PENFED PLOC - Pre-Approved !!

[CreditCuriosity]

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

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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

[Gmood1]

Congrats Joey!!

[Anonymous]

Baller, what do you mean by joining them dirty?

[baller4life]

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@Anonymous wrote:

Baller, what do you mean by joining them dirty?

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With any derogs or baddies on EQ. 

[Anonymous]

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

[baller4life]

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@Anonymous wrote:

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

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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.

[Anonymous]

*** 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

[baller4life]

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.

[Loquat]

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