PenFed waving offers around again

[creditwherecreditisdue]

The Thrifty Credit account reports as a revolving TL. It would be positive in one sense, but if you open one you will suffer all the new account woes, including a reduced AAoA. They forced one to me without my requesting it and I immediately had it closed and removed from my CBR's for reasons I have previously outlined in this forum. I have no need for an OD account, particularly with PenFed who requires a $500 minimum balance to maintain a free checking account. (Which I have and do.)

[haulingthescoreup]

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ZoomZoom22 wrote:

Hauling:

I have the exact same offers on Penfed site after reading your email with the exception of 50K on the new and used cars.

I do have a question too... The personal line of credit, once executed, how does this show up on the CR?  As revolving or installment or other?

I have no "other" so maybe that would be good for mix (maybe not), revolving would be fine (util help) and nice to have that line open if needed, and installment would be the worse (for me) of the 3 (already have a car loan in installment) but still not bad idea to have it open.

Wondering if you know how it will "post" to your CReport?

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My $25K LOC reports on all three as revolving, and it's included in util. It's pretty high interest, at least for my taste, so if I ever do use it, it would be for some sort of off-the-wall emergency purchase that would either be paid off immediately or moved over to an installment account.

For instance, I wrote a check for a used Honda Accord, and then got a car loan. An LOC could be used in the same way. And btw, I skedaddled home after writing the check and moved money over from my HELOC PDQ. I definitely don't normally have $12 or $13K in a checking account.

[creditwherecreditisdue]

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@haulingthescoreup wrote:

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@ZoomZoom22 wrote:

Hauling:

I have the exact same offers on Penfed site after reading your email with the exception of 50K on the new and used cars.

I do have a question too... The personal line of credit, once executed, how does this show up on the CR?  As revolving or installment or other?

I have no "other" so maybe that would be good for mix (maybe not), revolving would be fine (util help) and nice to have that line open if needed, and installment would be the worse (for me) of the 3 (already have a car loan in installment) but still not bad idea to have it open.

Wondering if you know how it will "post" to your CReport?

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My $25K LOC reports on all three as revolving, and it's included in util. It's pretty high interest, at least for my taste, so if I ever do use it, it would be for some sort of off-the-wall emergency purchase that would either be paid off immediately or moved over to an installment account.

For instance, I wrote a check for a used Honda Accord, and then got a car loan. An LOC could be used in the same way. And btw, I skedaddled home after writing the check and moved money over from my HELOC PDQ. I definitely don't normally have $12 or $13K in a checking account.

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The same thing happened over here when I bought my used Lincoln. There was some snafu with the CU only issuing sight drafts and getting the title from the dealer. The path of least resistance was to just pay the dealer and then close the loan. We had to float the car money through the HELOC for about two weeks. Without that flexibility I would have lost my deal. (That was 2 y 3 m's ago and the car still runs like a top.)

[ZoomZoom22]

I think I am going to take the plunge on the $25k LOC.  I am with you Hauling, seems to good to pass up if I would come into a situation I needed to use it.

I also hope no pull for it.  How long was the turnaround for you on this?

[creditwherecreditisdue]

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@ZoomZoom22 wrote:

I think I am going to take the plunge on the $25k LOC.  I am with you Hauling, seems to good to pass up if I would come into a situation I needed to use it.

I also hope no pull for it.  How long was the turnaround for you on this?

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When I accepted an unsecured offer in July in the form of a second PCR Visa there was no hard INQ, and instant approval and the app went to "Transferred" status the next day. I was able to make a BT the day after that and had my card in about a week.

[ZoomZoom22]

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@creditwherecreditisdue wrote:

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@ZoomZoom22 wrote:

I think I am going to take the plunge on the $25k LOC.  I am with you Hauling, seems to good to pass up if I would come into a situation I needed to use it.

I also hope no pull for it.  How long was the turnaround for you on this?

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When I accepted an unsecured offer in July in the form of a second PCR Visa there was no hard INQ, and instant approval and the app went to "Transferred" status the next day. I was able to make a BT the day after that and had my card in about a week.

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I clicked on the LOC and accepted it.  It asked if my income had changed they had on file (it had) and I updated it.  Clicked continue and it said approved, my paper work would arrive in 1 day.

I logged out, back in and clicked on Apply Now and it already showed it in APPROVED $25,000 status.

Thanks again forum, I may have missed this if not for the thread.

[creditwherecreditisdue]

Nice going!

Isn't that a nice, easy and fast approval? I doubt there will be a hard INQ either.