Penfed PLOC approved!

[Anonymous]

I applied Penfed personal line of credit last night through their site with $10K Limit, at first I doubt that I'll get approve because I only have $25 on there checking account. But I have auto loan with them with $9,200 balance left, I started with them a year and half ago when I refinanced my car with $20k balance from wells fargo dealer service. I refinance my car for 36 months to pay. But I think this year I'll finish and pay it off . Do you think that helped me get approved because I was a good customer with them? But I'm so happy for the approval! just wanted to share it!

[garagebandking]

The relationship and payment history certainly couldn't hurt.

Congrats!

[Anonymous]

Well done! Their PLOC is so easy to use and repay! Congratulations!

[Anonymous]

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@Anonymous wrote:

Well done! Their PLOC is so easy to use and repay! Congratulations!

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Thanks!! But not really sure how will I use this very well? my only reason getting this is for emergency funds in the future.

[Anonymous]

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@garagebandking wrote:
The relationship and payment history certainly couldn't hurt.

Congrats!

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Definitely! I'm planning on getting mortgage through them too in the near future, I hope it goes so well like this.

[Anonymous]

Nice job, IMHO I definitely think your banking relationship with PenFed had something to do with it!

[Anonymous]

Yes I think so, my repayment history on my car probably is the main factor

[Anonymous]

History is key with penfed.
Opened in october 2016
SL 2k promise, recon to 4k cash card.
Nov 2016 35k auto loan
Nov 2016 CLI to 10k
Feb 2017 Small auto loan of 10k (used car, I put 13k down)
Feb 2017 cli to 32k... yes, 32k.
CH 13 was discharged March 2016...
Fico 8 in october was 668
Fico 8 is 686 at the last cli.

Great bank, amazing people. They give the supervisors direct permission to make decisions.

[garagebandking]

Within my first week of membership I understood how important payment history is with them...25k CC but denied PLOC because they wanted to see payment hx with them...then you factor in that they rock their own NexGen score and I can see how building a strong relationship with them will reap major benefits in the future.

As for the PLOC...I'll eventually get one (have the CLOC with NFCU)...but I too can't really see the point in using it except for significant emergency situations and to pad utilization/expand credit portfolio...I have better interest rates on some of my CCs...