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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: several. Income: adequate. Credit: abundant.
INQs: excessive. Last INQ: recent.
Oldest account: adult. Youngest account neonate.
All scores above 810.

On the wagon.
Message 1 of 8
7 REPLIES 7
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!
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 | 03/11/2019: EX 743 ✦ EQ 716 ✦ TU 730
Current FICO 9s | 03/11/2019: EX 747 ✦ EQ 735 ✦ TU 719
Highest FICO-8 Ever | 10/2018: 780 [on dirty report]

2019 Goal Score | 780s


My AAOA: 2.4 years not incl. AU / 2.7 years incl. AU
My AoOA: 6.1 years not incl. AU / 8.1 Years incl. AU
**I FINALLY Have Squeaky Clean Reports as of 2/2019**

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?

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 $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)

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 $2100( Nov 2006)

AAoA 2.8 years UT 1%
Store Cards: HomeDepot $12000(May 1998), Saks $800(Oct 1978) Kohl's $2k (Nov 2018) AMZN Store Card $3K (Jan 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
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

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
Highlighted
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