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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?
Thanks,
Genius