PenFed PLOC

[Anonymous]

Thanks to all advice on these forums I opened up savings account with PenFed last week. Decided today after reading that you can apply for multiple products for 90 days without taking another hp I applied for a small $3000 ploc. Well after submitting after about 2 minutes it went tp pending and to check back in 24 hours. I would assume that is somewhat of good sign because it could have been straight denial right. I have 11 inq on eq report and 8% util. 24 total accounts, aaoa 9 months  and I admit most are new accounts.  Hope the luck hasnt run out yet. 

[PNW_Hunter]

I'd look at their Cash Rewards VISA as well, if you do not have a 5% gas card yet. The 5% cash back gets taken directly off the statement, and it's been nothing but great things from PenFed for me so far.

If you are approved for the PLOC, that would count as your qualifying product to avoid the AF and get 5% back vs 3%.

Like you said, you can apply for as many products as you want within the timeframe of the first pull

[PNW_Hunter]

Best of luck on the approval!

[dbw79]

Good luck! Let us know how you make out.

[youdontkillmoney]

Good luck on the PenFed PLOC; I have one, only for $1,000 but it took me two apps over 6 months, first was denial and recon denial. When it says status as "transferred" you got it "approved."

[Anonymous]

just checked status of ploc app and was denied. have to wait for the denial letter. should I try my luck with a penfed credit card ? Just as long it does not inquire another hp. Applied last week for savings and approved so I assume I can apply for other products before 90 days right? 

[PNW_Hunter]

send an email to PenFed Member Service: info@hq.penfed.org with the application number, your member number, and any relevant information asking them to recon

[Revelate]

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@youdontkillmoney wrote:

Good luck on the PenFed PLOC; I have one, only for $1,000 but it took me two apps over 6 months, first was denial and recon denial. When it says status as "transferred" you got it "approved."

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When did you set it up?

Penfed dropped trou sometime this year and got tremendously more generous apparently.  Don't have to look much further than my 20K PLOC, your income is near mine, and your scores are definitely better than mine... though FICO NextGen that they're still UW on is a beats the hell out of me score.  Kinda curious if I will get the score with the PLOC.

[youdontkillmoney]

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@Revelate wrote:

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@youdontkillmoney wrote:

Good luck on the PenFed PLOC; I have one, only for $1,000 but it took me two apps over 6 months, first was denial and recon denial. When it says status as "transferred" you got it "approved."

---

When did you set it up?

Penfed dropped trou sometime this year and got tremendously more generous apparently.  Don't have to look much further than my 20K PLOC, your income is near mine, and your scores are definitely better than mine... though FICO NextGen that they're still UW on is a beats the hell out of me score.  Kinda curious if I will get the score with the PLOC.

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^^^^^^

I opened my PenFed PLOC July 2014.

I am not making any changes to my credit report since I am apping for mortgage in 2016.

Come 2017 when the mortgage is done I will ask for a credit increase for Simmons (only$4k), Penfed (only $1K), and others . . . that $20K is nice, my credit union approved me for a $20k (LA Financial...but been an inactive checking/savings customer since 1998 with low balances)

[Revelate]

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@youdontkillmoney wrote:

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@Revelate wrote:

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@youdontkillmoney wrote:

Good luck on the PenFed PLOC; I have one, only for $1,000 but it took me two apps over 6 months, first was denial and recon denial. When it says status as "transferred" you got it "approved."

---

When did you set it up?

Penfed dropped trou sometime this year and got tremendously more generous apparently.  Don't have to look much further than my 20K PLOC, your income is near mine, and your scores are definitely better than mine... though FICO NextGen that they're still UW on is a beats the hell out of me score.  Kinda curious if I will get the score with the PLOC.

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^^^^^^

I opened my PenFed PLOC July 2014.

I am not making any changes to my credit report since I am apping for mortgage in 2016.

Come 2017 when the mortgage is done I will ask for a credit increase for Simmons (only$4k), Penfed (only $1K), and others . . . that $20K is nice, my credit union approved me for a $20k (LA Financial...but been an inactive checking/savings customer since 1998 with low balances)

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Yeah, I opened up a Penfed account when I started my journey with $50 back in late 2011 and then just left it idle as I realized I wasn't qualified for anything. 

Not sure how much that impacted the PLOC approval for or not, but I wasn't expecting an instant 20K not by a long shot, I was figuring 10K at the outside even if I were lucky.