cancel
Showing results for 
Search instead for 
Did you mean: 

PLOC

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Established Contributor

PLOC

Do i must have a checking account to get a PLOC ?
Amex ED (2000) Amex BCE (2000) Amex macys (5000) Amex Gold , VENTURE (5000) MC PLATINUM (600) CAP QUICKSILVERONE (1250) CAP QUICKSILVER (4500) CAP QUICKSILVER (3500) PENFED AMEX (5000) PENFED CASH REWARDS (25,000) PENDFED REWARDS VISA SIGNATURE (20,000) UPROMISE (1000) NFL (4000) OVERSTOCK (2800) HSN (3200) DISCOVER IT(8500) AMAZON PRIME (10000) MARVEL(7000) BOF VISA(2000) BEST BUY VISA CITI (9000) BLISPAY (9000)Amex Magnet (10,000) Uber (3100)

WELCOME TO 100K CLUB . LAST APP 08/29/18 Credit Score 8 TU 720 EQ 705 EX 724

Starting Score: 640
Current Score: 720
Goal Score: 850


Take the myFICO Fitness Challenge

CARD I want .
Chase Freedom and US cash +

Now back to the garden until 2020
13 REPLIES 13
Valued Contributor

Re: PLOC

In my experience most banks are relationship based when it comes to this product. I would ask your current financial institutions first. Is there anything in particular you are looking for as far as amount or rates?

| TU 720
| NFCU Auto Loan | LendingPoint Loan |
| NFCU Go Rewards VS | Nordstrom Visa | SavorOne MC | Macy*s | JC Penney | Ultamate | CareCredit |
Message 2 of 14
Super Contributor

Re: PLOC


@juniornj23 wrote:
Do i must have a checking account to get a PLOC ?

Yes, you do.

Message 3 of 14
Moderator Emeritus

Re: PLOC


@Yes-Its-Me wrote:

@juniornj23 wrote:
Do i must have a checking account to get a PLOC ?

Yes, you do.


If you mean checking or savings, yeah maybe.  I'm not certain that applies to all lenders though?

 




        
Message 4 of 14
Established Contributor

Re: PLOC

You do need one at almost every bank but there's no rule. I have a LOC at RBC Bank Georgia, but no checking account there. I used to have a checking account but I closed it because it had a monthly fee and I wasn't using it.

In Canada I have a secured line of credit (HELOC) that I use as a checking account. That bank has no problem if the HELOC has a credit balance (though it gets no interest) .

I used to have my salary direct deposit into the LOC and then auto transfer from there. It guaranteed no bill ever bounced and if I overspent my credit card would pay in full and then I would run a balance on the LOC at a very low interest rate. My salary direct deposit would effectively pay off that LOC every month as well. Guaranteed to never miss a payment.

I have been searching for something like that in the US and that RBC account is close. But most US institutions consider a LOC to be a form of overdraft from a regular checking account.

I do that now with BECU: checking account backstopped by a LOC. That way is I screw up balancing my account nothing bounces. It just borrows from the LOC and I pay a little interest.

But with the US system I have to manually pay the LOC if I use it. Which is no big deal but it was nice to have that automated.

Amex BCE $40k || BoA Travel $5k || FirstTech MC $5k || BECU PLoC $10k || Discover Miles $27.7k || CITI DC $27.5k || CHASE Amazon $12.5k || BoA Premium Rewards $31k || BoA Cash Rewards 26k // AU on DW's Costco Visa $12k FICO8 774
Last Inq 04/2018
Message 5 of 14
Frequent Contributor

Re: PLOC

One of my CU's doens't require a checking to get a line of credit.  You do need a savings account, as that is required to be member.  (This bank requires $30 at all times in the member savings account).  Hawaii Federal Credit Union.  

EQ Fico 8 - 807
TU Fico 8 - 804
EX Fico 8 - 781
As of 09/03/17
Message 6 of 14
Valued Contributor

Re: PLOC

I'd say that most do require it or something similar, but there are probably some out there that do not. The ones I know of do require it. But I'm only talking about several, so that doesn't mean much.
                               

Total Credit: $240,100Credit Utilization: 1%AAoA: 5 years, 7 monthsInstallments: Car Lease, Marcus LoanNegatives: 0

LOWES-35k | BOA-32.5k | AMEX-30k | DISC-27.1k | ALLIANT-25k | NFCU-25k | BARC-15k | BBUY-12k | CHASE-10k | WAL-10k | CITI-9.7k | PENFED-9.7k


Message 7 of 14
Super Contributor

Re: PLOC


@Revelate wrote:

@Yes-Its-Me wrote:

@juniornj23 wrote:
Do i must have a checking account to get a PLOC ?

Yes, you do.


If you mean checking or savings, yeah maybe.  I'm not certain that applies to all lenders though?

 


Yes, will all lenders.  You can't link a PLOC to a savings account. PLOC is considered /known as "Overdraft Protection" with some lenders.

Message 8 of 14
Valued Contributor

Re: PLOC


@Yes-Its-Me wrote:

@Revelate wrote:

@Yes-Its-Me wrote:

@juniornj23 wrote:
Do i must have a checking account to get a PLOC ?

Yes, you do.


If you mean checking or savings, yeah maybe.  I'm not certain that applies to all lenders though?

 


Yes, will all lenders.  You can't link a PLOC to a savings account. PLOC is considered /known as "Overdraft Protection" with some lenders.


My LOC at NASA is tied to a savings account. 

FICO 08-EX: 746 TU: 752 EQ: 750 AAoA: 5yrs TLs: 42 Neg: 0

Credit Limits: $300,000+
Miles: 400,000+
MRPs: 200,000+
Cash Back: $2,000+
Message 9 of 14
Super Contributor

Re: PLOC


@lhcole77 wrote:

@Yes-Its-Me wrote:

@Revelate wrote:

@Yes-Its-Me wrote:

@juniornj23 wrote:
Do i must have a checking account to get a PLOC ?

Yes, you do.


If you mean checking or savings, yeah maybe.  I'm not certain that applies to all lenders though?

 


Yes, will all lenders.  You can't link a PLOC to a savings account. PLOC is considered /known as "Overdraft Protection" with some lenders.


My LOC at NASA is tied to a savings account. 


Thats interesting.  Because NASA said my PLOC cannot be linked to a savings account and I havent been able to link it.  Just to a checking a account.

Message 10 of 14
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.