The PenFed Power Cash Rewards Visa Signature® Card reports to the credit bureaus monthly, within days after the end of a cardholder’s monthly billing period. The PenFed Power Cash Rewards card reports the card’s credit limit, account balance, payment history, and more to all three of the major credit bureaus: Experian, TransUnion, and Equifax. PenFed may use a specific credit bureau more than another, depending on the applicant’s home state, and other factors.
Once the PenFed Power Cash Rewards card reports your account information to a credit bureau, it may take a few days before the updates appear on your credit report. New PenFed Power Cash Rewards cardholders may not see any new credit account info on their credit report for one or two billing periods after getting a card.
The PenFed credit card approval requirements include an excellent (750+) 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.
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:
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.
Yes, it is hard to get a PenFed credit card. As of July 2020, all of PenFed’s main credit card offers require excellent credit for approval, or a score of 750+. Those include the PenFed Platinum Rewards card, Gold Visa and Power Cash Rewards card. In addition, PenFed’s other credit cards that are co-branded with various organizations tend to require good credit, or a score of 700+. Therefore, PenFed credit cards are hard to get for the average person, since the average credit score is only in the fair credit range. Applicants who don’t have a steady income will also find it hard to get a PenFed credit card, although PenFed doesn’t disclose a specific income needed for approval.… read full answer
Another factor that makes it hard to get a PenFed credit card is that you can’t apply for the card without first becoming a member of the credit union. While doing so is free, as well as open to any U.S. citizen or permanent resident, it does require the time to fill out an extra application and open a savings account with at least $5 in it. If you don’t want to go through that trouble just to apply, especially when approval isn’t guaranteed, you may want to look elsewhere.
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