Credit Cards

[mymy]

i am wondering if anyone has done a CLI with Navy Fed, on the NaVcheck LOC?

my CL now is 15K and i got that whith EQ score 679 about 3 months ago, my EQ now is 702, any chance of a CLI? 

thanks

[timber]

I think you're already at the max for NFCU Navchek LOC. Their terms say max CL of 15K.

I'm at 10K hoping to go to 15K at my 1 year anniversary or by end of the year.

[mymy]

thanks timber...

i went back and found the fine print

can you have both a NavChek AND signature LOC?

[FaircreditguyFL]

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mymy wrote:

thanks timber...

i went back and found the fine print

can you have both a NavChek AND signature LOC?

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Your LOC CAN be higher than $15,000 but it requires financial documentation. Yes, you can have NavCheck LOC and signature LOAN.

[FretlessMayhem]

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FaircreditguyFL wrote:

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mymy wrote:

thanks timber...

i went back and found the fine print

can you have both a NavChek AND signature LOC?

---

Your LOC CAN be higher than $15,000 but it requires financial documentation. Yes, you can have NavCheck LOC and signature LOAN.

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What is the difference between the signature loan and the NavCheck? I always assumed the signature loan was a standard installment loan.

[cheddar]

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FretlessMayhem wrote:

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FaircreditguyFL wrote:

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mymy wrote:

thanks timber...

i went back and found the fine print

can you have both a NavChek AND signature LOC?

---

Your LOC CAN be higher than $15,000 but it requires financial documentation. Yes, you can have NavCheck LOC and signature LOAN.

---

What is the difference between the signature loan and the NavCheck? I always assumed the signature loan was a standard installment loan.

---

It is.  A signature loan is a standard installment loan, while the NavCheck is a revolving LOC.

[CanDoAttitude]

Hey Fretless,

Navy Fed just approved me for both of those products last week,

so I can answer that question.

NAVChek is a Line of Credit (LOC). The current rate is 12.5%

and it reports to the credit bureaus as a revolving account just

like a credit card. Limits range from $500 to $15,000 max.

A Signature Loan is an installment loan (just like a car loan).

Rates are 11-18% depending on your Equifax FICO score.

I'm not sure of the limits, but many forum members have reported

getting 10-15k. The length of the installment loan is 1 to 5 years.

Hope this helps. Enjoy the day!

CanDo

"The right attitude is everything"

[FretlessMayhem]

Thanks Cheddar and CanDo. That's what I thought it was, but for some reason I got the impression it was another type of revolving account based on the way I read the post.

[mymy]

when i applied  and was approved for my LOC, i had to send them some additional info like pay stubs and employment verification...

then i was approved....

if i apply for a signature loan, do you think i would need to supply them with the same info, or do they go by the info i already sent them?

[aer7372]

I have both the Signature and LOC.  I've had the LOC for 2 1/2 months and asked for a CLI from $4000 to $8000 and was granted it after 24 hours.  I didn't need to send any additional documentation.  It showed online the next day.