Joined PenFed - Power Cash Approval! PLOC Pending?

[Anonymous]

Just joined today online and applied right away for the Power Cash credit card.  Went straight to "sent to loan officer."  Called in after about 1.5 hours and was approved for 6500.  Asked if I applied for a PLOC would it be the same HP and the woman said yes. I just applied and got the "pending 4/15/17" message, so not really sure what that means?

Pretty happy about this.  If anyone has information about the PLOC status, that would be great!

[CreditCuriosity]

Congrats on the CC approval...

Regarding the pending it means it is under manual UW/Analyst review.  The outcome of it is anyones guess as I don't know your score or credit history...  PLOC's are certainly more hard to obtain than CC with most lenders.  Best of luck you should see a status update in a day or two or might of already happened.. I have a 30k cc with penfed but recently was auto declined for their PLOC, had to call in and lean on the UW to get have a second look at it which yielded an approval..  They are my primary bank so not sure if that had anything to do with it and i have a thick profile although some very old baddies on it being lates and very old paid charge offs . edit also have a 66k auto loan with them at their best rate of 2.49 as well.. PLOC's are a different animal with them

Once you have some history with them they open their pockets big time and offer very competive rates on CC and Auto loans among other products.

[Anonymous]

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@Anonymous wrote:

Just joined today online and applied right away for the Power Cash credit card.  Went straight to "sent to loan officer."  Called in after about 1.5 hours and was approved for 6500.  Asked if I applied for a PLOC would it be the same HP and the woman said yes. I just applied and got the "pending 4/15/17" message, so not really sure what that means?

Pretty happy about this.  If anyone has information about the PLOC status, that would be great!

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Grats on the approval!

So it doesn't cause problems for you like it did me, let me share with you the PenFed newbie chokehold new member restrictions you will need to work around have to look forward to for the first few months of your probation membership:

For 6 months:  ACH Transactions initiated on the PenFed side are limited to $50.00 per rolling 3-day period.

For 6 months: Credit card payments post when received, but do not release available credit for 10 calendar days.

For 3 months: Mobile deposit is disabled.

Have fun!

[Anonymous]

I'm loving PenFed. Approved for both the PenFed promise ($1k) and the PenFed gold ($1.5k)! I tried the ploc for $1k but was denied due to them not allowing them spouses income to count.

[Anonymous]

Congratulations on your new credit. Yes, the PLOC is hard to get, at least it was for me. I was with them for a year before it was approved. The important thing is that you are in with PenFed. Great credit union! 

[Anonymous]

Congratulations jtb2016 on your becoming a PenFed member & your cc approval awesome job! 🙂

[Anonymous]

Looks like the PLOC was turned down for two reasons.

1. Collection account(s)

2. Proportion of balances to high relative to limit

I find both somewhat strange considering my util is under 20% and the collection accounts have all been paid and are more than five years old. I think right now it is has been 55 months since a late payment.  In any event, any advice on the best way to recon this?

[CreditCuriosity]

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@Anonymous wrote:

Looks like the PLOC was turned down for two reasons.

1. Collection account(s)

2. Proportion of balances to high relative to limit

I find both somewhat strange considering my util is under 20% and the collection accounts have all been paid and are more than five years old. I think right now it is has been 55 months since a late payment.  In any event, any advice on the best way to recon this?

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Mine are slightly older being #1, but i owed like only 800$,  but pretty similiar scenario as you other than I bank with them as well and keep a good cunk of money with them at all times.  I would simply just call and speak with a CSR and ask for ask for her/him to speak to and UW to see if they can give it a second look and reconsider it.  That is what I did and it was over turned, the difference is mine was an auto-denial meaning the computer made the initial decision, not the human being and the human being probably took my hsitory into consideration with them etc...  Others might have better suggestions, but that is how i got my denail overturned..  What is your EQ score that they provided to you in their messaging center?

[Anonymous]

It listed in as 659 from a scale of 150-950 on Equifax, assume this is in the Nextgen score. Assuming it is, I definitely got screwed by the scoring system.

[CreditCuriosity]

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@Anonymous wrote:

It listed in as 659 from a scale of 150-950 on Equifax, assume this is in the Nextgen score. Assuming it is, I definitely got screwed by the scoring system.

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Going to be a touch recon with the EQ model they are using, but worth a recon attempt...  I was 706 on their EQ nextgen and auto declined then explained mine away.. Weird yours went into review vs. auto denial.. Anyways best of luck on the recon,.