PSECU Discontinuing PSL Line of Credit Effective Next Month

[Chaos122]

Hey folks, I just got word that PSECU is Discontinuing their Line of Credit next month on the 18th and i wanted to spread the word.  Apparently they will stop accepting applications and will also close all existing PSL lines on November 18th.

Anyone with an existing PSL or PSL/VISA combo will see their PSL shut down next month and will not be able to use it but will still be able to make regular monthly payments until it is paid off.  They also said this will not affect the Visa card so we can keep those with the same line.

Im a little dissapointed as I liked having it for emergencies and it was great having the extra 20k line on my Credit report for utilization purposes,  Oh well all good things come to an end, they said they are mailing letters out this week to all existing PSL clients.

[Guyatthebeach]

That's very odd and raises a big red flag for me. I wonder why PSECU would do that now because according to the stock market and our elected officials, the economy is better. I wonder if there could be  bigger issue with the CU.

[Anonymous]

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@Chaos122 wrote:

Hey folks, I just got word that PSECU is Discontinuing their Line of Credit next month on the 18th and i wanted to spread the word.  Apparently they will stop accepting applications and will also close all existing PSL lines on November 18th.

Anyone with an existing PSL or PSL/VISA combo will see their PSL shut down next month and will not be able to use it but will still be able to make regular monthly payments until it is paid off.  They also said this will not affect the Visa card so we can keep those with the same line.

Im a little dissapointed as I liked having it for emergencies and it was great having the extra 20k line on my Credit report for utilization purposes,  Oh well all good things come to an end, they said they are mailing letters out this week to all existing PSL clients.

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I don't have a line of credit with PSECU so it won't affect me, however did you notice in their last newsletter that the credit card (which I have a $10K limit and 9.9% APR) is changing to a rewards card?

[Anonymous]

How will this now look on credit reports?  The reason I ask is because I'm in the middle of a refi and they'll do a supplementary credit review so I don't want this to raise any red flags.