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What to do with my Penfed PLOC

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Super Contributor

What to do with my Penfed PLOC

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")  Smiley Wink

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?


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 1 of 9
8 REPLIES 8
Frequent Contributor

Re: What to do with my Penfed PLOC

B) Imagine that you are a furloughed government employee that did not see partial shutdown coming. Even $5k CLOC would come in handy. Provides a little breathing room.

Message 2 of 9
Moderator Emeritus

Re: What to do with my Penfed PLOC

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.




        
Message 3 of 9
Super Contributor

Re: What to do with my Penfed PLOC


@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")  Smiley Wink

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.


Total revolving limits 720500 (594000 reporting) 10/2/19 FICO 8 scores: EQ 744 TU 782 EX 746
Message 4 of 9
Frequent Contributor

Re: What to do with my Penfed PLOC

Good to keep options open.

If nothing else keeping the account open will let it continue to age.

Too hard to try to predict the future.

Ford Motor Company had liquidity to get through the last recession because by either skill or luck it had done everything possible to increase liquidity before the recession when it was still possible.

On the other hand 20 years ago General Electric’s debt was triple A rated.

Today, not so much.

Message 5 of 9
Moderator

Re: What to do with my Penfed PLOC

(B) and (C)...'nuff said 😄
Message 6 of 9
Moderator

Re: What to do with my Penfed PLOC

weird they lhey let me move my PLOC to my CC when i did an installment loan with them and moved some stuff around.. Guess as always YMMV case by case

Message 7 of 9
Community Leader
Super Contributor

Re: What to do with my Penfed PLOC

Thanks everyone...when you all put it in terms that make me think a bit and see a different side, I'll keep it. Smiley Happy

My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 8 of 9
Regular Contributor

Re: What to do with my Penfed PLOC


@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. Smiley Happy

This forum has that effect some times Smiley Happy.

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?




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TOTAL: $128k | EX: 808 TU: 810 | 28 yo
Message 9 of 9
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