Does the PenFed Power Cash Rewards credit card report to credit bureaus?

The PenFed credit card approval requirements include an good (700+) credit score and proof of a steady income. Applicants must also be at least 18 years old and either a U.S. citizen or permanent resident.

Those under 21 years old will need to offer evidence of independent income, too. PenFed credit union membership is also required in order to be approved for a credit card. The membership requirements and the application to join are available on the PenFed … read full answerwebsite.

Other PenFed Credit Card Approval Requirements

Application requirements also include personal information such as your name, address and birthdate. Your Social Security Number (SSN) or Individual Tax ID Number (ITIN) and U.S. citizenship status are also required. In addition, PenFed will review your credit history, your income and any debts you have. Your bank account information, monthly mortgage/rent payment, and employment status will also be taken into account.

You are legally entitled to three free credit reports each year: one from each of the three major credit bureaus (Equifax, Experian, and TransUnion). A consumer’s legal right to three free credit reports per year is a provision of the Fair Credit Reporting Act of 1970. The law also stipulates that if a credit report is used to deny you credit, insurance, employment, or benefits, you are entitled to an extra credit report from that credit bureau.… read full answer

You can order these free credit reports through the government-sponsored Annual Credit Report program online, by calling 1-877-322-8228, or by mailing a request form. You’ll get your credit reports immediately through an online request, while the other two methods require you to wait 15 days from when your request is received.

In addition to the three free credit reports you are legally entitled to each year, you can get an unlimited number of free reports from one of the free credit report websites not sponsored by the government. These sites give free reports from one or two of the major bureaus, and most update their info on a weekly or monthly basis.

WalletHub, on the other hand, is the only site that offers free credit reports (and scores) that are updated on a daily basis. In other words, WalletHub gives you up to 365 updated TransUnion credit reports for free every year. And you can check them as often as you’d like. You’ll also receive personalized credit analysis, which will tell you what you need to improve, how to do it, and how long it will take.

As a result, we recommend using WalletHub as your go-to credit report site and supplementing it with yearly reports from Annual Credit Report.

To report rent payments to the credit bureaus, sign up for a rent-reporting service such as LevelCredit. These services report on-time rent payments to the major credit bureaus for inclusion on your credit report. Some require your landlord to create and maintain an active account, while others just require verification that they own or manage the property and have an active lease with you.… read full answer

Subscription Services to Report Rent Payments to Credit Bureaus:

These services vary in terms of functionality and price, costing as much as $145 per month. But they all report rent payments to at least one of the major credit bureaus.

If you are interested in free services, you have a few options, too.

Free Services to Report Rent Payments to Credit Bureaus:

Things to Look For in a Rent-Reporting Service:

With so many different services available for reporting your rent payments to the credit bureaus, there are a few key things to consider when deciding which one is right for you.

• How much effort does my landlord need to go through to sign up, and will the landlord provide all of the information needed? Some services just require a phone call or an email. Others require a driver’s license or a copy of the lease. In many cases, the landlord will have to sign up for and maintain an account with the service. Individual landlords may not want to sign up with a new service just to potentially help out your credit score.
• How much does the service cost for a year? Payment options for these services vary. Some require a large initial deposit while others charge monthly or require a contract. The best way to report rent payments to the credit bureaus for free is to sign up for a service like MoCaFi, which offers free reporting to Equifax if you use its phone app.
• Does the service include rental history? Depending on how the service tracks rent, it may be capable of checking past payment history. Others only begin tracking rent payments once you’ve signed up for the service.
• Which credit bureaus does the service report to? Experian, Equifax, or TransUnion. Some services only report to a single credit bureau, while others report to multiple.
• When will your rent appear on your credit report? It could take days, weeks or even months to be added to your credit report.
• How can you cancel the service? Some services require contracts and others are only valid while you live at a certain address. Check if you can update your account when you move or if you need to cancel.

The value of reporting your rent will vary based on your current credit score, but TransUnion research found that renters with subprime credit scores who made timely rental payments could see their credit scores increase by 26 points after a year of rent payment reporting. You can track your progress with free credit reports and scores through your WalletHub account, all for free.