PenFed PLOC approved

Nayola · ‎11-13-2018

I've been a member of PenFed for two months now. Yesterday I applied and today I was approved for their personal line of credit in the amount of $15,000 (what I asked for).

My credit reports are frozen, so they must have used my original Equifax report (765) information that they had on file from when I joined two months ago. I am thrilled that I was approved! When it was not an instant approval, I got a little nervous.

seattlecredit08 · ‎11-13-2018

Congrats!!

Question-- Did they ask for Proof of Income (POI)?

Thanks!!

Nayola · ‎11-13-2018

No, they did not ask for proof of income.

19eighty5 · ‎11-14-2018

Congratulations!

FICO 8 (Feb 2018):EX- 519, TU- 530, EQ- 545
FICO 8 (Sept 2022):EX- 706, TU- 685, EQ- 684
What's in my wallet:

AMEX Delta SkyMiles Reserve | $2,800 | February 2019

AMEX Marriott Bonvoy Brilliant | $3,100 | August 2019

BOA BankAmericard AU | $4,500 | May 2004

Citi CostCo Anywhere Visa | $4,780 | March 2020

Citi Macy's Star Rewards | $11,100 | September 2021

Comenity Overstock | $7,100 | August 2018

Goldman Sachs Apple Card | $6,000 | March 2020

Synchrony CareCredit | $12,000 | October 2018

Synchrony Lowe's Advantage | $5,000 | March 2020

Audi e-tron - Audi Financial | $85K/72mo/3.24% | March 2022

Noneed2nv · ‎11-14-2018

NICE! I plan to apply first of the year.

Loquat · ‎11-14-2018

Very nice OP! Congrats on the approval. PenFed is second only to Bank of America for me. I've got several auto loans through them, a $40k+ Platinum Rewards Visa, and a PLOC. They've been really good to me...and all of this is while my BK13 is still alive an well on my EQ.

RonM21 · ‎11-15-2018

@Loquat wrote:
Very nice OP! Congrats on the approval. PenFed is second only to Bank of America for me. I've got several auto loans through them, a $40k+ Platinum Rewards Visa, and a PLOC. They've been really good to me...and all of this is while my BK13 is still alive an well on my EQ.

Congrats on the approval OP!

@Loquat I wish I could say the same for myself with Penfed like you can. Glad you have done well with them! For whatever reason since I joined them in May of '06 and got the rewards card there hasn't been any growth. No soft pulls or offers. Of the cards I have they are the only one outside of Citi where I have this issue.

Total CL: $321.7k

UTL: 2%

AAoA: 7.0yrs

Baddies: 0

Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

Anonymous · ‎11-20-2018

Congrats Op on a great SL

I thought, PENFED stopped isuing no more than 10,000 for new customers starting from 2018? Somebody Please put some light on this

FinStar · ‎11-20-2018

PLOCs are a separate credit product from CCs. Potentially, if someone has a strong profile then PenFed will likely approve a PLOC for whatever that individual may qualify.

As far as CCs, while that may be the current trend or "unofficial" UW policy, there are still outliers and some individuals may still get approved beyond $10K SL...YEMV.

Anonymous · ‎11-20-2018

Wow, that's awesome.

I thought they are not willing to give more than 10k to their new members. Thanks for the update Finstar!