 GMT

PenFed reported my Power Cash Rewards to Experian and I have not received the card yet. I have yet to get notifications from TU or EQ.

Re: PenFed New Card - Credit Bureau Reporting

LawStudentCivilis — Thu, 19 Nov 2020 16:11:58 GMT

@southernblueeyes wrote:
PenFed reported my Power Cash Rewards to Experian and I have not received the card yet. I have yet to get notifications from TU or EQ.

Wow, looks like you may have the quickest reported time. It took a little while to get my card. Nothing out of the ordinary, but it was reaching the end of their 7-10 business day estimate.

Re: PenFed New Card - Credit Bureau Reporting

LawStudentCivilis — Thu, 19 Nov 2020 16:14:31 GMT

@blindambitionI had Amex lag behind a few times too. Luckily they will manually report if requested.

Re: PenFed New Card - Credit Bureau Reporting

southernblueeyes — Thu, 19 Nov 2020 16:56:40 GMT

@LawStudentCivilis wrote:
@southernblueeyes wrote:
PenFed reported my Power Cash Rewards to Experian and I have not received the card yet. I have yet to get notifications from TU or EQ.
Wow, looks like you may have the quickest reported time. It took a little while to get my card. Nothing out of the ordinary, but it was reaching the end of their 7-10 business day estimate.

I spoke too soon. LOL! Just got notification from Equifax. Nothing from TU yet but I am sure that is coming soon. I am a little surprised as I have never had a credit card report so quickly.

Re: PenFed New Card - Credit Bureau Reporting

mikeef — Wed, 25 Nov 2020 08:08:13 GMT

@LawStudentCivilis wrote:
The following information may be a little helpful for some as a DP. PenFed reported my new card approximately 20 days from the date of approval, and 9 days from the date of receipt/activation.

A week or so after approval I wondered to myself about a rough time frame when new cards are typically reported. I don't remember coming across this information from my many searches on this forum. So hopefully this is useful to someone.

TransUnion has not updated, or it may not have been reported to TransUnion just yet. Time will tell.

WOW, you have seen nothing yet! I've been with PenFed for 6 years. (I got 2 cards at the end of 2014 and I honestly don't remember when they first reported.) I refinanced my auto loan in Feb 2019 with them, I put the app in on 2/1/2019 (approved), was reported the next day on Experian 2/2/2019. I will research Equifax and TU to determine when they were added and repost in a day or two after I have time to find it.

So the reason I'm looking for this info is I got approved today for the PenFed $20k peronal loan and I wanted to know if anyone else has had one to see how it took to report because I want to apply for more stuff before it does.

FYI - it was the easiest loan or credit I've ever gotten. I didn't even have fill more than a couple of fields, it pulled everything from my account and populated the form before I submitted. no docs, no questions, no nothing. I e-signed and I'm expecting it in my account by the morning. 6yrs, $450/mn 13% (12.99 to be exact)