Credit Cards

[chnceit]

For PenFed members does their Personal LOC report like a credit card?

[mr_postman]

mine reports as LINE OF CREDIT revolving 

[chnceit]

---

mr_postman wrote:

mine reports as LINE OF CREDIT revolving 

---

Cool thanks, how long after you were approved it starting reporting?

[eviLution]

What's a LOC and what difference is it from a credit card? is it similar to getting a personal loan from the bank?

[chnceit]

---

eviLution wrote:
What's a LOC and what difference is it from a credit card? is it similar to getting a personal loan from the bank?

---

Yes you are correct LOC is Personal Line of Credit; like a credit card, but you use it by writing checks. 

[ukimafija]

It is like a personal loan or a cash advance without a fee, you just  have your limit and your APR that is it. And you pay it monthly like a credit card if you use it...