topic PLOC Approvals 50k (ServiceCU) & 30K (DOCFCU) in Personal Finance

PLOC Approvals 50k (ServiceCU) & 30K (DOCFCU)

DenverFox — Mon, 13 May 2024 18:21:34 GMT

Hi Everyone,

Been awhile but I wanted to share some recent appliations and approval details. I have grown to love PLOC's more than CC's just becasue of the flexible unsecured access to cash on demand that can be easily moved around and typically you pay interest on only what you use. I shared one a few years back that I receieved from Security Service Credit Union for 40k, which is wonderful becasue they treat this as a overdraft protection and it doesnt report usage to the credit bureaus! Kind of an off the grid thing. I live in Colorado for the below context.

Late last year I went through a credit spree and got a 30k Wells, 30k X1, 30k Garden Savings. In the last few months, when my inquiries fell below 6 (on each) and my 8's and 9's were above 800, I figured I would try for some more becasue you never know when zomies will attack

I applied and was approved at Service CU for a 50k PLOC (their max). They use FICO 10 and mine was 786. Income is 300k, time at employer 12 years, and about 9k in bills a month to detemine DTI. The interest rate was 11.9% and they pulled Experian.

I then applied for the same 50k at DOCFCU. They pulled Equifax score of 808 and used FICO 8. They did NOT approve me for the full 50k (probably because I do no other business with them) but they countered with 30k at 13.99%. I went ahead and took it anyway since i only pay for what I use.

This week.. and more to come.. I found out that Vectra Bank allows for PLOCs up to 100k with liquidity requirements, but I have very few data points on them as far as where they pull from and what bureau they use (I am in Colorado and it's a sub of Zions bank). I am going to shoot for the stars and see if they will give me the 100k. I opened a military checking (veteran) and will circle back on any approvals I receive over there.

Good luck to all who are looking for these kinds of products.

Re: PLOC Approvals 50k (ServiceCU) & 30K (DOCFCU)

lnacen — Mon, 13 May 2024 19:02:20 GMT

@DenverFox Congrats! Were all of these no docs? Is that Department of Commerce FCU?

Re: PLOC Approvals 50k (ServiceCU) & 30K (DOCFCU)

keekers — Mon, 13 May 2024 19:03:57 GMT

Congrats.

Re: PLOC Approvals 50k (ServiceCU) & 30K (DOCFCU)

Rdbeetle — Mon, 13 May 2024 19:08:23 GMT

Congrats on your approvals!

Re: PLOC Approvals 50k (ServiceCU) & 30K (DOCFCU)

DenverFox — Mon, 13 May 2024 19:08:50 GMT

Hi,

Yes Dept of Commerce is DOCFCU and yep they both needed docs.. Upon initial approval, they came back and asked for the following (both of them).

- Front / Back of license and Pic of me holding it

- Prior 2 years of W2s and 2 Recent Stubs

- Details of Previous Addresses

Re: PLOC Approvals 50k (ServiceCU) & 30K (DOCFCU)

cashorcharge — Mon, 13 May 2024 21:24:57 GMT

That’s Terrific!! Congratulations on both your Approvals!!👏🏼🍾🥂

Re: PLOC Approvals 50k (ServiceCU) & 30K (DOCFCU)

NoMoreDebt — Tue, 14 May 2024 00:26:28 GMT

Congrats

Re: PLOC Approvals 50k (ServiceCU) & 30K (DOCFCU)

SouthJamaica — Tue, 14 May 2024 03:37:06 GMT

Congratulations on the approvals, and thanks for the data points.

Re: PLOC Approvals 50k (ServiceCU) & 30K (DOCFCU)

JoeRockhead — Tue, 14 May 2024 10:54:25 GMT

Nice set of approvals, congratulations!

Re: PLOC Approvals 50k (ServiceCU) & 30K (DOCFCU)

user979797 — Tue, 14 May 2024 11:38:27 GMT

Congratulations on your Service and DOCFCU approvals great DPs

Re: PLOC Approvals 50k (ServiceCU) & 30K (DOCFCU)

firefox100 — Tue, 14 May 2024 12:47:21 GMT

Congratulations on very nice approvals, enjoy them all.

Re: PLOC Approvals 50k (ServiceCU) & 30K (DOCFCU)

nytokyobred79 — Tue, 14 May 2024 13:01:21 GMT

Congrats on all your success.

Re: PLOC Approvals 50k (ServiceCU) & 30K (DOCFCU)

FicoMike0 — Wed, 15 May 2024 23:34:26 GMT

Congratulations!