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PENFED CLOC (Personal Line Of Credit)

rchvmz
Regular Contributor

PENFED CLOC (Personal Line Of Credit)

I've had a Share loan with PenFed for 7 months--no issues, and recently opened a Access Ameriac Checking account, funded with $2500.00. 

I am considering a CLOC with them, they call it a Personal Line Of Credit. My EQ score through their Fico 9 is 733, on their website. I had a chapter 13 DC on 12/14/21. Penfed was NOT involved. My Income is healthy at 85k and I reestablished my credit with 7 CC during the last year of the BK-----all cards are on time payments---MY Utilization is 2%....I keep a small bal on 1 card. 

 

My question for the credit gurus here is this---will the dollars in my Checking account have ANY bearing on approving my application for the CLOC?...if that seems to be part of the process, I can deposit another $1000 or so if it would help. Would really like to get something started with these guys credit wise. My largest CC line of credit is with Cap 1 at 4k, and the only store card, Overstock is at 5k. I did apply for the Penfed Power cash CC Jan 10 2022----declined. I assume the BK dc was too early. Any help here would be greatly appreciated

Message 1 of 11
10 REPLIES 10
SouthJamaica
Mega Contributor

Re: PENFED CLOC (Personal Line Of Credit)


@rchvmz wrote:

I've had a Share loan with PenFed for 7 months--no issues, and recently opened a Access Ameriac Checking account, funded with $2500.00. 

I am considering a CLOC with them, they call it a Personal Line Of Credit. My EQ score through their Fico 9 is 733, on their website. I had a chapter 13 DC on 12/14/21. Penfed was NOT involved. My Income is healthy at 85k and I reestablished my credit with 7 CC during the last year of the BK-----all cards are on time payments---MY Utilization is 2%....I keep a small bal on 1 card. 

 

My question for the credit gurus here is this---will the dollars in my Checking account have ANY bearing on approving my application for the CLOC?...if that seems to be part of the process, I can deposit another $1000 or so if it would help. Would really like to get something started with these guys credit wise. My largest CC line of credit is with Cap 1 at 4k, and the only store card, Overstock is at 5k. I did apply for the Penfed Power cash CC Jan 10 2022----declined. I assume the BK dc was too early. Any help here would be greatly appreciated


No I don't think it would be a factor.


Total revolving limits 699000 (597000 reporting) FICO 8: EQ 732 TU 721 EX 698

Message 2 of 11
FinStar
Moderator

Re: PENFED LOC (Personal Line Of Credit)


@rchvmz wrote:

I've had a Share loan with PenFed for 7 months--no issues, and recently opened a Access Ameriac Checking account, funded with $2500.00. 

I am considering a CLOC with them, they call it a Personal Line Of Credit. My EQ score through their Fico 9 is 733, on their website. I had a chapter 13 DC on 12/14/21. Penfed was NOT involved. My Income is healthy at 85k and I reestablished my credit with 7 CC during the last year of the BK-----all cards are on time payments---MY Utilization is 2%....I keep a small bal on 1 card. 

 

My question for the credit gurus here is this---will the dollars in my Checking account have ANY bearing on approving my application for the CLOC?...if that seems to be part of the process, I can deposit another $1000 or so if it would help. Would really like to get something started with these guys credit wise. My largest CC line of credit is with Cap 1 at 4k, and the only store card, Overstock is at 5k. I did apply for the Penfed Power cash CC Jan 10 2022----declined. I assume the BK dc was too early. Any help here would be greatly appreciated


No.

An item to keep in mind, it is a lot harder to qualify for their PLOC than it is for any of their CCs, especially if your BK DC is fairly recent. I would say time is your best friend and give it about another 6-9 months (the longer, the better) and you can try again for their CC. They will pull EX for the PLOC and may also SP EQ.

Message 3 of 11
rchvmz
Regular Contributor

Re: PENFED LOC (Personal Line Of Credit)


@FinStar wrote:

@rchvmz wrote:

I've had a Share loan with PenFed for 7 months--no issues, and recently opened a Access Ameriac Checking account, funded with $2500.00. 

I am considering a CLOC with them, they call it a Personal Line Of Credit. My EQ score through their Fico 9 is 733, on their website. I had a chapter 13 DC on 12/14/21. Penfed was NOT involved. My Income is healthy at 85k and I reestablished my credit with 7 CC during the last year of the BK-----all cards are on time payments---MY Utilization is 2%....I keep a small bal on 1 card. 

