PenFed Credit Union reported a $15,568 balance on an unused account.

[captseaton]

Another shoe just dropped.

My TransUnion score just dropped 26 points.

I feel like I am playing with one of those Credit Simulator tools. What would happen if I increased the usage on one of my accounts to ohhhhh 1556%?

I know it's not going to help, but I locked my Experian file.

[ocheosa]

For those with OD accounts, I wonder if this may also get reported to chexsystems if not corrected promptly? Just a total f*ck up!

[captseaton]

The current carnage on my credit scores.

I see my Experian score hanging on by a thread, gathering the courage to make the leap.

[sto0pyd]

PenFed has become unreliable   Which is why I no longer use them as my primary financial institution. I still have a few things running through the account, since I'm too lazy to update auto ACH payments with an insurance company. I originally appreciated their process because they provided immediate credit for external transfers and mobile deposits.

A few months back, I transferred money from an external account, and they debited my Bank of America account twice but only credited PenFed once. This $1,200 discrepancy went unnoticed for nearly a month until I caught it. When I called, the first representative insisted they were right and I was wrong, which made me beg for my case to be escalated. It then took them a few days before the issue was finally corrected.

PenFed used to be great, my recent experience, combined with what I’ve been hearing from others, has made me lost trust in them. They also updated their online and mobile banking a few months back, and it is S L O W.

[captseaton]

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@sto0pyd wrote:

PenFed has become unreliable   Which is why I no longer use them as my primary financial institution. I still have a few things running through the account, since I'm too lazy to update auto ACH payments with an insurance company. I originally appreciated their process because they provided immediate credit for external transfers and mobile deposits.

A few months back, I transferred money from an external account, and they debited my Bank of America account twice but only credited PenFed once. This $1,200 discrepancy went unnoticed for nearly a month until I caught it. When I called, the first representative insisted they were right and I was wrong, which made me beg for my case to be escalated. It then took them a few days before the issue was finally corrected.

PenFed used to be great, my recent experience, combined with what I’ve been hearing from others, has made me lost trust in them. They also updated their online and mobile banking a few months back, and it is S L O W.

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I only use my Power Cash Rewards Visa with them. I was enticed to open a free checking account with them, based on a list of AllPoint ATMs in my area, which would supposedly accept deposits. I drove around one night to at least 8 different locations, per the PenFed ATM map, none of which would accept my debit card or a deposit.

I attempted to close these two accounts (checking and overdraft LOC) but an agent convinced me to keep them in case I needed a backup checking account. I wish I had pulled the trigger and closed everything.

I will agree that all of the changes to their online experience and app have made everything worse. The UI is awful and most of the time, nothing works. Just paying my credit card feels like I am trying to open a mortgage.

I am not a fan of closing credit card accounts, but after this mess, I may have to make an exception. I feel like closing everything, right now, would not be the correct course of action. 

[BallBounces]

You poor suckers who lost points (I say endearingly).

The "Bank error was in my favor" on this one as my new auto loan was reduced to 15K outstanding.  20 point bump ... for today ....

[captseaton]

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@BallBounces wrote:

You poor suckers who lost points (I say endearingly).

The "Bank error was in my favor" on this one as my new auto loan was reduced to 15K outstanding.  20 point bump ... for today ....

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Quick! Close the account and lock in that balance!

PenFed is like Oprah with their 15k balance errors. Everyone in the audience gets one.

[Total_Synergy]

Update:  Just received phone call ~ 6:30pm ET from "Nathan" on behalf of Chairman of the Board.  He claims the underlying problem has been identified and corrected.  He had no timeframe as to when corrected CRA data would be updated at the bureaus.  After some discussion of PenFed's other credit tightening and risk management issues, he said they hoped to have them resolved and be back to their former selves "sometime in 2026".

@captseaton  I have all 3 of my bureaus frozen and still got hit, so locking them won't protect you.  Time will tell if Experian managed to ride out this debacle, algorithm or not...

[Patient957]

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@Total_Synergy wrote:

@captseaton  I have all 3 of my bureaus frozen and still got hit, so locking them won't protect you.

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Yep, locking or freezing has no effect on existing tradelines.  It just prevents hard pulls, which should prevent new tradelines from appearing.

[captseaton]

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@Patient957 wrote:

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@Total_Synergy wrote:

@captseaton  I have all 3 of my bureaus frozen and still got hit, so locking them won't protect you.

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Yep, locking or freezing has no effect on existing tradelines.  It just prevents hard pulls, which should prevent new tradelines from appearing.

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I kinda figured it wouldn't do anything, but I felt like I was doing something.

Locking the file only blocks new inquiries or accounts.