topic Re: SECU PLOC denied - Countered in Personal Finance

SECU PLOC denied - Countered

newmomnewme — Thu, 15 Oct 2020 14:07:16 GMT

LAfter the VS was approved, after the savings funds were posted, after the membership was finalized...I applied for their choice checking account and the PLOC. Checking account approved and opened. 15k PLOC denied for too many INQ, escalating debt etc.

They countered with a 5k Personal Loan. The only installment loans that I have reporting to all three CRAs are student loans sitting at >100% UTIL. I have a personal loan and auto loan that only report to EX.

My question: Should I accept the counter (I have 60 days to accept) and add another new account but at least it will be an installment that could help balance my Installment UTIL? Or should I call them back and try to recon for the PLOC at 5k? Or leave it as it is?

FYI - I was told I should receive my VS card within 7-10 business days but I never signed anything for it..they offered and I accepted it over the phone. I think @CreditCuriosity said I may or may not have to esign for it?

Re: SECU PLOC denied - Countered

Anonymous — Thu, 15 Oct 2020 16:16:57 GMT

Unless you need the funds from the PL, probably should try for lower limit PLOC instead

PLOC and CCs from them typically have lower interest rates.

CCs have 1k max CA per day according to terms/conditions, so PLOC is ideal for getting larger amounts of cash from them at your whim.

If you have online banking access with them, your savings/checking/CC should show up

Re: SECU PLOC denied - Countered

newmomnewme — Thu, 15 Oct 2020 16:52:53 GMT

@Anonymous , I don't need the cash atm. I will reach out to their loan department to see if they would offer the PLOC instead.

I will also ask about the VS when I call since it's not showing on my online banking account.

Re: SECU PLOC denied - Countered

newmomnewme — Thu, 15 Oct 2020 17:18:29 GMT

Just got off the phone with loan dept. Rep said that the counter was for a lower PLOC. 5k. I said I'll take it.

Re: SECU PLOC denied - Countered

M_Smart007 — Thu, 15 Oct 2020 20:04:02 GMT

Congratulations on your SECU PLOC Approval..

Re: SECU PLOC denied - Countered

Anonymous — Thu, 15 Oct 2020 20:10:24 GMT

@newmomnewme wrote:
Just got off the phone with loan dept. Rep said that the counter was for a lower PLOC. 5k. I said I'll take it.

Good news ... grats

Re: SECU PLOC denied - Countered

AllZero — Fri, 16 Oct 2020 03:00:55 GMT

Congratulations on your PLOC!

Re: SECU PLOC denied - Countered

Kasuito39 — Fri, 16 Oct 2020 13:42:10 GMT

Congrats on your approval. I was denied the PLOC due BK 7 and asked to wait 4yrs post discharge and reapply.

Re: SECU PLOC denied - Countered

Anonymous — Sat, 24 Apr 2021 01:09:20 GMT

@newmomnewme wrote:
Just got off the phone with loan dept. Rep said that the counter was for a lower PLOC. 5k. I said I'll take it.

👊🏻 Purrfect 🐈 congratulations on your desired approval! 🥳

Re: SECU PLOC denied - Countered

SouthJamaica — Sat, 24 Apr 2021 13:41:39 GMT

@newmomnewme wrote:
LAfter the VS was approved, after the savings funds were posted, after the membership was finalized...I applied for their choice checking account and the PLOC. Checking account approved and opened. 15k PLOC denied for too many INQ, escalating debt etc.

They countered with a 5k Personal Loan. The only installment loans that I have reporting to all three CRAs are student loans sitting at >100% UTIL. I have a personal loan and auto loan that only report to EX.

My question: Should I accept the counter (I have 60 days to accept) and add another new account but at least it will be an installment that could help balance my Installment UTIL? Or should I call them back and try to recon for the PLOC at 5k? Or leave it as it is?

FYI - I was told I should receive my VS card within 7-10 business days but I never signed anything for it..they offered and I accepted it over the phone. I think @CreditCuriosity said I may or may not have to esign for it?

~~No you shouldn't. It won't do anything for your scores, other than possibly decrease them.~~ Never mind, I see from your update that it wasn't a loan at all but a 5K PLOC. Congrats.

No you don't have to sign for the credit card.

Re: SECU PLOC denied - Countered

SouthJamaica — Sat, 24 Apr 2021 13:40:20 GMT

Thanks for the update.