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PENFED PLOC Questions

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PENFED PLOC Questions

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!

~~~Rebuilding Score History~~~
Starting Ficos: EX 541, EQ 493, TU 523 (07/02/2016)
Latest Ficos: EX 659, EQ 696, TU 739 (02/24/2018)
1st Goal Ficos: EX 700, EQ 700, TU 750 (12/31/2018)
~~~Credit lines~~~~
BofA Platinum Plus: $2000
Capital One Platinum: $500
Discover It: $10,500
Chase Freedom Unlimited: $6400
Home Depot: $500
BofA Cash Rewards: $1500
Lowe's: $1000

My Credit Rebuild


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Message 1 of 5
4 REPLIES 4
Community Leader
Super Contributor

Re: PENFED PLOC Questions

I currently have the PLOC, (not to be confused with the CLOC), for $5K. Ive not seen this in quarterly pre-approvals, and you can't move limits at all between a PLOC and a CC.

The PLOC and CC's are treated completely different, and you would have to call in for a CLI on the PLOC.

My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 2 of 5
Established Member

Re: PENFED PLOC Questions

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. 

Message 3 of 5
Established Contributor

Re: PENFED PLOC Questions

Thinking about using it for BRRRRR funds!!

~~~Rebuilding Score History~~~
Starting Ficos: EX 541, EQ 493, TU 523 (07/02/2016)
Latest Ficos: EX 659, EQ 696, TU 739 (02/24/2018)
1st Goal Ficos: EX 700, EQ 700, TU 750 (12/31/2018)
~~~Credit lines~~~~
BofA Platinum Plus: $2000
Capital One Platinum: $500
Discover It: $10,500
Chase Freedom Unlimited: $6400
Home Depot: $500
BofA Cash Rewards: $1500
Lowe's: $1000

My Credit Rebuild


Take the myFICO Fitness Challenge
Message 4 of 5
Established Contributor

Re: PENFED PLOC Questions

Any idea when the new quarterly offers post?  Is it normally on the 1st?

 

Thanks,

Genius

~~~Rebuilding Score History~~~
Starting Ficos: EX 541, EQ 493, TU 523 (07/02/2016)
Latest Ficos: EX 659, EQ 696, TU 739 (02/24/2018)
1st Goal Ficos: EX 700, EQ 700, TU 750 (12/31/2018)
~~~Credit lines~~~~
BofA Platinum Plus: $2000
Capital One Platinum: $500
Discover It: $10,500
Chase Freedom Unlimited: $6400
Home Depot: $500
BofA Cash Rewards: $1500
Lowe's: $1000

My Credit Rebuild


Take the myFICO Fitness Challenge
Message 5 of 5
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