topic Re: PLOC / Auto / BECU Experience in General Credit Topics

PLOC / Auto / BECU Experience

Anonymous — Tue, 29 Mar 2016 21:46:19 GMT

After much of my own internal deliberation I finally decided to open an account with the major/local CU; BECU. Hearing there was a credit check, I was hesitant. But this turned out to only be a soft pull. I was also pre-approved for a PLOC.

This is my first banking move in a while. And I have no experience with PLOCs. Is this something that I need to exercise to have grow, or more like a break-glass-in-case-of, thing? They offer a debit overdraft option that pulls from the PLOC. But I'm not too keen on this.

I hope to be in a new vehicle by Sept/Oct. I know getting in with a CU is a good first step for an auto loan, but is that enough time? There are other factors, obviously. Just looking to increase chances of a better outcome.

Re: PLOC / Auto / BECU Experience

Anonymous — Tue, 29 Mar 2016 22:52:57 GMT

Welcome to the BECU family! I was also approved for an account and PLOC without a hard pull. Gotta love that! I haven't used mine, but when I hit six months next month I'm going to tap them for a CLI. That will be a hard pull. Oh, and if you see a pre approval for a credit card that's also a soft pull. I have one right now and confirmed with them that there would be no hard pull if I accepted it.

Re: PLOC / Auto / BECU Experience

Anonymous — Tue, 29 Mar 2016 23:09:44 GMT

BECU member here. I think CAP is wise to wait 6 months before asking for an increase and it is what I would advise, too.

I love BECU and their customer service has been outstanding any time I have a question or if I need anything.

It might be a good idea to take $200 or so out of your PLOC and pay it back over a few months so they can get to know you and you can establish a payment history.

I'd also suggest keeping a nice balance in your checking and savings not only because of the good interest rate for the first $500 in each, but also so that BECU can see you are engaged as a member by placing more of your business with them. Hope this helps.

Re: PLOC / Auto / BECU Experience

Anonymous — Wed, 30 Mar 2016 01:30:07 GMT

Thanks guys. I've only been in there once but the customer service already seems to be a better experience. BECU could be my primary bank soon, but transferring all those account details... I'm too lazy lol. I'll wait a month then borrow on the PLOC.

Re: PLOC / Auto / BECU Experience

CH-7-Mission-Accomplished — Wed, 30 Mar 2016 01:38:55 GMT

@Anonymous wrote:
Thanks guys. I've only been in there once but the customer service already seems to be a better experience. BECU could be my primary bank soon, but transferring all those account details... I'm too lazy lol. I'll wait a month then borrow on the PLOC.

I'm also with BECU and love them. Have a 10K Visa and a 2.5K PLOC.

I use the PLOC a few times a month when I'm too lazy to make the transfer from my business account. I then pay it off again right away. They have a "pay to zero" button on payments so it includes the interest. These have only been for like one or two days at a time, but I have used the full 2.5K so they see usage.

If you get a PLOC, you should be fine for an auto loan in 6 months if your income supports the requested loan payment.

PLOC's are "the most" risky between auto loans, credit cards and lines of credit. Reason is you can simply deposit the full LOC into your bank account and spend it or disappear and they have no collateral. Point here is if they trust you with an unsecured PLOC, they are going to trust you even more with an auto loan.

Re: PLOC / Auto / BECU Experience

CH-7-Mission-Accomplished — Wed, 30 Mar 2016 01:39:52 GMT

@Anonymous wrote:
Thanks guys. I've only been in there once but the customer service already seems to be a better experience. BECU could be my primary bank soon, but transferring all those account details... I'm too lazy lol. I'll wait a month then borrow on the PLOC.

BTW, what is that font you are using and what line spacing? I really like it ....

Re: PLOC / Auto / BECU Experience

Anonymous — Wed, 30 Mar 2016 02:02:50 GMT

@CH-7-Mission-Accomplished wrote:
@Anonymous wrote:
Thanks guys. I've only been in there once but the customer service already seems to be a better experience. BECU could be my primary bank soon, but transferring all those account details... I'm too lazy lol. I'll wait a month then borrow on the PLOC.
BTW, what is that font you are using and what line spacing? I really like it ....

Terminal. Line spacing is default? Its my first post using two spaces after period. (trying something new)

Re: PLOC / Auto / BECU Experience

Anonymous — Wed, 30 Mar 2016 02:26:55 GMT

@Anonymous wrote:
Thanks guys. I've only been in there once but the customer service already seems to be a better experience. BECU could be my primary bank soon, but transferring all those account details... I'm too lazy lol. I'll wait a month then borrow on the PLOC.

It's really easy to utilize your checking and savings accounts with them once you're a member, no hassle at all - you can do it online at home in your comfy pajamas.

Mobile deposits are really easy, too - just take a photo of the check you would like to deposit and it shows in your account immediately!

