what is PLOC?

[Anonymous]

I always see people applying for these in addition to credit cards.. what are they and its purpose?

[coldnmn]

Personal line of credit

http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458

[Anonymous]

Its purpose?

[jamesdwi]

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@Anonymous wrote:

Its purpose?

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Its usually an unsecured line of credit that gives you flexibility to access the funds anyway you choose. Via a check written to the account, transfer to your Checking account or used as a Over-draft-protection. Its a very expensive credit usually 16% or higher, for people that even qualify for it, could expect to see APR on credit card accounts of 15% or less, and secured lines of credit would be under 5%,  It could report as an installment loan  depending on the lending source, so it may help your credit report by adding diversity and if you have cash flow issues it can be useful. 

[coldnmn]

A line of credit with your bank you can write checks against when credit is needed with possible lower APR than a credit card is an example.

[Anonymous]

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@jamesdwi wrote:

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@Anonymous wrote:

Its purpose?

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Its usually an unsecured line of credit that gives you flexibility to access the funds anyway you choose. Via a check written to the account, transfer to your Checking account or used as a Over-draft-protection. Its a very expensive credit usually 16% or higher, for people that even qualify for it, could expect to see APR on credit card accounts of 15% or less, and secured lines of credit would be under 5%,  It could report as an installment loan  depending on the lending source, so it may help your credit report by adding diversity and if you have cash flow issues it can be useful. 

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Is it the same concept of credit cards where you keep a balance, PIF, etc?

[Anonymous]

There is a US Bank Premier Plus Line of Credit that starts at $5,000 and runs to $15,000 9,25% apr ($0 to $5,000 Credit Reserve 21.9% apr and $15,000+ Home Equity Line of Credit at US Bank 3.99%+). Note to quote another poster jamesdwl: "Its usually an unsecured line of credit that gives you flexibility to access the funds anyway you choose. Via a check written to the account, transfer to your Checking account or used as a Over-draft-protection and US Bank ties a US Bank Platinum Visa Credit Card with the PLOC. Its a very expensive credit usually 16% or higher, for people that even qualify for it, could expect to see APR on credit card accounts of 15% or less, and secured lines of credit would be under 5%, Its an installment loan so can help your credit report by adding diversity and if you have cash flow issues it can be useful." US Bank designates their PLOC for existing customers and does give them a good apr. My experience includes two kinds of LOC's and the regular checking OD is expensive.

[TrueGeminiNC]

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@Anonymous wrote:

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@jamesdwi wrote:

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@Anonymous wrote:

Its purpose?

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Its usually an unsecured line of credit that gives you flexibility to access the funds anyway you choose. Via a check written to the account, transfer to your Checking account or used as a Over-draft-protection. Its a very expensive credit usually 16% or higher, for people that even qualify for it, could expect to see APR on credit card accounts of 15% or less, and secured lines of credit would be under 5%,  It could report as an installment loan  depending on the lending source, so it may help your credit report by adding diversity and if you have cash flow issues it can be useful. 

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Is it the same concept of credit cards where you keep a balance, PIF, etc?

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Yes

I have a Custom Credit Line with Citibank.  As others have pointed out, it is an unsecured line of credit.  I can easily access the line of credit by writting a check to either myself or to a merchant who accepts checks or simply by logging onto citibank.com and transfering cash from my line of credit to my checking account.  

Unlike a credit card, you don't have to pay an absorbant interest rate similar to if you were to take a cash advance on a credit card.  Notably, my interest rate on my line of is very competitive.  

But, again - once you draw against the line of credit all other aspects are the same in regards to your ability to PIF each month or pay the minimum monthly payment.

[jamesdwi]

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@Anonymous wrote:

There is a US Bank Premier Plus Line of Credit that starts at $5,000 and runs to $15,000 9,25% apr ($0 to $5,000 Credit Reserve 21.9% apr and $15,000+ Home Equity Line of Credit at US Bank 3.99%+). Note to quote another poster jamesdwl: "Its usually an unsecured line of credit that gives you flexibility to access the funds anyway you choose. Via a check written to the account, transfer to your Checking account or used as a Over-draft-protection and US Bank ties a US Bank Platinum Visa Credit Card with the PLOC. Its a very expensive credit usually 16% or higher, for people that even qualify for it, could expect to see APR on credit card accounts of 15% or less, and secured lines of credit would be under 5%, Its an installment loan so can help your credit report by adding diversity and if you have cash flow issues it can be useful." US Bank designates their PLOC for existing customers and does give them a good apr. My experience includes two kinds of LOC's and the regular checking OD is expensive.

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from US Bank website  "9.25% - 13.25% (based on your creditworthiness)" I would expect to get a 9.25% you would need a 760 score plus and an AAoA of 3+ years and a UTL of less than 5%... US Bank has some awesome credit products, they just aren't easy to get. 

[TrueGeminiNC]

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@jamesdwi wrote:

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@Anonymous wrote:

There is a US Bank Premier Plus Line of Credit that starts at $5,000 and runs to $15,000 9,25% apr ($0 to $5,000 Credit Reserve 21.9% apr and $15,000+ Home Equity Line of Credit at US Bank 3.99%+). Note to quote another poster jamesdwl: "Its usually an unsecured line of credit that gives you flexibility to access the funds anyway you choose. Via a check written to the account, transfer to your Checking account or used as a Over-draft-protection and US Bank ties a US Bank Platinum Visa Credit Card with the PLOC. Its a very expensive credit usually 16% or higher, for people that even qualify for it, could expect to see APR on credit card accounts of 15% or less, and secured lines of credit would be under 5%, Its an installment loan so can help your credit report by adding diversity and if you have cash flow issues it can be useful." US Bank designates their PLOC for existing customers and does give them a good apr. My experience includes two kinds of LOC's and the regular checking OD is expensive.

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from US Bank website  "9.25% - 13.25% (based on your creditworthiness)" I would expect to get a 9.25% you would need a 760 score plus and an AAoA of 3+ years and a UTL of less than 5%... US Bank has some awesome credit products, they just aren't easy to get. 

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Citibank use to offer upto 50K unsecured.  They have reduced the max amount to 25K.  

Get a rate ranging from 7.74% variable APR to 21.99% APR (may vary by state).

Take advantage of these rate discounts:

• 2.5% for Auto Direct (available only at application)
• 0.25% for Citigold and Citi at Work
• 1.50% - 2.00% for Deposit Relationship Balance Over $50,000