Navchek Reporting

[mikie209]

Does the NFCU OLOC automatically report to your credit report with $0 balance or do you have to use some of it for it to show up on your report? I was approved for the OLOC (Navchek) and it shows in my account on NFCU but not on my credit report. My CC i got from them a week later is already reporting but not the navchek. Just curious. Thanks

[Scupra]

Navy can drag their feet sometimes. 

[watch44]

I think the LOC is handled by a different lending department. According to my Equifax, my cc's were pulled by the Merrifield, VA office, but my LOC was pulled by the Vienna, VA office. Merrifield seems locked on as far as reporting goes since both my cards started reporting within a month. Vienna's a bit slow on the draw though... I've read it might even take up to a few months.

[watch44]

Mine is reporting now with 0 balance. FAX'ed in the loan agreement on 10/1/2013, reporting 10/31/2013.

Type of Account :    Line of Credit (vs Revolving for CC)

Type of Loan:    Line of Credit  (vs Credit Card for CC)

Utilization super-boost!

[jgodfrey82]

I just opened mine 10 days ago and it showed up on my reports today.. I did however empty my checking to savings, then overdraft on a 2nd transfer to my savings just to see how it worked. I paid the LOC back within 10 minutes, but maybe the activity spurred the reporting? It shows $0 balance 15k available, and it didn't even cost me any interest for the 10 minutes.

Also mine shows as a loan, not a credit card as some indicated it would, anyone seen this? It still added the limit to my total available.. weird.. maybe just credit karma and amex secure credit and how they categorize it.

[watch44]

jgodfrey,

I pulled from Equifax, and the LOC (15K here also, too easy, son!) is counting as a revolving, not installment or other.

Credit Karma did not count it as one my "credit cards" however, like you said.

[jgodfrey82]

Watch44.. im so excited to have the the extra 15k available, not only for the util, but to loan to myself... I want a penfed LOC next, but I am not even a member amd heard they are tough, bit give large CL LOC?

I can envision myself writing the full 15k over to myself for use in flipping a house, car, boat, watch or anything else I can make some profit on by having the spending power. .

[watch44]

I was going to use it as my get out of jail fund. But your idea is certainly much better. 

[jgodfrey82]

I tell all my friends to remember my phone #, i got their bail money