I can make a deposit at 11pm right from my house without ever leaving the house, and then make payments on my automobile loan and my PLOC by just transferring the money right over under the payments tab. Very easy!

Re: PLOC / Auto / BECU Experience

Anonymous — Wed, 30 Mar 2016 04:04:45 GMT

@CH-7-Mission-Accomplished wrote:
@Anonymous wrote:
Thanks guys. I've only been in there once but the customer service already seems to be a better experience. BECU could be my primary bank soon, but transferring all those account details... I'm too lazy lol. I'll wait a month then borrow on the PLOC.
I'm also with BECU and love them. Have a 10K Visa and a 2.5K PLOC.

I use the PLOC a few times a month when I'm too lazy to make the transfer from my business account. I then pay it off again right away. They have a "pay to zero" button on payments so it includes the interest. These have only been for like one or two days at a time, but I have used the full 2.5K so they see usage.

If you get a PLOC, you should be fine for an auto loan in 6 months if your income supports the requested loan payment.

PLOC's are "the most" risky between auto loans, credit cards and lines of credit. Reason is you can simply deposit the full LOC into your bank account and spend it or disappear and they have no collateral. Point here is if they trust you with an unsecured PLOC, they are going to trust you even more with an auto loan.

CH, I've never thought of credit from this perspective. Its very insightful, thank you.

Re: PLOC / Auto / BECU Experience

jbsea — Wed, 30 Mar 2016 13:42:17 GMT

I dont know why but I thought that it was a hard pull to join. I was holding off because i'm trying very hard to not take anymore HP. OK, So I will join BECU sometime this week. Just to confirm, you guys got the PLOC and CC off of the SP?

Re: PLOC / Auto / BECU Experience

Anonymous — Wed, 30 Mar 2016 13:51:22 GMT

@jbsea wrote:
I dont know why but I thought that it was a hard pull to join. I was holding off because i'm trying very hard to not take anymore HP. OK, So I will join BECU sometime this week. Just to confirm, you guys got the PLOC and CC off of the SP?

No. Any form of credit will be a HP. SP to join.

Re: PLOC / Auto / BECU Experience

Anonymous — Wed, 30 Mar 2016 16:35:47 GMT

@jbsea wrote:
I dont know why but I thought that it was a hard pull to join. I was holding off because i'm trying very hard to not take anymore HP. OK, So I will join BECU sometime this week. Just to confirm, you guys got the PLOC and CC off of the SP?

I got the PLOC off the soft pull, but it popped up as a pre approval when I was signing up. And I currently have a pre approval for a CC that would also be a soft pull if I accept it. But the key here is that they are pre approvals. If you app for the PLOC or CC without a pre approval, it's a hard pull.

Re: PLOC / Auto / BECU Experience

Anonymous — Wed, 30 Mar 2016 17:16:55 GMT

@Anonymous wrote:
@jbsea wrote:
I dont know why but I thought that it was a hard pull to join. I was holding off because i'm trying very hard to not take anymore HP. OK, So I will join BECU sometime this week. Just to confirm, you guys got the PLOC and CC off of the SP?
I got the PLOC off the soft pull, but it popped up as a pre approval when I was signing up. And I currently have a pre approval for a CC that would also be a soft pull if I accept it. But the key here is that they are pre approvals. If you app for the PLOC or CC without a pre approval, it's a hard pull.

+1. Doesn't hurt to have CAP's 780-800 FICO scores, either. One day I may get there and get the preapprovals......

Re: PLOC / Auto / BECU Experience

jbsea — Wed, 30 Mar 2016 19:08:47 GMT

Yes that would help... well I will hold off. I really need to not be apping for awhile. And I don't have ar real need so I will try this self control thing I keep hearing about.

Re: PLOC / Auto / BECU Experience

Anonymous — Wed, 30 Mar 2016 19:15:12 GMT

@jbsea wrote:
Yes that would help... well I will hold off. I really need to not be apping for awhile. And I don't have ar real need so I will try this self control thing I keep hearing about.

I've been trying that myself, but my resolve is rapidly evaporating.

Re: PLOC / Auto / BECU Experience

Anonymous — Wed, 30 Mar 2016 19:19:04 GMT

@Anonymous wrote:
@jbsea wrote:
Yes that would help... well I will hold off. I really need to not be apping for awhile. And I don't have ar real need so I will try this self control thing I keep hearing about.
I've been trying that myself, but my resolve is rapidly evaporating.

funny

Re: PLOC / Auto / BECU Experience

Anonymous — Wed, 30 Mar 2016 22:26:50 GMT

@jbsea wrote:
I dont know why but I thought that it was a hard pull to join. I was holding off because i'm trying very hard to not take anymore HP. OK, So I will join BECU sometime this week. Just to confirm, you guys got the PLOC and CC off of the SP?

Same. I did some app'ing in Dec and didn't really want to add anymore. The PLOC was a pre-approval that came up during the SP for membership. There was no HP. But w/o a pre-approval, I'm sure it would be a HP.