PLOC Mixed Credit worth it?

[SecretAzure]

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@JSS3 wrote:

I was told by someone on here(can't recall a name at the moment) that one could take out  PLOC and it report as an installment loan. He seemed to know what he was talking about. Maybe there is a way to do so.

EDIT:

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@NRB525 wrote:

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@JSS3 wrote:
@joltdude

You're killin me here. Lol

I have neither a mortgage(ex hubby bought house) nor installment loan. Only 14 CCs and a "paid as agreed" closed student loan. Will not be getting either in the future.

I guess a second HP for a decent limit is what it shall be. I REALLY want to get in with BOA because they give high limits(after hp) and frequent BT checks(I'm told).

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You can get a PLOC from a local CU, does not have to be large. Mine has no cash advance fee, so you just pull out some cash, park it in savings, and then it shows as Installment Loan. Even just $500 draw, pay it down, draw to $500 rinse and repeat.

One of my BofA CC just got an auto CLI from $12,700 to $15,700.

Both BofA cards are sending me monthly 0% 18 month BT offers, but each is already using 0% 18 month BT offers.

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So it was NBR. I think I've heard Baller also mention something like this being true. Not sure why.

[Imperfectfuture]

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@SecretAzure wrote:

---

@JSS3 wrote:

I was told by someone on here(can't recall a name at the moment) that one could take out  PLOC and it report as an installment loan. He seemed to know what he was talking about. Maybe there is a way to do so.

EDIT:

---

@NRB525 wrote:

---

@JSS3 wrote:
@joltdude

You're killin me here. Lol

I have neither a mortgage(ex hubby bought house) nor installment loan. Only 14 CCs and a "paid as agreed" closed student loan. Will not be getting either in the future.

I guess a second HP for a decent limit is what it shall be. I REALLY want to get in with BOA because they give high limits(after hp) and frequent BT checks(I'm told).

---

You can get a PLOC from a local CU, does not have to be large. Mine has no cash advance fee, so you just pull out some cash, park it in savings, and then it shows as Installment Loan. Even just $500 draw, pay it down, draw to $500 rinse and repeat.

One of my BofA CC just got an auto CLI from $12,700 to $15,700.

Both BofA cards are sending me monthly 0% 18 month BT offers, but each is already using 0% 18 month BT offers.

---

So it was NBR. I think I've heard Baller also mention something like this being true. Not sure why.

---

Heads up, most banks don't report this way, mainly revolving line of credit.  Just as easy to set up 500 4 year secured installment loan with local or Alliant CU, which I did (the local one).  11 a month, let it go for awhile, scores stabilize when stretched to max.  You get your 500 back, invest at higher interest rate in market for 4 years.

[SecretAzure]

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@Imperfectfuture wrote:

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@SecretAzure wrote:

---

@JSS3 wrote:

I was told by someone on here(can't recall a name at the moment) that one could take out  PLOC and it report as an installment loan. He seemed to know what he was talking about. Maybe there is a way to do so.

EDIT:

---

@NRB525 wrote:

---

@JSS3 wrote:
@joltdude

You're killin me here. Lol

I have neither a mortgage(ex hubby bought house) nor installment loan. Only 14 CCs and a "paid as agreed" closed student loan. Will not be getting either in the future.

I guess a second HP for a decent limit is what it shall be. I REALLY want to get in with BOA because they give high limits(after hp) and frequent BT checks(I'm told).

---

You can get a PLOC from a local CU, does not have to be large. Mine has no cash advance fee, so you just pull out some cash, park it in savings, and then it shows as Installment Loan. Even just $500 draw, pay it down, draw to $500 rinse and repeat.

One of my BofA CC just got an auto CLI from $12,700 to $15,700.

Both BofA cards are sending me monthly 0% 18 month BT offers, but each is already using 0% 18 month BT offers.

---

So it was NBR. I think I've heard Baller also mention something like this being true. Not sure why.

---

Heads up, most banks don't report this way, mainly revolving line of credit.  Just as easy to set up 500 4 year secured installment loan with local or Alliant CU, which I did (the local one).  11 a month, let it go for awhile, scores stabilize when stretched to max.  You get your 500 back, invest at higher interest rate in market for 4 years.

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I didn't know such a low amount could work. I was thinking of doing thousands. $500 is cake, even with a higher interest rate.

[Imperfectfuture]

The local CU's secured rates run from high 3.2, I think alliant is 3.1 or lower.