PENFED PLOC

[Anonymous]

I logged into my account this morning to pay on my Power Rewards cc ( SL is $10k ) and saw a pre-approval for a PLOC of up to $5k. I was surprised to see anything from them as I have been a member since 4/17! Anyways, I took the $5k and now I am wondering would both the lines of credit go up, both for the VISA and PLOC, over the next 12 months on their own or would I need to hit the luv button? Im in the garden until 4/18 as getting membership and Power Rewards were among the last things that I applied for before joining the garden club. Any help is appreciated

[sonicchris8]

Congrats on the pre-approval and PLOC, that's awesome! Question... How did the pre approval show up? Thanks

[Anonymous]

For me, after making my payment, I went to my offeres and saw it there. When I called this morning to verify it, as I thought it was a ad for more of their products. The CSR, that I spoke with did inform my that some ads are beta testing. I know what beta testing is, but not from PENFED. I am happy to get the PLOC but Im wondering if it grows with auto line increases or not. I hope this helps.

[Anonymous]

Congrats on your approval!!!

Fyi... A new TL resets your gardening clock.

[Anonymous]

ANyone know if you have the scores and income to support it, does will Penfed give you a lower than advertised APR on the PLOC? 14.65% is pretty steep, if you actually had to use it. Thanks. 

[Anonymous]

I can't answer your PLOC question, but make sure to request a CLI just before your new PenFed CC has been open 90 days. (no HP this way.)

I wasn't aware of this being a thing with PenFed and saw another member here post about it. I hit the button probably two weeks before my 90 days and went from $2k to $18k. I almost fell over.

Just wanted to point that out in case you didn't already know

[credit_endurance]

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@Anonymous wrote:

For me, after making my payment, I went to my offeres and saw it there. When I called this morning to verify it, as I thought it was a ad for more of their products. The CSR, that I spoke with did inform my that some ads are beta testing. I know what beta testing is, but not from PENFED. I am happy to get the PLOC but Im wondering if it grows with auto line increases or not. I hope this helps.

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Congrats on the pre approval offer and approval. For the life of me I just can't find these offers where did you see them located? At the very top banner where your fico score is located? Or in the far bottom corner of your home page?

[bizarrocreditworld]

Thanks for the heads up on the 90 day CLI policy. I just started with them this month with a 5K Promise Visa.

I'm not expecting anything like what you got (my scores are a little lower, but they've gone up 15-25 points (FICO08) since I got the card), but they really seem to like working with their customers to get the best value for their money.

[Anonymous]

Congratulations on your PLOC! I love having mine! No preapproval for me, though. I had to wait and spend time on the phone to make that happen. You are so fortunate! 

[Anonymous]

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@Anonymous wrote:

ANyone know if you have the scores and income to support it, does will Penfed give you a lower than advertised APR on the PLOC? 14.65% is pretty steep, if you actually had to use it. Thanks. 

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No. They recently changed their PLOC APR structure. It used to be that they offered variable APRs as low as 10.74% (and going up from there) depending on score/history but have instead decided to have one fixed rate for everybody. *This could end up being a good thing as the Prime rate continues to rise. 

14.65% is steep and in line with what most other lenders charge. Even Wells Fargo and US Bank have lower APRs. This has been happening at PenFed for a few years now unfortunately. In an effort to be more competitive they have become less conservative. Being less conservative means granting credit to those with weaker credit files and raising the rates on everbody to help offset the real or possible charge offs from the weaker credit files.