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Does PenFed report as a credit card?

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Senior Contributor

Does PenFed report as a credit card?

Received approval from PenFed for a PowerCash card, but the approval .pdf states that I've been approved for a loan.

 

Does a PenFed card report as a loan?

(If so, I'm inclined not to finalize the transaction.)

Cards: ample. Income: adequate. Credit: abundant.
INQs: excessive. Last INQ: fresh.
Oldest account: adult. Youngest account:
Infant.
AAoA: closer to optimal than horrible.
All scores above 815.

On the wagon.


Message 1 of 8
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Valued Contributor

Re: Does PenFed report as a credit card?

Reports as a revolving credit card. PenFed refers all of their credit products (and, obviously, loans) as loans for whatever reason.

Congrats on your approval!
Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 07/01/2019: EX 741 ✦ EQ 727 ✦ TU 733
Current FICO 9s | 06/01/2019: EX 753 ✦ EQ 751 ✦ TU 732
Highest FICO-8 Ever | 10/2018: 780 [on dirty report]

2019 Goal Score | 780s


My AAOA: 2.7 years not incl. AU / 2.10 years incl. AU
My AoOA: 6.5 years not incl. AU / 8.5 years incl. AU
Report Status: Clean

Tending my Garden til 2/2021


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 2 of 8
Established Contributor

Re: Does PenFed report as a credit card?

IME, a lot of credit unions classify their CCs as loan products when it comes to documentation. 

Message 3 of 8
Regular Contributor

Re: Does PenFed report as a credit card?


@SBR249 wrote:

IME, a lot of credit unions classify their CCs as loan products when it comes to documentation. 


Why? It it to make cross-collateralization easier for th CU?

June 2019 EX 778, TU 788, EQ 790 April 2019 FICO EX 802, TU 790, EQ 804, Oct 2018 Fico'd EX 817, TU 811, EQ 798
June 2018 Fico's EX 830, TU 817, EQ 824
PenFed Power Cash Rewards $17K (Jan 2018), Discover IT $20.5k(Jan 2018), Capital One $7500 (Aug 2014), Chase Freedom (PC from FU Jan 2019) $4500 (Jan 2018), Sam's Club MC$10000 (Jan 2018), BBVA $25K (Apr 2018) ,WF Propel 15.5k(Jul 2018), USB Cash+ $14K(Jul 2018), Citi Best Buy Visa Platinum $8500(Sept 2018) Digital Federal Credit Union $15k (Nov 2018)

Campus USA CU Auto Loan 85k (Aug 2018) BBVA Compass Express Loan $15k (Nov 2018)
Rebuilder Cards: First Permier $1250 closed (6/11/18), FNBO $2600( Nov 2006)

AAoA 2.8 years UT 1%
Store Cards: HomeDepot $12000(May 1998), Saks $800(Oct 1978) Kohl's $2.5k (Nov 2018) AMZN Store Card $5K (Jan 2019) Target RedCard &2.5k (Apr 2019)
Message 4 of 8
Established Contributor

Re: Does PenFed report as a credit card?


@lpavelchak0204 wrote:

@SBR249 wrote:

IME, a lot of credit unions classify their CCs as loan products when it comes to documentation. 


Why? It it to make cross-collateralization easier for th CU?


I honestly have no idea, possibly? I just know that I have applied for CC products with 4 credit unions so far and all of their CC e-docs say "loan document" on it. 

Message 5 of 8
Highlighted
Community Leader
Super Contributor

Re: Does PenFed report as a credit card?

My local CU calls cards loans, too.

 

Also, when I got their card, I activated it but did not use for approximately three months. They did not report to CRAs during that time period. Once I made the first charge, they reported it, with the date of first use as open date. doh.gif

EX 753 EQ 769 TU 755
Message 6 of 8
Moderator

Re: Does PenFed report as a credit card?

A credit card is technically a revolving loan origination. Keep in mind that a variety of FIs and CUs have security agreements in place to any revolving credit product.

By and large, a CC is a loan on plastic.
Message 7 of 8
Community Leader
Super Contributor

Re: Does PenFed report as a credit card?

If you close a PF cc, Ex will report it as loan closed lol.
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