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Valued Contributor
chnceit
Posts: 1,524
Registered: ‎08-17-2008
0

PenFed LOC

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


$100K in Credit
Last Credit Card App: 11/16/13
Regular Contributor
mr_postman
Posts: 179
Registered: ‎01-17-2008
0

Re: PenFed LOC

mine reports as LINE OF CREDIT revolving 

Valued Contributor
chnceit
Posts: 1,524
Registered: ‎08-17-2008
0

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
eviLution
Posts: 705
Registered: ‎06-11-2012
0

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
chnceit
Posts: 1,524
Registered: ‎08-17-2008
0

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. 


$100K in Credit
Last Credit Card App: 11/16/13
Regular Contributor
ukimafija
Posts: 127
Registered: ‎08-13-2012
0

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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