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Does PenFed report as a credit card?

Valued 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.)

2019 Goals: actually garden; save 3 months' net income; clear the BT cards; acquire a CO card
2020 Goal: Chase Freedom (Q2)

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Message 1 of 8
7 REPLIES
Established 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!
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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?

Oct 2018 Fico'd EX 817, TU 811, EQ 798
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PenFed Power Cash Rewards $17K (Jan 2018), Discover IT $13.5k(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)

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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
Community Leader
Senior 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

Message 6 of 8
Highlighted
Community Leader
Super Contributor

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.
Message 8 of 8