topic Re: PenFed PLOC in General Credit Topics

PenFed PLOC

stagefoursurvivor — Tue, 17 Mar 2015 22:47:11 GMT

I was approved yesterday after reconning down to $10K. Approved the day before for Visa Sig $5K which is already appearing on my online account.

No documentation has been requested, I joined with check/savings back in December 2014.

Anyone familiar with their procedures, account set-up, mailing checks, etc and when this happens?

Re: PenFed PLOC

Anonymous — Thu, 23 Apr 2015 14:19:02 GMT

wow I see no one replied to this.

Did you get your answers?

I also appedfor PenFed Promise and got approved for 3k@7.99.

Next day I apped for PLOC @10k and was approved.

I assume by now you got your checks?

Is this PLOC reporting for you?

Key Features

Low rate of Prime + 7%, adjusted quarterly
Credit lines up to $25,000
Free checks

Benefits

Available funds when you need them, anytime, for anything you want
Payments based on amount you actually use, not on amount of your line of credit
Use your line anywhere you would use a check

Re: PenFed PLOC

stagefoursurvivor — Thu, 23 Apr 2015 14:27:33 GMT

Hmmm...guess this particular post got lost in the jumble.

I was also approved after recon for Promise $2.5K, gotta check APR, I forget...maybe 10.9?

I don't think I got any checks for the PLOC though, need to check that.

Congrats on your approval!

Re: PenFed PLOC

Anonymous — Thu, 23 Apr 2015 20:09:37 GMT

@stagefoursurvivor wrote:
Hmmm...guess this particular post got lost in the jumble.
I was also approved after recon for Promise $2.5K, gotta check APR, I forget...maybe 10.9?
I don't think I got any checks for the PLOC though, need to check that.
Congrats on your approval!

Apparently the usage for PLOC is like if you have to pay for something/someone that doesnt
accept CC's or something. W.out the checks it sorta useless.

Do you know if your PLOC reported?

Re: PenFed PLOC

stagefoursurvivor — Thu, 23 Apr 2015 20:32:01 GMT

I BELIEVE you can transfer $$ from the PLOC to regular checking?

Each account reported about 30 days after approval, including the $500 overdraft feature on checking, Rewards then, PLOC, then overdraft, lastly Promise.

Re: PenFed PLOC

Anonymous — Fri, 24 Apr 2015 03:04:31 GMT

@stagefoursurvivor wrote:
I BELIEVE you can transfer $$ from the PLOC to regular checking?
Each account reported about 30 days after approval, including the $500 overdraft feature on checking, Rewards then, PLOC, then overdraft, lastly Promise.

Interesting..does the PLOC report as revolving loan?

If so,, what If I write a check for 500... do you know up to how many months I could pay it back?

Would this be a good way to develop with them? Just wondering.

Re: PenFed PLOC

stagefoursurvivor — Fri, 24 Apr 2015 03:12:48 GMT

@Anonymous wrote:
@stagefoursurvivor wrote:
I BELIEVE you can transfer $$ from the PLOC to regular checking?
Each account reported about 30 days after approval, including the $500 overdraft feature on checking, Rewards then, PLOC, then overdraft, lastly Promise.
Interesting..does the PLOC report as revolving loan?
If so,, what If I write a check for 500... do you know up to how many months I could pay it back?
Would this be a good way to develop with them? Just wondering.

Yes, PLOC reports as a revolver. the rest of your question? I dunno

Hell, I didn't know you were supposed to get checks with it. SHEESH, I got it and don't know for sure how to use it! Gotta dig around and see if I have any type of checks from them

Re: PenFed PLOC

blessed-man1980 — Fri, 24 Apr 2015 17:13:08 GMT

Is Pend checking account free ? I already have savings but not sure about checking account .

Re: PenFed PLOC

Anonymous — Sat, 25 Apr 2015 03:52:28 GMT

I just asked them today.

I think this is what I remember

It's free if you keep at least 500/mo or have 500 direct dep coming in monthly
I forgot what else makes it free w.out the $10/mo fee... maybe mortgage or some loan with them.

Re: PenFed PLOC

Anonymous — Fri, 01 May 2015 12:49:14 GMT

With PenFed PLOC, if I have say 10k@10.99 avail, and write a check for 1k, what are the repayment terms?

Re: PenFed PLOC

stagefoursurvivor — Fri, 01 May 2015 13:01:24 GMT

When you find out, LMK? Good question

I believe it's compounded quarterly at 2.5% HOWEVER, I have no clue how to calculate that. For me to actually use it would be an extreme emergency or something very random but, it would be good to know

Re: PenFed PLOC

Anonymous — Fri, 01 May 2015 18:43:25 GMT

@Anonymous wrote:
With PenFed PLOC, if I have say 10k@10.99 avail, and write a check for 1k, what are the repayment terms?

Im reply to my own posting ? Weird.

But .. idk I feel like this could be a good way to establish history with them too ?

any thoughts from Forum masters or PenFed experts?

BTW I Chatted with them and Direct DEP or MO's are not subject to that 7 day holding even if you are new.

It's for security/fraud reasons I guess.