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NFCU CLOC category

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NFCU CLOC category

How will the NFCU CLOC be reported in CR? Under revolving credit or installment loan?
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Re: NFCU CLOC category

revolving

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Re: NFCU CLOC category


Internationalstudent wrote:
How will the NFCU CLOC be reported in CR? Under revolving credit or installment loan?

@TygerHawkeis correct.

 

This is a common question involving PLOCs and CLOCs.  One easy way to know how it is going to report is that installment loans have fixed monthly payments while revolving credit does not have set amounts as the payments are based on usage.  The same is true for line of credit account as your payments are determined by your usage.

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