topic Re: PENFED PLOC - Pre-Approved !! in General Credit Topics

PENFED PLOC - Pre-Approved !!

Anonymous — Thu, 09 Jun 2016 16:11:45 GMT

Logged in today -- been a member about half a year .. PRE APPROVALS popped up !!! One of them was the coveted PLOC, $15,000 !! Do I take or do I skip on it ? Anyone have this? How is it utilized, how do you like it? The interest rate is amazing at 10% .. my card is 10.74% with them. $30k line. Auto loan preapproved at $40,000, but I dont need a new car lol .... Also saw a preapproval for a Plat Rewards @ $15,000. . I have enough CCs.

Is this a HP if I accept ? I am gardening and do not want any new HPs !

Great feeling and start to my early weekend -- we're moving into a new condo in Marina Del Rey in a week, so this will come in great handy ! Wooooooooooooooo !!

Re: PENFED PLOC - Pre-Approved !!

ddemari — Thu, 09 Jun 2016 16:21:01 GMT

wow you must have a pretty high score with them, those prequals are something id die to see upon logging into to penfed one day. I believe its not a hard pull if they offer it to you that way. Enjoy!

Re: PENFED PLOC - Pre-Approved !!

RonM21 — Thu, 09 Jun 2016 16:23:25 GMT

That is a good question. I'd probably call and ask just to be sure.

Re: PENFED PLOC - Pre-Approved !!

Anonymous — Thu, 09 Jun 2016 16:25:07 GMT

ddemi my NexTgen somehow is a 701, my FICO 8 for EQ is 677 as of now -- usually its the other way around, but im thinking on June 1 a lot of my accounts aged past 2 years which may have given a bump ??

Either way Ill take it !!! Not the biggest pre-quals I've seen with them by far, but decent

Re: PENFED PLOC - Pre-Approved !!

Anonymous — Thu, 09 Jun 2016 16:26:00 GMT

PS - can we talk about how much I LOVE FICO 9 ?? LOL my FICO 9 for EQ is showing 723!!! Lenders please start using FICO 9!

Re: PENFED PLOC - Pre-Approved !!

Anonymous — Thu, 09 Jun 2016 17:02:18 GMT

Awesome offer! Congratulations!

Re: PENFED PLOC - Pre-Approved !!

baller4life — Thu, 09 Jun 2016 18:09:49 GMT

Joey please post these pre-approvals in the Penfed thread. There's an urban myth on this forum and another that if you join "dirty" you never get these preapprovals. You and others are proving them wrong. Good job!

Re: PENFED PLOC - Pre-Approved !!

ecb — Thu, 09 Jun 2016 18:05:27 GMT

That's awesome! Penfed turned me down last month for recently added credit card which I thought was BS. Where do you see preapprovals on the screen?

Re: PENFED PLOC - Pre-Approved !!

Anonymous — Thu, 09 Jun 2016 18:27:48 GMT

Congrats - that's awesome.

Now I am really curious how PenFed does their quarterly things (not that'll I'll be eligible anytime soon) - I just looked and my Nextgen score still says 3/1/16. I'm wondering if they slow roll the quarterly updates??? I always thought they updated score at the beginning of each quarter with a date of the month prior???

Re: PENFED PLOC - Pre-Approved !!

baller4life — Thu, 09 Jun 2016 18:38:46 GMT

January,April,July and October 1st are score updates

Re: PENFED PLOC - Pre-Approved !!

CreditCuriosity — Thu, 09 Jun 2016 19:16:37 GMT

@baller4life wrote:
January,April,July and October 1st are score updates

Correct although it uses the prior months score So Jan would be Dec 1st score, april score would be Mar 1st score, etc.. 1 month lag from posting them on their website for you to view

Re: PENFED PLOC - Pre-Approved !!

Gmood1 — Thu, 09 Jun 2016 19:35:35 GMT

Congrats Joey!!

Re: PENFED PLOC - Pre-Approved !!

Anonymous — Thu, 09 Jun 2016 19:41:41 GMT

Baller, what do you mean by joining them dirty?

Re: PENFED PLOC - Pre-Approved !!

baller4life — Thu, 09 Jun 2016 19:45:00 GMT

@Anonymous wrote:
Baller, what do you mean by joining them dirty?

With any derogs or baddies on EQ.

Re: PENFED PLOC - Pre-Approved !!

Anonymous — Thu, 09 Jun 2016 19:50:21 GMT

Oh..yeah I defintely proved that one wrong too. 21k visa signature card with 2 collections, and 3 judgements showing... haha

Re: PENFED PLOC - Pre-Approved !!

baller4life — Thu, 09 Jun 2016 19:55:55 GMT

@Anonymous wrote:
Oh..yeah I defintely proved that one wrong too. 21k visa signature card with 2 collections, and 3 judgements showing... haha

It's not about being approved for their products when apping. The myth is about the quarterly preapprovals. Supposedly you won't receive them if you joined with any baddies. Joey and many others have proved that to no longer be the case.

Re: PENFED PLOC - Pre-Approved !!

Anonymous — Thu, 09 Jun 2016 22:37:13 GMT

*** UPDATE ***

So Im unsure why this got moved to the FICO Scoring forum ?? But regardless...

I ended up taking this as a Personal LOAN instead of PLOC for $10,000. Why you may ask? Frankly, I have more than enough revolving lines, and I'm not keen on my score going down because I use let's say $7-8k of my $10k line... I really honestly hate the way FICO scores based on util -- you're given a credit line then penalized for using more than 30% of it. Kind of ridiculous if you ask me. SOOOO I added an installment loan. Payments are super low, 48 mo term, interest is AMAZING and again PenFed makes me SING!!!!! I honestly do not want another revolving account, and now I can utilize this loan for my new condo renovations / decor / etc etc. Plus, my UTIL right now is hovering at 15% overall and I'd like to keep it there.

I did confirm it was a SP Wooooooooooo !! When this loan is halfway paid off, and I get my UTIL under 7-10% overall maybe then I'll open the PLOC.

HAPPY DANCE

Re: PENFED PLOC - Pre-Approved !!

baller4life — Thu, 09 Jun 2016 22:39:53 GMT

Mod moved it because it's not a credit card approval. They always move ploc and personal loan threads that are posted in Credit Card Approvals.

Re: PENFED PLOC - Pre-Approved !!

Loquat — Fri, 10 Jun 2016 01:02:00 GMT

Congrats Joey! You have and continue to do well. Keep the momentum going!