@grillandwinemaster wrote:What does CLOC stand for? Is it basically Navy's glorified semantics for what everybody else calls a PLOC??
CLOC - Checking Line of Credit.
PLOC - Personal Line of Credit.
They are not the same product and different credit unions offer one or the other. 
@CreditCuriousity wrote:
I'm undecided which way to go. Yes and hope it grows or No and wait til I kill roughly $150k or more in open credit...??? Suggestions???
Currently have: 45 open revolving accounts with 400k avail credit. Might be time to close some down for realz.
This is a problem with alot of CU's and some bacnk for that matter. Is to much available credit vs. income, etc.. Why I try to keep mine around 200k, but getting harder and harder to do.
$500 isn't really a useable CL, but the question is as Baller stated will it grow if you get rid of some other cards with worse terms..
Agreed, CC. Many credit unions have a concern with having "too much available credit", even with a high income.
@baller4life wrote:
I guess the difference is with Navy Fed's CLOC, the only way to access the line is to overdraft your checking account or write checks directly from the CLOC. While at other CUs, you can just transfer money from the PLOC into checking or savings.
True, baller4, you can also take an ATM withdrawal directly from the Personal Line of Credit with no fees involved.
Checking Line of Credit was really initially intended to cover checking account overdrafts only.
Certain institutions such as NFCU have made it available via writing a special type of check as well. You can't access it using a regular check from your checking account.
A number of checking line of credit products can only be used as overdraft backup, and funds cannot be withdrawn directly from the CLOC, interestingly enough.
Personal Line of credit was really designed to function as a revolving personal loan, with multiple access points, whereas the checking line of credit was designed to back up overdrafts on a checking account.
Just want to make sure we are not using the terms interchangeably so no one gets confused ( or asks a credit union for a product they don't offer).
@JoMellow wrote:Baller – I’ve sent them a counter-counter offer, we’ll see what happens. I’m leaning towards saying yes and then tracking how they are with cli’s. Either way really makes no difference to me.
CreditCurisouity – I’m quite surprised they even made a counteroffer, not sure I’ve ever seen that before. Definitely time to say goodbye to a some accounts.
Grillandwinemaster – I’m not even a big fry compared to some of our myFICO’ers. This community has been a huge influencer on my credit life. I joined June 2014, had around $20k in credit. Opened 15 new revolving accounts in 2014, 10 in 2015 and 4 so far this year. I’ve got to be done or else bad stuff could happen.
A counter to their counter! Way to show em who's boss! Haha. I love it! Keep us posted.
@Anonymous wrote:
@CreditCuriousity wrote:
I'm undecided which way to go. Yes and hope it grows or No and wait til I kill roughly $150k or more in open credit...??? Suggestions???
Currently have: 45 open revolving accounts with 400k avail credit. Might be time to close some down for realz.
This is a problem with alot of CU's and some bacnk for that matter. Is to much available credit vs. income, etc.. Why I try to keep mine around 200k, but getting harder and harder to do.
$500 isn't really a useable CL, but the question is as Baller stated will it grow if you get rid of some other cards with worse terms..
Agreed, CC. Many credit unions have a concern with having "too much available credit", even with a high income.
I get that and I have no disagreement with it - but seriousoly a $500.00 cl can't even be used for weekly groceries without multiple payments. *sigh*
@JoMellow wrote:ha.. Baller - some kinda bossing I did.
They sent a secure email for me to go and docu-sign for the "insurance" for my "loan"
Happy Friday, right?
You might just decide to run away with that $500 and leave them high and dry. They're protecting their interest.
Seriously, though, credit unions can be ridiculous sometimes. As an example, Alliant is fairly well known for giving very low limits initially on their credit card, but the card can get a reasonable CLI after one year. It often takes a year with them, however.
I hope the same will be true for your credit union and this card. Hang in there.
@Anonymous wrote:
Nope, the MAX PLOC (you call it a CLOC) or NavCheck amount is $15,000. You can't request any more than that amount.
The POI part is really based on your credit score, income, UTI, and relationship with NFCU. Some people get POI pulled on them and others nothing.
If a UTI is a factor, then my sister is going to score big with them 