Navy Fed CLOC suspension

Anonymous · ‎03-28-2018

I have a Navy Fed Cloc 22nd had been behind in payments. I was in contact with the bank and making small payments when I could. Right before I made a large payment to bring the clog current and to pay it half way down. They suspends my line of credit. I thought it I started paying regular on time payments that it would be restored. After, speaking with customer service today, I was told it could not be restored and if I wanted another Cloc I would have to apply for another checking account. Is this true?. Has anyone had any succses getting a CLOC suspension reversed? Thank you.

Anonymous · ‎03-28-2018

@Anonymouswrote:
I have a Navy Fed Cloc 22nd had been behind in payments. I was in contact with the bank and making small payments when I could. Right before I made a large payment to bring the clog current and to pay it half way down. They suspends my line of credit. I thought it I started paying regular on time payments that it would be restored. After, speaking with customer service today, I was told it could not be restored and if I wanted another Cloc I would have to apply for another checking account. Is this true?. Has anyone had any succses getting a CLOC suspension reversed? Thank you.

You only need to re-apply for a checking line of credit. They closed the current account because you're considered too risky for their liking.

Anonymous · ‎03-28-2018

Thanks for the reply!!
Got it.... Will do after I pay this CLOC off. Do they usually approve another cloc after one has been closed?

AverageJoesCredit · ‎03-28-2018

Id imagine they could but if they view you too big a risk i wouldnt count on it.

Anonymous · ‎03-28-2018

I don’t think they would since you are showing a history to them of having difficulty paying your bills on time. Did they say it was likely? Maybe not having it is better for your situation?

Anonymous · ‎03-29-2018

bunnimom ... considering your present payment history you may need to consider what type of short and long term debt you can manage. What would change if you got the closed Line of Credit paid off and you obtain another line of credit? Referring to your capacity to manage debt payments.