@Trudy wrote: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
I called Wells Fargo yesterday and spoke to someone in the PLOC department, or so they said. I asked very specifically if I were to use my PLOC, but pay it off before the statement date, would I be charged ANY interest? She said no, if you don't leave a balance, you will not be charged any interest. I think I'm going to call back again to today to verify. I already paid it back, so we'll see what happens.
I'm sure my profile wouldn't take too much damage if I were to PC it, but since we're going to be trying to buy a house next year, I think it's best I don't open any more accounts. I wanted to build a good relationship with WF by getting the loan and PLOC because I've been a customer for so long. My Fiance hates them, but they've been pretty good to me so far.
