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Established Contributor
Posts: 545
Registered: ‎03-20-2009
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Re: NFCU LOC NOT REPORTED YET

Gosh I hope it doesn’t take that long for my LOC to post.  I mailed the paperwork in on Monday (I live in Virginia) & I need the money pretty soon for a short term un-expected expense. 

 

How does the LOC show up online at NFCU so I will know its in place?  I think I have a better idea on how to use it.  If I pay a bill online that allows you to input checking account information & I have $0 in my NFCU checking account then when it is presented to them it should automatically draw from the LOC like an overdraft correct??  I just want to make sure I’m not misunderstanding anything  before I do this. 

 

I never even thought about the un-intended use that others mentioned of paying off my CC  balance with it since the LOC is a lower interest rate.  I was only mentioning it because I needed to have some way to have access to the money to pay a bill if I hadn’t received my NavCheks yet. 

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)



Contributor
Posts: 89
Registered: ‎06-29-2009
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Re: NFCU LOC NOT REPORTED YET

On your account summary page you'll see a new account called NAVchek with a balance of 0.00

 

Yes your understanding is correct. It is in fact overdraft protection. No charge/check will be denied because of a 0 balance checking account provided you do not exceed the navchek line.

 

I really understand navchecks yet because why would I want something to charge to my navchek without depleting regular funds? *shrug*

7/16/09 - EQ 684, TU 691

7/25/09 - EQ 682 (-2) 7th INQ did it.
8/21/09 - EQ 684 Bounced back from the Inq even though none expired. There was a new credit account opened on the same day. *shrug*
10/23/09 - EQ 691
Established Contributor
Posts: 742
Registered: ‎12-19-2008
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Re: NFCU LOC NOT REPORTED YET


mt2va wrote:

Gosh I hope it doesn’t take that long for my LOC to post.  I mailed the paperwork in on Monday (I live in Virginia) & I need the money pretty soon for a short term un-expected expense. 

 

How does the LOC show up online at NFCU so I will know its in place?  I think I have a better idea on how to use it.  If I pay a bill online that allows you to input checking account information & I have $0 in my NFCU checking account then when it is presented to them it should automatically draw from the LOC like an overdraft correct??  I just want to make sure I’m not misunderstanding anything  before I do this. 

 

I never even thought about the un-intended use that others mentioned of paying off my CC  balance with it since the LOC is a lower interest rate.  I was only mentioning it because I needed to have some way to have access to the money to pay a bill if I hadn’t received my NavCheks yet. 


This is absolutely correct provided you have enough available credit in your NavChek LOC to cover the overdraft.

 

Suggestion: If you ever need to "force" an overdraft into your NavChek LOC all you need to do is transfer your checking account balance to your savings account before you make a transaction and is presented to NFCU for payment.

Established Contributor
Posts: 742
Registered: ‎12-19-2008
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Re: NFCU LOC NOT REPORTED YET

[ Edited ]

mt2va wrote:

Gosh I hope it doesn’t take that long for my LOC to post.  I mailed the paperwork in on Monday (I live in Virginia) & I need the money pretty soon for a short term un-expected expense. 

 

How does the LOC show up online at NFCU so I will know its in place?  I think I have a better idea on how to use it.  If I pay a bill online that allows you to input checking account information & I have $0 in my NFCU checking account then when it is presented to them it should automatically draw from the LOC like an overdraft correct??  I just want to make sure I’m not misunderstanding anything  before I do this. 

 

I never even thought about the un-intended use that others mentioned of paying off my CC  balance with it since the LOC is a lower interest rate.  I was only mentioning it because I needed to have some way to have access to the money to pay a bill if I hadn’t received my NavCheks yet. 


It is OK with NFCU to do this. If it were me, I would be careful not to make a habit of it for a variety of reasons. I do not know to what extent NFCU may or may not frown on this type of transaction if you have the availble LOC of to do so. I will add, if a member is doing this consistently it may be a sign of financial distress.IMO

 

I have not once done this, there are many NFCU members whom have. I am certain as long as you pay your bills they will not take AA. However, doing this type of transaction regularly, especially if it consistently raises your NavChek LOC balance, may affect other loans applied for down the road. IMHO.

 

 

Message Edited by plasticman on 09-16-2009 09:29 AM
Message Edited by plasticman on 09-16-2009 03:12 PM
Frequent Contributor
Posts: 252
Registered: ‎06-08-2009
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Re: NFCU LOC NOT REPORTED YET

I agree. The original post was in regard to as to when the NAV CHEK LOC would start reporting. As I stated earlier, I also had a question sbout my LOC reporting and spoke to a CSR who simply said to put some activity on my LOC. I could have easily wriiten a CHEK for something to overdraw my checking account or,since I was on the phone w/a CSR anyway,activate it right then and there by paying on my cc. By no means do I think,IMHO, one should make a habit of using one credit line to pay for a balance on another, if at all. Again, the act of using the LOC was soley to activate it so it would report FASTER to the CB's.
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