Penfed PLOC application what amount?

[Anonymous]

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@Marcos8 wrote:

Ehhh pulled the trigger on the PLOC and requested 25k and went pending. Said to check back online in 24 hours or something...

We'll see what happens and hopefully it was all one HP on EQ. 

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It will all be in one hardpull.  Will keep fingers crossed for you and update once you hear back.  Good job!!!!

[Marcos8]

The PLOC is showing in my account now as 25k and it says transferred. From my reading I think that means I am golden although I have not received any correspondence saying I am approved. The CC app which said I was approved and gave me a limit and a rate is at the "almost done" stage. 

Next question...if I don't have a Penfed checking account with debit card what are my options for drawing on my PLOC. Can I transfer to my Chase checking? I'm pretty sure it comes with checks I can write. Does the PLOC have an account and routing number so I can have bills pulled from it during slow times instead of my checking account? 

Any other useful info info regarding the PLOC you have will be appreciated. Thanks everyone 

[Anonymous]

I could be mistaken but I thought that you had to have a checking account to pull from the PLOC so I opened a free checking account with them. To keep it free you must leave $500 or set up DD so i just leave the cash in there, which has the other advantage of making the power cash rewards card 2% instead of 1.5%

[Marcos8]

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@Anonymous wrote:
I could be mistaken but I thought that you had to have a checking account to pull from the PLOC so I opened a free checking account with them. To keep it free you must leave $500 or set up DD so i just leave the cash in there, which has the other advantage of making the power cash rewards card 2% instead of 1.5%

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There was no mention of that when applying so I'm not sure. I believe it comes with checks to use. I'm not fully sure if I can use it to just transfer funds directly to Chase and use my own Chase debit card/withdrawal cash from Chase ATM or branch...

[Anonymous]

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@Marcos8 wrote:

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@Anonymous wrote:
I could be mistaken but I thought that you had to have a checking account to pull from the PLOC so I opened a free checking account with them. To keep it free you must leave $500 or set up DD so i just leave the cash in there, which has the other advantage of making the power cash rewards card 2% instead of 1.5%

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There was no mention of that when applying so I'm not sure. I believe it comes with checks to use. I'm not fully sure if I can use it to just transfer funds directly to Chase and use my own Chase debit card/withdrawal cash from Chase ATM or branch...

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No, you don't need a checking account to have the PLOC.  Any update on your application?

[Marcos8]

It appears that the PLOC and CC have both been approved and finalized. PloC was approved for the full amount of 25k and the CC at 19k and 9.4x %. I've attempted to set up my external checking account to pay both PenFed accounts from so we'll see how that goes as there were different choices to do this. I also am interested in finding out about all the ways I can draw from the PLoC besides writing checks. Can I transfer from the PLOC to my Chase checking and distribute funds from there?