PenFed Overdraft Line of Credit

[Anonymous]

Just decided to open the Access America checking account there with PenFed and going to use them and NFCU as my main financial institutions and when I opened it, it said it was opening the Overdraft Line of Credit at a $500 limit with 17.99% APR.  Does anyone know if this is standard or already pre-approved when you open the Share account, and does this LOC report too?

Appreciate any information.  

[SouthJamaica]

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@Anonymous wrote:

Just decided to open the Access America checking account there with PenFed and going to use them and NFCU as my main financial institutions and when I opened it, it said it was opening the Overdraft Line of Credit at a $500 limit with 17.99% APR.  Does anyone know if this is standard or already pre-approved when you open the Share account, and does this LOC report too?

Appreciate any information.  

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No it's not standard, it's something you apply for.

Yes it reports as a new revolving account. If you don't want a new account, or don't want an account with a $500 limit, don't get it.

[CreditCuriosity]

The limit can go up to 25k i believe have seen some big Thrifty LOC's although kinda pointless.. Mine is at 1k just incase although usually have a decent size buffer on my checking account their as my primary CU.  I see no more need than 1k on it, now a PLOC is a different story if you have a need for one of those, but in my opinion serve two seperate purposes

[Anonymous]

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@CreditCuriosity wrote:

The limit can go up to 25k i believe have seen some big Thrifty LOC's although kinda pointless.. Mine is at 1k just incase although usually have a decent size buffer on my checking account their as my primary CU.  I see no more need than 1k on it, now a PLOC is a different story if you have a need for one of those, but in my opinion serve two seperate purposes

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Nah I think I am okay on the PLOC, I will just keep that CLOC and probably see if I can get it to 1K or so myself as well.  I was just slightly confused b/c I am assuming they used a previous hit b/c I didn't get any notification of a hard pull and yet the account shows opened already with an account number.  

EDIT: Correction, checked myFICO, I see it hit me with Equifax lol