topic Re: Penfed PLOC application what amount? in Personal Finance

Penfed PLOC application what amount?

Marcos8 — Fri, 16 Jun 2017 19:14:11 GMT

When applying for the Penfed PLOC how is the limit determined? Do you request an amount and get a counteroffer if not approved...or is it like a a CC app where you just apply and the amount is purely determined by them at the time? Thanks

Re: Penfed PLOC application what amount?

Marcos8 — Mon, 19 Jun 2017 12:50:50 GMT

Just giving this a friendly bump as I think I am springing for Penfed sometime today. I will go for a CC first but when I got to the PLOC which I will also try I am seeking some input as to how/ what is appropriate to ask for. Does anyone go straight for the 25k max with an approval?

Re: Penfed PLOC application what amount?

Anonymous — Mon, 19 Jun 2017 15:43:46 GMT

What are your scores and how does your credit profile look like? How much you get is based on your current limits. So tell us a bit about your credit profile and we can go from there.

Sometimes it is a good to take a conservative approach when trying a lender for the first time.

Re: Penfed PLOC application what amount?

Marcos8 — Mon, 19 Jun 2017 16:06:39 GMT

UTL is 2%. Total CL ~85k. Income 90k
AAOA is over 13 years. EQ fico 8 is 826 as of a week ago. Right now I have 2 of 4 cards that have cut and reported at zero. CL's are from 10k , 18k, 25k, and 32k on my current cards

Re: Penfed PLOC application what amount?

Anonymous — Mon, 19 Jun 2017 16:09:53 GMT

@Marcos8 wrote:
UTL is 2%. Total CL ~85k. Income 90k
AAOA is over 13 years. EQ fico 8 is 826 as of a week ago. Right now I have 2 of 4 cards that have cut and reported at zero. CL's are from 10k , 18k, 25k, and 32k on my current cards

Ask for the maximum. You have a good chance of getting approved.

Re: Penfed PLOC application what amount?

Marcos8 — Mon, 19 Jun 2017 16:16:01 GMT

It's commonly accepted to do the CC app first right? ... then go immediately to the PloC app and go max?

Re: Penfed PLOC application what amount?

Anonymous — Mon, 19 Jun 2017 16:24:20 GMT

@Marcos8 wrote:
It's commonly accepted to do the CC app first right? ... then go immediately to the PloC app and go max?

You can do either as most people do CC first. Personally, I applied for the the PLOC first and then applied for the Penfed Promise after a week.. please update the thread with results once you apply...

Re: Penfed PLOC application what amount?

Marcos8 — Mon, 19 Jun 2017 17:56:07 GMT

Just finished the initial app and went for the Power Cash and was given 19k at 9.49%.

Should i I just stay logged in and go straight for the PLOC at 25k or reduce it some?

Re: Penfed PLOC application what amount?

Marcos8 — Mon, 19 Jun 2017 18:32:13 GMT

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.

Re: Penfed PLOC application what amount?

Anonymous — Mon, 19 Jun 2017 19:28:47 GMT

@Marcos8 wrote:
Just finished the initial app and went for the Power Cash and was given 19k at 9.49%.

Should i I just stay logged in and go straight for the PLOC at 25k or reduce it some?

Congrats and that is a very nice limit.

Re: Penfed PLOC application what amount?

Anonymous — Mon, 19 Jun 2017 19:29:30 GMT

@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.

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

Re: Penfed PLOC application what amount?

Marcos8 — Tue, 20 Jun 2017 02:36:14 GMT

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

Re: Penfed PLOC application what amount?

Anonymous — Tue, 20 Jun 2017 12:46:47 GMT

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%

Re: Penfed PLOC application what amount?

Marcos8 — Tue, 20 Jun 2017 16:10:48 GMT

@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%

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...

Re: Penfed PLOC application what amount?

Anonymous — Tue, 20 Jun 2017 18:13:04 GMT

@Marcos8 wrote:
@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%
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...

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

Re: Penfed PLOC application what amount?

Marcos8 — Tue, 20 Jun 2017 20:08:21 GMT

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?