Credit Union PLOC draw period?

[IaBoy62]

I have:

PenFed CLOC

PenFed PLOC

Wings CU PLOC

Jovia CU PLOC

BECU PLOC

BCU PLOC

Anyone know if these have a "draw period" and then close?
I guess I need to call and ask, but I never considered that they may be for a predetermined time.

Experiences anyone?

[northway]

Not that I'm aware of. Most PLOC are a "no set date" line like a credit card. If it was a set draw period, you would have been notified at the time of application.

[CreditCuriosity]

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@northway wrote:

Not that I'm aware of. Most PLOC are a "no set date" line like a credit card. If it was a set draw period, you would have been notified at the time of application.

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Correct.

[SouthJamaica]

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@IaBoy62 wrote:

I have:

PenFed CLOC

PenFed PLOC

Wings CU PLOC

Jovia CU PLOC

BECU PLOC

BCU PLOC

Anyone know if these have a "draw period" and then close?
I guess I need to call and ask, but I never considered that they may be for a predetermined time.

Experiences anyone?

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I do have some PLOC's, one with PenFed, but I have never asked about a draw period. The account is 7 1/2 years old.

I did once have 2 PLOC's with Santander Bank. Unbeknownst to me, they had a 5 year draw period, and then a 5 year repayment period. It turned out to be disastrous for me because once the draw period ended, Santander was reporting it as a closed account, and was reporting the balance as the limit... i.e., reporting it as a 100% maxed out account. So I had to pay them off immediately.

[IaBoy62]

@SouthJamaica @CreditCuriosity @northway 

Thanks for the input....you have put my mind at ease!!!

[TrapLine]

Interesting question. Do know that HELOC's have draw periods/repayment periods and now I know that PLOCs can too.

Do have some PLOCs and Reserve Lines and all do not have an end date. According to what I read in this thread some do.

Always something to learn on the MF!

[URHomeInvestments]

You have that many PLOCs open at one time?