How does it affect ur score? Doesn't seem to affect mine much or at all
Starting Score: 603
@Mrflip09 wrote:
How does it affect ur score? Doesn't seem to affect mine much or at all
I had 2 with 2 separate banks. One at BBVA and one with EECU. I intended to use them to help rebuild my credit, create depth of credit and increase my total available credit line. I ended up not needing them for any purchases. I held onto these for about a year and a half before closing them. They always reported as in good standing. I did use each of them once to keep them active at about the 1 year anniversary mark. I chose to close them later after not liking how the interest is figured out on them. They still show on my credit as a plus though I lost the availible credit line (I don't need them for that anymore). The inquiries for each have completely fallen off by now.
Good Luck!
I have a LOC through WF and with EX only it is inlcuded in my revolving credit, which increases my overall CL. And for me if I need cash it's a much lower interest rate if I report a balance compared to a cash advance from a CC.
My PLOC's are treated the same as credit cards.
@Trudy wrote:I have a LOC through WF and with EX only it is inlcuded in my revolving credit, which increases my overall CL. And for me if I need cash it's a much lower interest rate if I report a balance compared to a cash advance from a CC.
Are you able to get a credit line increase on LOC? I have one with WF and was just wondering if I could increase it in the future.
I've never requested an increase. However, I have 2 friends with different experiences with WF. Both had to call for it. One received a HP the other a SP. Not sure if it is the reason but the SP was with the friend with several accounts (2CC, CK & SVGs) whereas the HP only had a checking account.
Unlike my CC when I use to carry a 50%+ balance I received increases often. Never with my LOC but I only carried a high balance for about 6 months.
@Trudy wrote:I've never requested an increase. However, I have 2 friends with different experiences with WF. Both had to call for it. One received a HP the other a SP. Not sure if it is the reason but the SP was with the friend with several accounts (2CC, CK & SVGs) whereas the HP only had a checking account.
Unlike my CC when I use to carry a 50%+ balance I received increases often. Never with my LOC but I only carried a high balance for about 6 months.
I have a credit card, PLOC, checking/savings, and personal loan with Wells Fargo. My CC started off as a secured card and graduated last year. I've also been a Wells Fargo customer for over 10 years. I've only received one CLI on my CC (when it graduated), but I've called in and asked for one (denied each time) and it was only a SP. After the denial, they said they could transfer me to a credit specialist and they can do a HP to see if they can approve a CLI, but I'm not about to do that, now am I? I'm surprised they would offer me a $5,000 loan, $5,000 PLOC, but yet won't increase my baby cc of $1,500...
Also, how do you actually use the PLOC's? I just opened it last week and I think they said they were going to send checks? So you can only use it by writing checks? Ok I figured it out lol. I can just transfer any amount I want from the PLOC to my checking account. How is the interest calculated on these things? Like if I borrow $500 today and pay it back next week, will I be charged interest on that $500?
The LOC was offered to me about 13 years ago after I threatened to close all my accounts since they sold my MTG to USB (which ended up being the best thing that ever happened) I, in part chose them because they said they almost never sell loans, which was a concern of mine when I purchased my home. And I received great perks including a very low interest rate on my CC due to multiple accounts to include the MTG. My interest rate shot up drastically with a balance of 10K on a 15K CL and that's when I decided to start paying it down, eventually off which really pushed my credit journey which is why I see the sell as a good thing now. My CC started at 5K and it grew to 25K but hasn't increased since I paid it off. Now I seldom use it since they don't do product changes and it has no rewards. I did eventually open a CashWise which they only gave me a 5K CL.
It may simply take a bit more time (years) with your card for them to issue a CL. They are nothing like I hear about the many cards that bump you up regularly. I had my card for about 6-7 years with regular and rather high usage before they automatically increased my limit. Each CLI just showed up without ever requesting.
I've only used my LOC for cash advances. I believe when opened they sent me checks which I shredded. I suppose I could request them as needed but with several other accounts, specifically a checking I just advance cash to that account when needed (my own personal pay day loan with better rates 
).
@Trudy wrote:The LOC was offered to me about 13 years ago after I threatened to close all my accounts since they sold my MTG to USB (which ended up being the best thing that ever happened) I, in part chose them because they said they almost never sell loans, which was a concern of mine when I purchased my home. And I received great perks including a very low interest rate on my CC due to multiple accounts to include the MTG. My interest rate shot up drastically with a balance of 10K on a 15K CL and that's when I decided to start paying it down, eventually off which really pushed my credit journey which is why I see the sell as a good thing now. My CC started at 5K and it grew to 25K but hasn't increased since I paid it off. Now I seldom use it since they don't do product changes and it has no rewards. I did eventually open a CashWise which they only gave me a 5K CL.
It may simply take a bit more time (years) with your card for them to issue a CL. They are nothing like I hear about the many cards that bump you up regularly. I had my card for about 6-7 years with regular and rather high usage before they automatically increased my limit. Each CLI just showed up without ever requesting.
I've only used my LOC for cash advances. I believe when opened they sent me checks which I shredded. I suppose I could request them as needed but with several other accounts, specifically a checking I just advance cash to that account when needed (my own personal pay day loan with better rates
I was going to close my card because it was secured for almost 2 years. Now I know it's because I always had an almost maxed out balance the entire time and when I started paying it down is when they decided to unsecure it. I might PC the card because it has no rewards or anything, but I don't think I want to have another new account on my report. When Wells Fargo does PC's, they close the credit card and then basically open a new account. I guess I don't really NEED a CLI on that card, since I don't use it. The only thing I ever use it for is when I'm reloading my Starbucks app and am in a hurry because I'm at the window and accidentally pay with that card LOL.
I LOVE having the PLOC! I don't get paid until tomorrow, but wanted to pay off some credit cards and so I gave myself a little cash advance and will just pay it back when I get paid. It was just a couple hundred, but I can definitely see the advantages of having this (if used responsibly). I don't ever plan on leaving a balance because I don't want to pay interest on it.
I misspoke earlier about reporting a balance, but unlike a CC, WF PLOC will charge interest from the day of the advance until paid in full. They use an Average Daily Balance calculation. So don't be caught off guard if you pay it off the same cycle you use and have your next statement show interest only. If you ever need it to report $0 know that it's a 1 month lag because the interest will hit the following month, unless you have different terms.
I chose to open the CW card because of WF policy of closing and I didn't want to lose the age on that card (opened 2005) and it's nice to have a relatively high CL card in case of an emergency (God forbid).
It may serve you well to PC since your card is only 2 years old if your profile can take the hit of resetting AoYA, AAoA and adding an inquiry, although I'm not sure if they do a HP for a product change since I didn't go that route. The CW card is okay at 1.5% but they require incremental redemption of cash back ($25). Some people love their Propel card but I'm not a miles rewards kind a girl