Has anyone tried or been able to get a APR reduction on PLOC's at this credit union?
I did not get the preferred rate 2 years ago when opening this account...
-J
Will do it.... But its a HP... Not sure if its worth it on an account I sparingly use...
Asked via SM and this is what I got back
Personal loans, like this Reserve Line of credit are based on your credit score. To get a better rate than your current 14.49% you need to have a credit score of 640 or higher. Pulling your score will be a hard pull and may have a negative effect on your score.
Got the score. but not sure id be better off gettng a pull for a new CC vs this silly PLOC..
-J
Depends what you need the PLOC for, and if you anticipate needing it anytime soon.
The PLOC I have hanging out utterly unused (guessing Penfed will close it at some point, not even sure how to get use to it with the account restrictions I have but that's a different issue) was as a final resort as opposed to bleeding cash out of my emergency fund... or maybe if the emergency fund got to zero, as I can write checks against the PLOC which count anywhere, mortgage or credit card payments, I can cut the check. I'm not quite sure why so many other people pickup PLOC's here based on their statements.
Anyway in that scenario having a lower APR helps, but in my situation I can get a HELOC at roughly 1/3 the current rate, so yeah. PLOC not really going to be all that utilized after I pick that up I guess, YMMV.
