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PenFed question

1GaDawg85
Valued Contributor

PenFed question

How long does it typically take PenFed to put the credit card account in your app/online. I know some places are instant while others aren't. Should I expect it to not appear until sometime next week? 



FICO 5 ,4, 2 - 8/2021

FICO 8 - 8/2021

FICO 9 - 8/2021


Message 1 of 7
6 REPLIES 6
DMcCall1988
Regular Contributor

Re: PenFed question

Mine was reporting within just a couple of days.





Message 2 of 7
1GaDawg85
Valued Contributor

Re: PenFed question


@DMcCall1988 wrote:

Mine was reporting within just a couple of days.


Oh ok. Good to know!



FICO 5 ,4, 2 - 8/2021

FICO 8 - 8/2021

FICO 9 - 8/2021


Message 3 of 7
cashorcharge
Valued Contributor

Re: PenFed question

Mine showed up with 24 hours of the application being approved.  

 

One item of note that I didn't learn until after using the card....your "Available Credit" is not adjusted to reflect a payment for 7 days for the first 90 days your account is open.  If your limit is $20,000, use $5000 then pay it off...your available credit does not reset to $20,000 until 7 days has passed from your payment posting.  Once your account hits the 90 day threshold, then it will appear/adjust overnight.  It doesn't matter if you pay from another PF account or from another FI...the "hold" is there for 7 days.  

Message 4 of 7
DMcCall1988
Regular Contributor

Re: PenFed question

@cashorcharge ah! That's good to know as i have noticed that and wondered if there would always be such a delay. Thank you for the info!





Message 5 of 7
ddm2k1
Frequent Contributor

Re: PenFed question

Are we still seeing $20-25k approvals post-COVID lockdown from our favorites, PenFed and NFCU? 

Message 6 of 7
FinStar
Moderator

Re: PenFed question


@ddm2k1 wrote:

Are we still seeing $20-25k approvals post-COVID lockdown from our favorites, PenFed and NFCU? 


You mean, recent approvals?  It appears there are.  The higher SLs seem to be on the NFCU side, but there are some high SL PenFed approvals sprinkled on the boards as well.  You can sift through the Approvals forum to view more results like this one from a few weeks ago:

 

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Navy-approval-25K-PenFed-25K-match-and-CLIs/m...

Message 7 of 7
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