Credit Cards Center Credit cards from our partners
Reply
Senior Contributor
Posts: 6,921
Registered: ‎06-22-2015

Re: Official Credit Unions Guide

[ Edited ]

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. Smiley Happy



Favorite Cards : ~ Citi Double Cash World Elite MasterCard ~
~ American Express Blue Cash Preferred ~ Chase Hyatt Visa Signature ~
~ Citi AAdvantage World Elite MasterCard ~ Citi Prestige ~ Alaska Airlines Visa Signature ~ Discover it Miles ~
Senior Contributor
Posts: 6,921
Registered: ‎06-22-2015
0

Re: Official Credit Unions Guide


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. Smiley Happy



Favorite Cards : ~ Citi Double Cash World Elite MasterCard ~
~ American Express Blue Cash Preferred ~ Chase Hyatt Visa Signature ~
~ Citi AAdvantage World Elite MasterCard ~ Citi Prestige ~ Alaska Airlines Visa Signature ~ Discover it Miles ~
Community Leader
Super Contributor
Posts: 13,401
Registered: ‎09-13-2013

Re: Official Credit Unions Guide

[ Edited ]

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.

 

Both lines of credit that you can use up to your available limit. And make payments or pif. Just accessed differently.

Senior Contributor
Posts: 6,921
Registered: ‎06-22-2015

Re: Official Credit Unions Guide

[ Edited ]

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. Smiley Happy

 

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). Smiley Happy



Favorite Cards : ~ Citi Double Cash World Elite MasterCard ~
~ American Express Blue Cash Preferred ~ Chase Hyatt Visa Signature ~
~ Citi AAdvantage World Elite MasterCard ~ Citi Prestige ~ Alaska Airlines Visa Signature ~ Discover it Miles ~
Community Leader
Super Contributor
Posts: 13,401
Registered: ‎09-13-2013

Re: Official Credit Unions Guide


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. Smiley Sad


A counter to their counter! Way to show em who's boss! Haha. I love it! Keep us posted.

Established Contributor
Posts: 606
Registered: ‎05-29-2014

Re: Official Credit Unions Guide


humuhumunukunukuapuaa 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. Smiley Happy


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*

Original Scores: EQ FICO 645, TU 672, EX FICO 663 (4/2014)
Current Scores: EQ FICO 783, TU 795, EX FICO 787 (5/2017)
Established Contributor
Posts: 606
Registered: ‎05-29-2014

Re: Official Credit Unions Guide

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?

Original Scores: EQ FICO 645, TU 672, EX FICO 663 (4/2014)
Current Scores: EQ FICO 783, TU 795, EX FICO 787 (5/2017)
Community Leader
Super Contributor
Posts: 13,401
Registered: ‎09-13-2013
0

Re: Official Credit Unions Guide

[ Edited ]

😂😂😂

 

You may need to call JoMellow. Do they allow you to actually talk to an UW?

Senior Contributor
Posts: 6,921
Registered: ‎06-22-2015

Re: Official Credit Unions Guide

[ Edited ]

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. Smiley Happy

 

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. Smiley Happy



Favorite Cards : ~ Citi Double Cash World Elite MasterCard ~
~ American Express Blue Cash Preferred ~ Chase Hyatt Visa Signature ~
~ Citi AAdvantage World Elite MasterCard ~ Citi Prestige ~ Alaska Airlines Visa Signature ~ Discover it Miles ~
Valued Contributor
Posts: 2,491
Registered: ‎09-18-2012

Re: Official Credit Unions Guide


CreditLuv 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 Smiley Tongue

FICO 08-EX: 746 TU: 752 EQ: 750 AAoA: 4yrs TLs: 40 Neg: 0

Credit Limits: $300,000+
Miles: 400,000+
MRPs: 200,000+
Cash Back: $2,000+

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.