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PenFed LOC

Valued Contributor

PenFed LOC

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


Last Pulled EQ: 809
Last Credit Card App: 02/05/2016
Last CLI: 02/06/2016
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Message 1 of 6
5 REPLIES
Regular Contributor

Re: PenFed LOC

mine reports as LINE OF CREDIT revolving 

Message 2 of 6
Valued Contributor

Re: PenFed LOC


mr_postman wrote:

mine reports as LINE OF CREDIT revolving 


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


Last Pulled EQ: 809
Last Credit Card App: 02/05/2016
Last CLI: 02/06/2016
Find Me: Gardening
Message 3 of 6
Established Contributor

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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Message 4 of 6
Valued Contributor

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. 


Last Pulled EQ: 809
Last Credit Card App: 02/05/2016
Last CLI: 02/06/2016
Find Me: Gardening
Message 5 of 6
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Regular Contributor

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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Message 6 of 6