PLOC App Spree

[Citylights18]

Decided to finally pull the trigger on a PLOC app spree and will be updating the results as they come in.

Wells Fargo PLOC- No (This product is no longer offered)

TD Bank PLOC- No (Product discontinued as of 8/13/20)

Unify Financial PLOC- No (Adverse Action notice said I had excessive credit pulls)

NASA FCU PLOC-No (Adverse Action notice said I had excessive credit lines)

PNC Bank- N/A (Decided to think twice about about their CC/PLOC).

DOC FCU-Yes (Closed online for 40k)

SECU (MD)-Yes (Closed in branch on 30k PLOC)

Signature FCU-Yes (Closed online for 10k PLOC. 50k HELOC notorized @Anonymous)

B&H (VA)-Yes (Upgraded 10k CLOC to 25k)

TU 793

EQ 776

EX 766

Current TCL $406.1k

Goal TCL $300k

[AllZero]

Good luck on your applications. May the odds be ever in your favor!

[dragontears]

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@Citylights18 wrote:

Decided to finally pull the trigger on a PLOC app spree and will be updating the results as they come in.

Wells Fargo PLOC- No (This product is no longer offered)

TD Bank PLOC- In Progress (Confirmed product with bank)

Unify Financial PLOC- In Progress (Talked to the bank, funding can be in place 1-2 weeks max)

NASA FCU PLOC-In Progress (Goal is to use the HP in this one for my mortgage pre-qual)

EX 775

EQ 757

TU 751

Current TCL $249.6k

Goal TCL $300k

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Am I reading this correctly, you went on a credit spree and are planning on applying for a mortgage in less then a month??? If so, you will have to do a lot of LOE....

[Citylights18]

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@dragontears wrote:

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@Citylights18 wrote:

Decided to finally pull the trigger on a PLOC app spree and will be updating the results as they come in.

Wells Fargo PLOC- No (This product is no longer offered)

TD Bank PLOC- In Progress (Confirmed product with bank)

Unify Financial PLOC- In Progress (Talked to the bank, funding can be in place 1-2 weeks max)

NASA FCU PLOC-In Progress (Goal is to use the HP in this one for my mortgage pre-qual)

EX 775

EQ 757

TU 751

Current TCL $249.6k

Goal TCL $300k

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Am I reading this correctly, you went on a credit spree and are planning on applying for a mortgage in less then a month??? If so, you will have to do a lot of LOE....

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Ideally I'd like to have more time in between the PLOCs and the prequalification letter but I'm on a tight timeframe by which to buy.

Now could this spree rock my credit? I asked my lender about that and the response was if I dropped from 760 to 720 it would cost me $400 more to close, which is a negative byproduct but it will give me the flexibiity of the PLOCs to use in the future while I still have the low DTI.

Once you increase your DTI good luck in a lot of cases trying to pick up some of these products.

[dragontears]

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@Citylights18 wrote:

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@dragontears wrote:

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@Citylights18 wrote:

Decided to finally pull the trigger on a PLOC app spree and will be updating the results as they come in.

Wells Fargo PLOC- No (This product is no longer offered)

TD Bank PLOC- In Progress (Confirmed product with bank)

Unify Financial PLOC- In Progress (Talked to the bank, funding can be in place 1-2 weeks max)

NASA FCU PLOC-In Progress (Goal is to use the HP in this one for my mortgage pre-qual)

EX 775

EQ 757

TU 751

Current TCL $249.6k

Goal TCL $300k

---

Am I reading this correctly, you went on a credit spree and are planning on applying for a mortgage in less then a month??? If so, you will have to do a lot of LOE....

---

Ideally I'd like to have more time in between the PLOCs and the prequalification letter but I'm on a tight timeframe by which to buy.

Now could this spree rock my credit? I asked my lender about that and the response was if I dropped from 760 to 720 it would cost me $400 more to close, which is a negative byproduct but it will give me the flexibiity of the PLOCs to use in the future while I still have the low DTI.

Once you increase your DTI good luck in a lot of cases trying to pick up some of these products.

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Well a $400 increase in closing costs is a miniscule change depending upon the purchase price; however, going from a 760 MMS to a 720 is 2 interest rate tiers which could cost you tens of thousands of dollars. It is too late to do anything about your spree so I hope that you are approved for enough to make the higher mortgage rate worth it 

[Citylights18]

Update 8/12:

-Haven't had the guts yet to actually pull the trigger on the applications. Considering restructuring a CLOC with a local bank to 100k line of credit if the banker will ever get back with me. Maybe consider it as a back up if I can't get what I want with the  PLOCs.

-Did pull the trigger on MyFico scores. Fico 8 average was a little higher than expected at 764. Middle mortgage score currenly stands at 756. Those look good but my Fico 9 sits right round 798 so that is the best.

-Since one of the PLOC's is the lender I'm prequalifying with I'm thinking that could help me reuse the hard pull.

[Anonymous]

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@Citylights18 wrote:

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@dragontears wrote:

---

@Citylights18 wrote:

Decided to finally pull the trigger on a PLOC app spree and will be updating the results as they come in.

