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Frequent Contributor
Posts: 322
Registered: ‎05-04-2017

NFCU CLOC Approval

I'm happy to say that with getting my 90 day CLI on my Platinum card with Navy, I decided to shoot for the CLOC!

I was approved for it 3 months ago, but they had countered me with $3500 over the $15k requested, but I decided to decline it at that time.

I really wasn't expecting them to approve me but they did for the full $15k. I just have to wait to get the documents and sign them to get it activated but I'm ecstatic!

I did have a question about the CLOC, how does that report on your credit report? Is it shown as a installment account or a revolving credit line? Didn't know if it would help with my UTI or not.
Starting Score: EQ 606 TU 623 EX 598 - April 17'
Current Score: EQ 648 TU 644 EX 667 - August 17'
Goal Score: EX 750 TU 750 EX 750


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Moderator
Posts: 15,043
Registered: ‎10-07-2014

Re: NFCU CLOC Approval

Congrats on the approval.  It is reported as a revolving credit account just like a credit card so yes it helps with utilization.

Frequent Contributor
Posts: 322
Registered: ‎05-04-2017

Re: NFCU CLOC Approval

Thanks! That's great news for me. I'm sitting at 21% right now and was hoping to drop it a little.
Starting Score: EQ 606 TU 623 EX 598 - April 17'
Current Score: EQ 648 TU 644 EX 667 - August 17'
Goal Score: EX 750 TU 750 EX 750


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Super Contributor
Posts: 14,732
Registered: ‎11-11-2014
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Re: NFCU CLOC Approval

Congrats on the approval.. 

Frequent Contributor
Posts: 322
Registered: ‎05-04-2017

Re: NFCU CLOC Approval

Thanks! Got the paperwork yesterday and sent it back. Woohoo! 👍
Starting Score: EQ 606 TU 623 EX 598 - April 17'
Current Score: EQ 648 TU 644 EX 667 - August 17'
Goal Score: EX 750 TU 750 EX 750


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Super Contributor
Posts: 6,305
Registered: ‎02-24-2015
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Re: NFCU CLOC Approval


VelosterBEAR wrote:
I'm happy to say that with getting my 90 day CLI on my Platinum card with Navy, I decided to shoot for the CLOC!

I was approved for it 3 months ago, but they had countered me with $3500 over the $15k requested, but I decided to decline it at that time.

I really wasn't expecting them to approve me but they did for the full $15k. I just have to wait to get the documents and sign them to get it activated but I'm ecstatic!

I did have a question about the CLOC, how does that report on your credit report? Is it shown as a installment account or a revolving credit line? Didn't know if it would help with my UTI or not.

It shows up with different 'names' on different bureaus, but in all cases it reports as a revolving account.

 

 


FICO8 EQ 736 TU 743 EX 733 FICO5 EQ 707 Total revolving 422500
Frequent Contributor
Posts: 457
Registered: ‎08-26-2016
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Re: NFCU CLOC Approval

What are your data points if you don't mind me asking? And congratulations btw. Dv
Frequent Contributor
Posts: 322
Registered: ‎05-04-2017
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Re: NFCU CLOC Approval

Scores are in my signature but my AAoA is 1 year and 3 months, UTIL is 21%, and I probably had about 15 inquiries.
Starting Score: EQ 606 TU 623 EX 598 - April 17'
Current Score: EQ 648 TU 644 EX 667 - August 17'
Goal Score: EX 750 TU 750 EX 750


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Frequent Contributor
Posts: 322
Registered: ‎05-04-2017
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Re: NFCU CLOC Approval

I know this might be a dumb question but how exactly do you use your line of credit? I was wanting to take out against it in order to pay my wife's IRS bill off.

Would I just make the payment to the IRS through my NFCU checking account and when that posts it'll automatically pull from the line of credit and then I pay that off?

Any help would be great, thanks!
Starting Score: EQ 606 TU 623 EX 598 - April 17'
Current Score: EQ 648 TU 644 EX 667 - August 17'
Goal Score: EX 750 TU 750 EX 750


Take the myFICO Fitness Challenge
Moderator
Posts: 15,043
Registered: ‎10-07-2014

Re: NFCU CLOC Approval


VelosterBEAR wrote:
I know this might be a dumb question but how exactly do you use your line of credit? I was wanting to take out against it in order to pay my wife's IRS bill off.

Would I just make the payment to the IRS through my NFCU checking account and when that posts it'll automatically pull from the line of credit and then I pay that off?

Any help would be great, thanks!

If your payment takes your balance to below $0 then the LOC will kick in and take the money from there.  Other options to use the LOC are the checks that come with it.  You can then pay any entity directly with those checks.  Alternatively you can write a check to yourself and deposit that into another bank account, even another NFCU one.  You just can't deposit the check into the same account that the LOC is attached to.   Hope this helps.

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