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Odds of Penfed PLOC approval?

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Frequent Contributor

Odds of Penfed PLOC approval?

I'm sitting good with cards, about 200K in total credit (only 135k reports on personal report) and the only thing I've wanted to add to the portfolio is a PLOC. My EQ9 is at 760, no inquires in the last 12 months and agg. utilization is very low. I've had their Plat Rewards Card for a couple years, an auto loan for about 19 months and I bit on the personal loan check they sent me a year ago to help a family member. Debt ratio won't be an issue and they have proof of income on file for me when I first applied for the card.   I wonder what my odds are for the PLOC?    

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7 REPLIES 7
Frequent Contributor

Re: Odds of Penfed PLOC approval?

Can anybody that has PLOC app experience chime in? :-)

Message 2 of 8
Moderator

Re: Odds of Penfed PLOC approval?

I'd say that the odds are very good for approval on that given the info you've provided.  Is there a particular reason you'd want a PLOC?  You already have loans reporting so you're getting the credit mix score points (unless it reports as revolving credit), and there are a number of credit cards that would always have convenience checks with significantly lower rates.


Message 3 of 8
Valued Member

Re: Odds of Penfed PLOC approval?

Had lower credit score than you when I applied and got approved for their 25k PLOC approx 8-10 months ago. Similar 130k-140k in available credit at the time. Did not and still don’t have any other credit products (CC or Auto) with them. Your odds are above average should your income and DTI support it.
Message 4 of 8
Community Leader
Super Contributor

Re: Odds of Penfed PLOC approval?

Good luck!


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover.. Fico 8: EX: 758; TU: 746; EQ: 762
Message 5 of 8
Frequent Contributor

Re: Odds of Penfed PLOC approval?

They just approved a 10K CLI on my Platinum Rewards Card. Not sure if I'll go for thr PLOC or not. One the fence..

Message 6 of 8
Moderator

Re: Odds of Penfed PLOC approval?

If you want it or can use it then go for it otherwise if you have cheaper money options than the 14.x apr they will give you i would opt. out and pass.  I have a NFCU CLOC and never have used it in what 3-4 years i have had it and use to have a penfed ploc and never used it and just decided to close it they allowed me to reallocate the cl

Chase | Citibank | Amex | BofA | PenFed | NFCU | Discover | 5/3rd | Synovus | Commerce | FNBO | Union Bank
Message 7 of 8
Valued Contributor

Re: Odds of Penfed PLOC approval?


@Scuderia wrote:

They just approved a 10K CLI on my Platinum Rewards Card. Not sure if I'll go for thr PLOC or not. One the fence..


The only thing you'll get on a fence is a splinter in the arse. 

FYI: burnt HPs taste like chicken.

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (6/24/2019): FICO 08 EXP: 726; TU: 744; EQ: 700
2019 Goal Score: 800 across the board


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Message 8 of 8