So, 2 yrs ago, I was pushing PF's envelope like I do everyone, lol, and I applied for their PLOC (NOT CLOC), and to my shock I was approved for $5k which was what I asked for.
Anyways, we all know it reports as revolving, so it just sits there reporting monthly, just like my NFCU CLOC. Ive never used it, and dont have plans too, but its nice to have if something happens, but Im looking to clean up my available credit a little this year, and close some accts and available credit down, so this could easily be one to close.
I dont need it for "padding" or anything, but honestly a $5k PLOC is kinda worthless. Plus, I tried a few months back for a CLI on my PF Visa, and it was declined due too how much they could extend too me right now. I even offered to close my PLOC in return for a CLI, no dice, LOL. My NFCU CLOC is $15k, works the same way for the most part, and respectable. So, either I could...
a) Close it
b) Leave it alone as is (as lots of folks here like to say "its not hurting anything keeping it open") 
c) Try for an increase on the account (PLOC) later down the road, and if declined again, then close.
d) Or any other better ideas from members
Thoughts?
I actually used my Penfed PLOC that I thought I had no use for with a 27.5K HELOC at a non-trivially cheaper interest rate, but I wound up maxing out my HELOC after too much time navel gazing and not making any money and unexpectedly having to come up with 11k that I didn't want to sell equities for (though maybe I should've stupid market!).
It's not bad to have more cushion for the, uh, pushing.
@pizza1 wrote:So, 2 yrs ago, I was pushing PF's envelope like I do everyone, lol, and I applied for their PLOC (NOT CLOC), and to my shock I was approved for $5k which was what I asked for.
Anyways, we all know it reports as revolving, so it just sits there reporting monthly, just like my NFCU CLOC. Ive never used it, and dont have plans too, but its nice to have if something happens, but Im looking to clean up my available credit a little this year, and close some accts and available credit down, so this could easily be one to close.
I dont need it for "padding" or anything, but honestly a $5k PLOC is kinda worthless. Plus, I tried a few months back for a CLI on my PF Visa, and it was declined due too how much they could extend too me right now. I even offered to close my PLOC in return for a CLI, no dice, LOL. My NFCU CLOC is $15k, works the same way for the most part, and respectable. So, either I could...
a) Close it
b) Leave it alone as is (as lots of folks here like to say "its not hurting anything keeping it open")
c) Try for an increase on the account (PLOC) later down the road, and if declined again, then close.
d) Or any other better ideas from members
Thoughts?
It's not really great to use it, because the interest rate isn't great. But it can be nice to have.
The way I look at it, it depends on your personal finances.
If you have a lot of financial reserves, it serves no purpose.
But if you do not have a lot of financial reserves, it's nice to have some credit that you don't have to apply for if you should need it.
Thanks everyone...when you all put it in terms that make me think a bit and see a different side, I'll keep it. 
@pizza1 wrote:
Thanks everyone...when you all put it in terms that make me think a bit and see a different side, I'll keep it.
This forum has that effect some times .
I just got the PF PLOC and am glad I did, extra layer of "security" in the event my own personal financial armageddon happens that is temporary?