topic Re: PENFED PLOC in Personal Finance

PENFED PLOC

Anonymous — Thu, 22 Jun 2017 15:13:07 GMT

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

Re: PENFED PLOC

sonicchris8 — Thu, 22 Jun 2017 15:18:17 GMT

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

Re: PENFED PLOC

Anonymous — Thu, 22 Jun 2017 15:26:47 GMT

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.

Re: PENFED PLOC

Anonymous — Thu, 22 Jun 2017 22:21:17 GMT

Congrats on your approval!!!

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

Re: PENFED PLOC

Anonymous — Fri, 23 Jun 2017 09:33:02 GMT

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.

Re: PENFED PLOC

Anonymous — Fri, 23 Jun 2017 15:19:37 GMT

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

Re: PENFED PLOC

credit_endurance — Fri, 23 Jun 2017 16:46:05 GMT

@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.

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?

Re: PENFED PLOC

bizarrocreditworld — Fri, 23 Jun 2017 20:30:52 GMT

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.

Re: PENFED PLOC

Anonymous — Sun, 25 Jun 2017 16:11:44 GMT

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!

Re: PENFED PLOC

Anonymous — Sun, 25 Jun 2017 16:41:57 GMT

@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.

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.

Re: PENFED PLOC

Revelate — Sun, 25 Jun 2017 19:56:20 GMT

@Anonymous wrote:
@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.
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.

Did you mean to state not in line? I hadn't realized they changed it, mine was of the 10.5% variety when approved a couple years ago now up to 11% according to their interface... 14.65% seems darned high for a PLOC compared to the rest of the industry currently, or even for an unsecured loan these days for pretty files which is saying something.

Re: PENFED PLOC

Anonymous — Sun, 25 Jun 2017 20:06:54 GMT

@Revelate wrote:
@Anonymous wrote:
@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.
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.
Did you mean to state not in line? I hadn't realized they changed it, mine was of the 10.5% variety when approved a couple years ago now up to 11% according to their interface... 14.65% seems darned high for a PLOC compared to the rest of the industry currently, or even for an unsecured loan these days for pretty files which is saying something.

What I meant to say was that it is steep but in line with what most other lenders, primarily banks, charge. However, Wells Fargo and US Bank are exceptions in terms of the big banks. There are still credit unions out there with decent PLOC rates, but PenFed is not one of them.

Yes, the 14.65% fixed rate is for new PLOC's; those with older PLOCS have been grandfathered in to the old, variable rate.

Re: PENFED PLOC

Anonymous — Mon, 26 Jun 2017 07:34:36 GMT

@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@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.
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.
Did you mean to state not in line? I hadn't realized they changed it, mine was of the 10.5% variety when approved a couple years ago now up to 11% according to their interface... 14.65% seems darned high for a PLOC compared to the rest of the industry currently, or even for an unsecured loan these days for pretty files which is saying something.

What I meant to say was that it is steep but in line with what most other lenders, primarily banks, charge. However, Wells Fargo and US Bank are exceptions in terms of the big banks. There are still credit unions out there with decent PLOC rates, but PenFed is not one of them.

Yes, the 14.65% fixed rate is for new PLOC's; those with older PLOCS have been grandfathered in to the old, variable rate.

Well looks l am late to the party again.

I kept seeing people posting screen shots of their PLOC with 10% interest, and then saw on the site 14.65%. SO i figured they gave you a better rate if you qualified for it.

I would have loved to get the powercash visa and PLOC. But that interest is too high to actually be useful. I guess I will keep looking.

Thanks for the info guys.

Re: PENFED PLOC

Marcos8 — Sat, 01 Jul 2017 17:07:17 GMT

When wanting to access Penfed PLOC as cash for yourself is it preferred to write a check to yourself and deposit it? Or is it preferred to transfer it to the Share account and then to my external bank? The former seems like a quicker solution but interested in what others think