For PenFed members does their Personal LOC report like a credit card?
mine reports as LINE OF CREDIT revolving
Cool thanks, how long after you were approved it starting reporting?
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.
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...