A Great Day with PSECU!

[Anonymous]

Congrats!!

What is a PLOC? I know it stands for personal line of credit but what is it used for?

[Anonymous]

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@Anonymous wrote:

Congrats!!

What is a PLOC? I know it stands for personal line of credit but what is it used for?

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Honestly I don't know why I would use it in this case.  If I take money from it, the interest rate is 3% higher than using my card.  I guess possibly for things that I can't use a CC for, but even then, I get checks with my CC from them.  The reason I got it though is that PSECU has a nice combo plan where you get a CC and a line of credit that shares a limit ($1000 in my case).  However, it reports to the bureau as a $1000 limit card AND a $1000 limit line of credit.  This means that even if you max it out, it only reports as 50% utilization.  It's a pretty sweet setup.  In addition, you get 2 positive tradelines and 2 things to bring your AAoA up (eventually) instead of just one.  They also told me it is no harder to get than just the card.

[DantGwyrdd]

After reading about some horrible, horrible downright loansharking loans around there, it really makes me happy to read about someone getting a good deal and not only significantly lowering both their payment and the number of payments. Congratulations, jimbo!

[Anonymous]

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@DantGwyrdd wrote:

After reading about some horrible, horrible downright loansharking loans around there, it really makes me happy to read about someone getting a good deal and not only significantly lowering both their payment and the number of payments. Congratulations, jimbo!

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I am even happier today after checking out some figures with loan calculators.  Under my old loan, I was going to pay about $8500 in interest over the life of the loan (wow, that is crazy!).  Under the new loan, I will pay under $1000.  Feels nice to save over $7500!

[Anonymous]

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@Anonymous wrote:

So on the last day of my app spree, I went with PSECU.  They approved me for a $1000 limit combo CC/PLOC!  I'm pretty psyched.

Also, they approved me for my first auto loan at 2.49% interest.  This will be considered a private sale (car is currently financed by my wife only and will be financed by me only).  However, it will take our 16.5% interest rate all the way down to 2.49%.  Our payment drops from $325/month to $250/month all while getting paid off a year sooner.  Between this and Chase Freedom and Best Buy CC, I have had a hell of a great two days.  Now to be disciplined and get myself into the garden.

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Congrats!  When you applied for the combo did it give you a chance to ask how much you want?

[FrugalRican]

Oh jimbo, I missed this thread apparently due to the excitement of the Zync thread.

I'm so happy for you.

[DantGwyrdd]

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@Anonymous wrote:

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@DantGwyrdd wrote:

After reading about some horrible, horrible downright loansharking loans around there, it really makes me happy to read about someone getting a good deal and not only significantly lowering both their payment and the number of payments. Congratulations, jimbo!

---

I am even happier today after checking out some figures with loan calculators.  Under my old loan, I was going to pay about $8500 in interest over the life of the loan (wow, that is crazy!).  Under the new loan, I will pay under $1000.  Feels nice to save over $7500!

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That's awesome!

[frogfan12]

Congrats on getting that car paid off earlier and the lowered payment! I know that will be a nice feeling.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

So on the last day of my app spree, I went with PSECU.  They approved me for a $1000 limit combo CC/PLOC!  I'm pretty psyched.

Also, they approved me for my first auto loan at 2.49% interest.  This will be considered a private sale (car is currently financed by my wife only and will be financed by me only).  However, it will take our 16.5% interest rate all the way down to 2.49%.  Our payment drops from $325/month to $250/month all while getting paid off a year sooner.  Between this and Chase Freedom and Best Buy CC, I have had a hell of a great two days.  Now to be disciplined and get myself into the garden.

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Congrats!  When you applied for the combo did it give you a chance to ask how much you want?

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They did.  I decided to reach for the stars and get the moon.  I asked for $5000, but was still thrilled to get $1000.  They said the lower amount was mostly because of recent inquiries and short time on the job (started a new job in January).  I'm not worried though.  It seems PSECU is generous with CLIs so I will ask for one after maybe 6 months or so.