 

My question for the credit gurus here is this---will the dollars in my Checking account have ANY bearing on approving my application for the CLOC?...if that seems to be part of the process, I can deposit another $1000 or so if it would help. Would really like to get something started with these guys credit wise. My largest CC line of credit is with Cap 1 at 4k, and the only store card, Overstock is at 5k. I did apply for the Penfed Power cash CC Jan 10 2022----declined. I assume the BK dc was too early. Any help here would be greatly appreciated


No.

An item to keep in mind, it is a lot harder to qualify for their PLOC than it is for any of their CCs, especially if your BK DC is fairly recent. I would say time is your best friend and give it about another 6-9 months (the longer, the better) and you can try again for their CC. They will pull EX for the PLOC and may also SP EQ.


Thanks.... that's great information I can hang my hat on. I'm guessing, after 6 months or so, I can re apply for the CC... getting in that way, then after some time on that card, apply for the PLOC...

Message 4 of 11
thewally
New Contributor

Re: PENFED LOC (Personal Line Of Credit)

I'm not sure they are currently offering the CLOC product.  While it's on their website there is no apply link at the moment.

Message 5 of 11
FinStar
Moderator

Re: PENFED LOC (Personal Line Of Credit)


@thewally wrote:

I'm not sure they are currently offering the CLOC product.  While it's on their website there is no apply link at the moment.


I think the OP mixed up the two. It's unclear if they're still offering their Overdraft Line of Credit (Thrifty LOC), but the Fixed PLOC is still available. 

I assume @rchvmz was referring to the PLOC vs the Overdraft one, but perhaps they can clarify what they meant by "CLOC"

Message 6 of 11
rchvmz
Regular Contributor

Re: PENFED LOC (Personal Line Of Credit)


@FinStar wrote:

@thewally wrote:

I'm not sure they are currently offering the CLOC product.  While it's on their website there is no apply link at the moment.


I think the OP mixed up the two. It's unclear if they're still offering their Overdraft Line of Credit (Thrifty LOC), but the Fixed PLOC is still available. 

I assume @rchvmz was referring to the PLOC vs the Overdraft one, but perhaps they can clarify what they meant by "CLOC"


Yes, I was referring to the PLOC.... I texted CLOC, but PenFed calls it's a Personal line of credit...they have the Overdraft and another Personal loan as well

Message 7 of 11
rchvmz
Regular Contributor

Re: PENFED LOC (Personal Line Of Credit)

Correction...A "Fixed Rate"  Personal line of credit....

Message 8 of 11
rchvmz
Regular Contributor

Re: PENFED LOC (Personal Line Of Credit)


@FinStar wrote:

@thewally wrote:

I'm not sure they are currently offering the CLOC product.  While it's on their website there is no apply link at the moment.


I think the OP mixed up the two. It's unclear if they're still offering their Overdraft Line of Credit (Thrifty LOC), but the Fixed PLOC is still available. 

I assume @rchvmz was referring to the PLOC vs the Overdraft one, but perhaps they can clarify what they meant by "CLOC"


I called PenFed---The fixed rate LOC is available, the application is not popping up online for some reason, so ya have to call in the application, but its still there, along with the Overdraft LOC---that is popping up on line

Message 9 of 11
SouthJamaica
Mega Contributor

Re: PENFED CLOC (Personal Line Of Credit)


@rchvmz wrote:

I've had a Share loan with PenFed for 7 months--no issues, and recently opened a Access Ameriac Checking account, funded with $2500.00. 

I am considering a CLOC with them, they call it a Personal Line Of Credit. My EQ score through their Fico 9 is 733, on their website. I had a chapter 13 DC on 12/14/21. Penfed was NOT involved. My Income is healthy at 85k and I reestablished my credit with 7 CC during the last year of the BK-----all cards are on time payments---MY Utilization is 2%....I keep a small bal on 1 card. 

 

My question for the credit gurus here is this---will the dollars in my Checking account have ANY bearing on approving my application for the CLOC?...if that seems to be part of the process, I can deposit another $1000 or so if it would help. Would really like to get something started with these guys credit wise. My largest CC line of credit is with Cap 1 at 4k, and the only store card, Overstock is at 5k. I did apply for the Penfed Power cash CC Jan 10 2022----declined. I assume the BK dc was too early. Any help here would be greatly appreciated


1.  Everyone in the world except NFCU calls it a PLOC. Only NFCU calls it a  CLOC.

2. No I don't think the amount of money in your checking account will have any bearing on approval.


Total revolving limits 699000 (597000 reporting) FICO 8: EQ 732 TU 721 EX 698

Message 10 of 11
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