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Valued Contributor
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Registered: ‎08-17-2008
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PenFed LOC

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


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Regular Contributor
Posts: 179
Registered: ‎01-17-2008
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Re: PenFed LOC

mine reports as LINE OF CREDIT revolving 

Valued Contributor
Posts: 1,524
Registered: ‎08-17-2008
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Re: PenFed LOC


mr_postman wrote:

mine reports as LINE OF CREDIT revolving 


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


$100K in Credit
Last Credit Card App: 11/16/13
Established Contributor
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Registered: ‎06-11-2012
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Re: PenFed LOC

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

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Valued Contributor
Posts: 1,524
Registered: ‎08-17-2008
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Re: PenFed LOC


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. 


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Last Credit Card App: 11/16/13
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Re: PenFed LOC

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...

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