Considering a PLOC application.
I've been a PENFED member for over a year. Have a used auto loan that has never been late....more than 12 months old.....closer to 18 months. I have a $15k Pathfinder AMEX....zero balance. I had a $15k Used Travel Trailer Loan that was recently PIF.
I'd like the PLOC. Curious if the PLOC is something that could possibly be a quarterly preapproval? Has anyone seen this? Also, would be interested after getting PLOC approval, wonder if I could move $10k from the $15k Pathfinder and add it to the PLOC.
Scores across all bureaus is roughly 750. I have a discover card with a high balance. Utilization is about approximately 15% Will be 0% by end of October.
Thanks in advance!
I used to get the PLOC and personal loans in my quarterly pre-approvals; however, for the past two years now both have disappeared. I am now only pre-approved for the credit cards and vehicle loans.
PenFed's PLOC rate is 14.65% fixed which is on the high side. If you plan on using the PLOC as padding that is fine; however, if you really wish to use the PLOC, you may find that US Bank and even Wells Fargo have better rates. In fact, there are lots of CU's that have a better rate than that if you look. I would look for one that is 10% or lower if you actually plan on using it.
Thinking about using it for BRRRRR funds!!
Any idea when the new quarterly offers post? Is it normally on the 1st?