PLOC for Score Bump?

[Anonymous]

Interesting. I do not have any types of loans beyond credit cards so it may be worthwhile.

[FireMedic1]

@Junejer @SouthJamaica Copy that.

@AnonymousIf you can get into NFCU or PENFED and grab a SSL and then pay it down to 8%. That will complete the credit mix. Since you have no loans.

[Anonymous]

Unfortunately I'll never be back with NFCU, as they were significantly burned in my BK, so I have closed my membership owing to that fact. My CU now offers SSL so perhaps I'll look into that, thanks.

[FireMedic1]

Not to hijack and aviod a thread. @SouthJamaica or @Junejer . So the PLOC is like a unsecured revolving credit line with no card and no perks. Its just there for when you need it. Although I after reading. Its not considered a installment loan?

[SouthJamaica]

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@FireMedic1 wrote:

Not to hijack and aviod a thread. @SouthJamaica or @Junejer . So the PLOC is like a unsecured revolving credit line with no card and no perks.

Correct.

Its just there for when you need it.

Correct.

Although I after reading. Its not considered a installment loan?

Correct.

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[FireMedic1]

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@SouthJamaica wrote:

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@FireMedic1 wrote:

Not to hijack and aviod a thread. @SouthJamaica or @Junejer . So the PLOC is like a unsecured revolving credit line with no card and no perks.

Correct.

Its just there for when you need it.

Correct.

Although after reading. Its not considered a installment loan?

Correct.

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@SouthJamaica 10-4. Interesting. I deleted the "I" Duh. So in a way its always there when you need it and dont have to apply for a loan each time you need 1 and saves new accounts added each time.

[Junejer]

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@FireMedic1 wrote:

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@SouthJamaica wrote:

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@FireMedic1 wrote:

Not to hijack and aviod a thread. @SouthJamaica or @Junejer . So the PLOC is like a unsecured revolving credit line with no card and no perks.

Correct.

Its just there for when you need it.

Correct.

Although after reading. Its not considered a installment loan?

Correct.

---

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@SouthJamaica 10-4. Interesting. I deleted the "I" Duh. So in a way its always there when you need it and dont have to apply for a loan each time you need 1 and saves new accounts added each time.

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Yep, what SJ said.

[SouthJamaica]

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@FireMedic1 wrote:

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@SouthJamaica wrote:

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@FireMedic1 wrote:

Not to hijack and aviod a thread. @SouthJamaica or @Junejer . So the PLOC is like a unsecured revolving credit line with no card and no perks.

Correct.

Its just there for when you need it.

Correct.

Although after reading. Its not considered a installment loan?

Correct.

---

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@SouthJamaica 10-4. Interesting. I deleted the "I" Duh. So in a way its always there when you need it and dont have to apply for a loan each time you need 1 and saves new accounts added each time.

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Yes that's part of the beauty of it.

Another part is that when you run into someone who needs a check, and doesn't accept credit cards, and you don't happen to have  that money in your checking account that day, you can cover it from your PLOC (some PLOC's are automatic overdraft lines of credit, some not automatic but very easy).

[MannyPobre]

So, does a PLOC balance count towards credit utilization?

[SouthJamaica]

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@MannyPobre wrote:

So, does a PLOC balance count towards credit utilization?

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Yes. Both the balance and the limit count towards your revolving utilization.