Personal loan vs Line of Credit - Specifically Penfed

[Trinzero]

Hello!  LONG time lurker. I have to say reading all the valuable information here is my favorite downtime =D

A few days back I joined Penfed and got an approval for 10k Powercash.  I know I have seen many new members are limited to 10k, but I have read of exceptions.  I was considering applying for either the personal loan or the LOC since I already have an inquiry.  I am not sure of the differences or if one is easier to get than the other.  If anyone has any suggestions or information (and I KNOW you do, so many smart people here!) I would be so appreciative!

Thank you

[marypoppins70]

Based on my experience, I was approved for a Penfed AMEX with a $10k CL back in July.  At the same time I applied for a $10k PLOC, but was denied with the only reason given was lack of payment history with them.  I'm going to be patient and wait a while and hope I get an offer for a PLOC or debt consolidation loan in the near future.  YMMV though of course

[Trinzero]

Thank you for sharing your experience!  Best of luck with your new card!

[mattmyFIC0]

They will be much more willing to give you other credit products once you show them a little bit of history with your new card. 

It took them a while to warm up to me but once I got one credit product with them the door was wide open to other credit products afterwards.  Also they tend to be pickier with their PLOC (like most creditors).