the thing about vbulletin referrals, is they arent actually saved anywhere
when you go somewhere to see their referrals, they are generated right there.
so...if I wanted to have a referral bonus of any sort, I would have to make some large table scans for each and every user, each and every time I was adding credits. Since I add credits for a lot of things, it just wouldnt make sense.
So, I have to actually count and save them myself, but that goes great with the referral verification requirements to cut down on exploits :-p
Short answer: yes, vb will still show anyone who lists them as referred, but vbcredits wont count it until the requirements are met