Penfed PLOC

[azfitz11]

About a month ago I was aprroved for PENFED Premier Travel AMEX  with a $5000 SL. I then applied for the PLOC and was told something like "need to see more payment history with them." Since then I refinanced two vehicles with them. what I Like to hear are some first hand experiences from people that got this message and how long they waited. I did call them and talked to a very nice lady and asked her the same question and she said, " There wasn't a set time in stone, it could 3 months, 6 months or a year." So out of curiousity, I was wandering if anyone had some examples of how long they waited when they got this message. Scores are EX 710, TU 728, and EQ 695

[Appleman]

Congrats on going with PenFed. They are my favorite CU/Bank currently.

Do you know whatr your NexGen score is with PenFed? They seem to be the only one that uses that score. 

My NexGen score is 815 and I currently have 3 CCs, 3 Auto Loans and PLOC. They have readily refinanced or given me a loan for the secure products (auto loans). However, I too received the more experience with payments comment when I first joined (been with them a year).

I would recommend that you pay ahead on your auto loan if you can and run some spend through the CC. Hopefully in 3 months they will see that you are handling the payments well.

[azfitz11]

No, I don't think I have been with them long enough to get a nextgen score. Where would it be? 

[Revelate]

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@azfitz11 wrote:

No, I don't think I have been with them long enough to get a nextgen score. Where would it be? 

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You'd see it in their main page interface; think they pulled 3/1 so if you got your credit card after that you likely won't have it.

I'd probably just assume 6 months, unless you really need the PLOC like right now it's not going anywhere and it's a variable APR product so unlike fixed rate ones there's not a lot of reason to rush financially... though of course it's always best to take any negatives (which includes opening a new account) ASAP and get it aging immediately when it comes to all things FICO.

I got their PLOC with a NextGen of something like 740, I'd been a menber of Penfed for something like 3 or 4 years at that point, but it was my first account, not certain I'd get a credit card if I applied with them for all that I keep getting emails advertising them but none suggest pre-approval heh.

[azfitz11]

Ya, I opened the credit card in mid March, so I wouldn't have a score yet. Do they update the scores every other month or every 3 months? As far as the PLOC, no definitely don't need it. Just would like to have it in my credit profile and have it there for who knows what may pop up. 

[Revelate]

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@azfitz11 wrote:

Ya, I opened the credit card in mid March, so I wouldn't have a score yet. Do they update the scores every other month or every 3 months? As far as the PLOC, no definitely don't need it. Just would like to have it in my credit profile and have it there for who knows what may pop up. 

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It's every 3 months; yeah I haven't used the PLOC... it was a rainy day tradeline if I needed to cover a cash shortfall, but then I got the HELOC the very next year and the PLOC is sort of irrelevant since the HELOC is 1/3rd the APR roughly.

I preach financial defense, which includes having some amount of low APR credit and/or cash to cover short term issues, so a PLOC isn't a bad choice though there are some CC's which are still well under that APR wise but likely not going to get the same amount and they don't spend as cash in all cases.