Wells Fargo PLOC- No (This product is no longer offered)

TD Bank PLOC- In Progress (Confirmed product with bank)

Unify Financial PLOC- In Progress (Talked to the bank, funding can be in place 1-2 weeks max)

NASA FCU PLOC-In Progress (Goal is to use the HP in this one for my mortgage pre-qual)

EX 775

EQ 757

TU 751

Current TCL $249.6k

Goal TCL $300k

---

Am I reading this correctly, you went on a credit spree and are planning on applying for a mortgage in less then a month??? If so, you will have to do a lot of LOE....

---

Ideally I'd like to have more time in between the PLOCs and the prequalification letter but I'm on a tight timeframe by which to buy.

Now could this spree rock my credit? I asked my lender about that and the response was if I dropped from 760 to 720 it would cost me $400 more to close, which is a negative byproduct but it will give me the flexibiity of the PLOCs to use in the future while I still have the low DTI.

Once you increase your DTI good luck in a lot of cases trying to pick up some of these products.

---

As others have said, it's probably not a good idea to apply before getting the mortgage...

You could end up with a higher mortgage rate + LOEs; new credit affects mortgage scores for up to 2 years

I'm almost certain you can pick up some of the LOCs after your mortgage is done, but hasn't reported

You can also speak with CU lenders if your application for LOC is denied due to DTI or mortgage pulls, they can usually approve you for products within reason

Is there any need for LOCs prior to mortgage? Waiting til after would be ideal

[Citylights18]

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@Anonymous wrote:

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@Citylights18 wrote:

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@dragontears wrote:

---

@Citylights18 wrote:

Decided to finally pull the trigger on a PLOC app spree and will be updating the results as they come in.

Wells Fargo PLOC- No (This product is no longer offered)

TD Bank PLOC- In Progress (Confirmed product with bank)

Unify Financial PLOC- In Progress (Talked to the bank, funding can be in place 1-2 weeks max)

NASA FCU PLOC-In Progress (Goal is to use the HP in this one for my mortgage pre-qual)

EX 775

EQ 757

TU 751

Current TCL $249.6k

Goal TCL $300k

---

Am I reading this correctly, you went on a credit spree and are planning on applying for a mortgage in less then a month??? If so, you will have to do a lot of LOE....

---

Ideally I'd like to have more time in between the PLOCs and the prequalification letter but I'm on a tight timeframe by which to buy.

Now could this spree rock my credit? I asked my lender about that and the response was if I dropped from 760 to 720 it would cost me $400 more to close, which is a negative byproduct but it will give me the flexibiity of the PLOCs to use in the future while I still have the low DTI.

Once you increase your DTI good luck in a lot of cases trying to pick up some of these products.

---

As others have said, it's probably not a good idea to apply before getting the mortgage...

You could end up with a higher mortgage rate + LOEs; new credit affects mortgage scores for up to 2 years

I'm almost certain you can pick up some of the LOCs after your mortgage is done, but hasn't reported

You can also speak with CU lenders if your application for LOC is denied due to DTI or mortgage pulls, they can usually approve you for products within reason

Is there any need for LOCs prior to mortgage? Waiting til after would be ideal

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Getting the LOCs just in case I need bridge funding. I talked with my lender (actually lead underwriter). If I dropped from 756 to 720 he said all it would amount to is $400 higher in closing cost. Rate wouldn't be impacted. This isn't a low rate type lender but they are willing to allow higher DTI.

The PLOC strategy I admit is questionable but the rate impact does depend lender to lender. Third Federal is all the same at 680+. At 10% down and the APR for its 5/1 is 3.054%. Move to 20% down and it goes to 2.968%. 

[azpro]

👏 @Citylights18 I was looking for this info. I need to go on a spree for my spouse, whose credit is just 5 years new, after some issue in past delinquencies. Scores are now in 800s and highest CC line with 13K on Propel. Don't know what are the odds of PLOC approval during this time.

I have PLOC 50K with TD, 30K with WF, 25K with PNC all opened in late 2017. I want to open another one.

Good luck with your apps and keep us posted. Thank you 

[loyalsudz]

I was wondering if you just did not want to buy now because the rates are so low in general, if you shop around just a bit at a CU or smaller bank even.  Also, just a suggestion to get the HELOC at the payoff mark of 25%.  Check for the 80%/20% split and when the 20% is paid off or just before that do not refinance the 20% but pay it down to the 10% spot and then capture the other 15% into the HELOC which usually has great rates and you have just like that 20 years to pay of the HELOC but it keeps giving you residual funding or credit when you need it.  Another things is optional but say you get an affordable house that is just a gem, not sure of the budget that you are looking for but down south since everyone is heading that way or points to pay less but just a little safer than city or urban places of higher crime.  If you migrate into an area where the prices are 100K for something circa 1900s and fix that mansion up just a bit, that will allow you to even operate your own business in the area as the need in small towns and that like is to be able to do something, anything and enjoy the green spaces.  Anyway, off topic, my bad,  back to HELOCs. That is an amazing product that is life giving for the first 10 years of the loan for replenishment and the second 10 years is just pay down or redo and get another hence more home equity (at least that is the hope: lol).  It sounds like you could be mortgage free if you wanted to be in no time and the peace of mind that affords is priceless.  The PLOCs can turn into BLOCs and you can pretty much write your own ticket to live more, experience more regardless of the markets, interest rates or anything else that is going on in the world as we know it.  You got this!  Did I just sell myself something?