How to join NCFU and rebuild as a civilian the right way

[mtnblu116]

Update: I was actually already assigned a checking account, didn't know,oops. ALso was able to call and do a one time deposit with a debit card from my other bank. So, all is good!

[Guyatthebeach]

Congratulations on getting in!

When I joined I did everything in the branch. If I were you, I'd open the free checking and savings account and apply for the credit card.

Guyatthebeach

[GatorsFan84]

I followed instructions and app'd via email this morning.  Fingers crossed.  I look forward to rebuilding with NFCU.

At first I didn't like the thought of having accounts without a local branch but then I found out my city has one!

[mtnblu116]

Thanks Beachguy!! So excited! What is the CLOC? Is that overdraft protection? And is that the more common thing they approve inititially?

Thank you,

[Guyatthebeach]

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@mtnblu116 wrote:

Thanks Beachguy!! So excited! What is the CLOC? Is that overdraft protection? And is that the more common thing they approve inititially?

Thank you,

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Mtnblu116,

Welcome to the Navy Federal family. There are one of many awesome credit unions out there, but NFCU is probably one of the best geared toward the military and those of us rebuilding our credit. Whenever I answer questions, I give honest answers based on my experience. I also give my opinion which may differ than most people on here.  

A CLOC is Navy Federal's Checking Line of Credit. This is their overdraft protection and it can be a darn good product to have.  It works just like an overdraft line of credit works to get debit transactions and checks through.  You can also write checks to access the line of credit. I have the CLOC but have never used it.  I only asked for a $500 limit as I never write a check for over  $500. I just don't see the need to have a LOC of 15k for overdraft.  I have become extremely conservative since my bankruptcy six years ago.

I don't know your background, but typically most apply for the cash rewards Visa or the one with the points.  If it is declined, they may counteroffer with the secured card. If I were you, I would apply for the Visa first.  If they declined it, I would get the secured card. It's a decent card and it will graduated. 

I have been a member of NFCU since June 2016. I currently have a checking and savings accounts, a CD, a Roth IRA, a CLOC, and a cash rewards Visa with NFCU.  I don't have a single bad thing to say about them. I do the majority of my banking with them online. I do go to the branch once a month to deposit cash. Their deposit and CD rates are excellent and I appreciate the fact I could join and get a huge line of credit.

If you have any more questions, please let me know.

Guyatthebeach

[Anonymous]

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@Guyatthebeach wrote:

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@mtnblu116 wrote:

Thanks Beachguy!! So excited! What is the CLOC? Is that overdraft protection? And is that the more common thing they approve inititially?

Thank you,

---

Mtnblu116,

Welcome to the Navy Federal family. There are one of many awesome credit unions out there, but NFCU is probably one of the best geared toward the military and those of us rebuilding our credit. Whenever I answer questions, I give honest answers based on my experience. I also give my opinion which may differ than most people on here.  

A CLOC is Navy Federal's Checking Line of Credit. This is their overdraft protection and it can be a darn good product to have.  It works just like an overdraft line of credit works to get debit transactions and checks through.  You can also write checks to access the line of credit. I have the CLOC but have never used it.  I only asked for a $500 limit as I never write a check for over  $500. I just don't see the need to have a LOC of 15k for overdraft.  I have become extremely conservative since my bankruptcy six years ago.

I don't know your background, but typically most apply for the cash rewards Visa or the one with the points.  If it is declined, they may counteroffer with the secured card. If I were you, I would apply for the Visa first.  If they declined it, I would get the secured card. It's a decent card and it will graduated. 

I have been a member of NFCU since June 2016. I currently have a checking and savings accounts, a CD, a Roth IRA, a CLOC, and a cash rewards Visa with NFCU.  I don't have a single bad thing to say about them. I do the majority of my banking with them online. I do go to the branch once a month to deposit cash. Their deposit and CD rates are excellent and I appreciate the fact I could join and get a huge line of credit.

If you have any more questions, please let me know.

Guyatthebeach

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I also never intend to use the CLOC, however I went for the full $15k because it reports as an active revolving account whether you use it or not, and utilization padding is a thing

Different strokes and whatnot, cheers!

oh, and 100% agree to go for a CashRewards CC first - if approved it's the only card with an initial spend bonus at the moment

[GatorsFan84]

So I submitted my membership app to NFCU via email on Sat 3/25 at 10 am cst.  Does anyone know what is the typical response time right now?  Jurst curious to see if I will be waiting a few days or a few weeks.

[Guyatthebeach]

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@GatorsFan84 wrote:

So I submitted my membership app to NFCU via email on Sat 3/25 at 10 am cst.  Does anyone know what is the typical response time right now?  Jurst curious to see if I will be waiting a few days or a few weeks.

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GatorsFan84,

You should get an email from NFCU in a day or so indicating that the CU recieved your application. I would wait ten business days before calling them to follow up. NFCU can get new member applications completed within a few days, and there are times it could take 30 days.

Just have some patience.

Best of luck.

Guyatthebeach.

[mtnblu116]

Update: Guyatthebeach and Tygerhawke

I applied for the cc on saturday and got my approval today, 1k. So grateful for getting in and a cc!! The CLOC said I needed to be a member for 90 days I guess, should I recon that or is that rule? I think I'll let everything grow for several months now, Yay!! Thanks you guys sooooo much.

[Guyatthebeach]

I'm don't if there was a change in policy. I was approved for a CLOC the same day I opened my accounts. My CLOC was for 500 and and my Visa was for 14000.

I personally would wait 6 months to build a relationship before trying again. One thing I would do is use the crap of of your Visa, and pay it down to 10% before the statement cuts. That card will grow. Just give it time.

Know that you got your foot in door, take advantage of everything NFCU presents to you.