topic Re: NFCU CLOC @ $500!? REALLY!!?? in Personal Finance

NFCU CLOC @ $500!? REALLY!!??

bourgogne — Fri, 12 Jul 2019 16:54:21 GMT

so I went for the cloc yesterday afternoon. around 330a I woke up to raid the kitchen and noticed an email from them. honestly I thought I was seeing things. a $ 500 counter offer to my $15K request...on what planet does this make sense...850, 0%, dti nill, $25k nfcu card (seldom used) no inq on eq, no credit in 2+ years, etc. sort of laughing and semi-insulted I called them and asked for another review. the csr was proud to say that I got the lowest rate and I am like for what, so I can finance a rake and a few bags of potting mix at the lowest rate and she laughed. I offered to upload the docs I just got from my pnc $66k bloc a week ago. it floors me, how can a lender be so far off or so different than another? I would have used pedfed as one of my cars if through them but 17.99 is a bit rich. I know, I know, its nothing personal its just credit but really lol

Re: NFCU CLOC @ $500!? REALLY!!??

Fico82 — Fri, 12 Jul 2019 17:14:46 GMT

Lol @ the potting mix and rake . That gave me a good laugh. But seriously with stats like yours maybe it was a misprint of 2 zeros missing at the end !

Re: NFCU CLOC @ $500!? REALLY!!??

Remedios — Fri, 12 Jul 2019 17:30:48 GMT

@bourgogne wrote:
so I went for the cloc yesterday afternoon. around 330a I woke up to raid the kitchen and noticed an email from them. honestly I thought I was seeing things. a $ 500 counter offer to my $15K request...on what planet does this make sense...850, 0%, dti nill, $25k nfcu card (seldom used) no inq on eq, no credit in 2+ years, etc. sort of laughing and semi-insulted I called them and asked for another review. the csr was proud to say that I got the lowest rate and I am like for what, so I can finance a rake and a few bags of potting mix at the lowest rate and she laughed. I offered to upload the docs I just got from my pnc $66k bloc a week ago. it floors me, how can a lender be so far off or so different than another? I would have used pedfed as one of my cars if through them but 17.99 is a bit rich. I know, I know, its nothing personal its just credit but really lol

Sorry about that amount but that potting mix and rake financing line is golden 😂

Re: NFCU CLOC @ $500!? REALLY!!??

iced — Fri, 12 Jul 2019 20:13:04 GMT

@bourgogne wrote:
so I went for the cloc yesterday afternoon. around 330a I woke up to raid the kitchen and noticed an email from them. honestly I thought I was seeing things. a $ 500 counter offer to my $15K request...on what planet does this make sense...850, 0%, dti nill, $25k nfcu card (seldom used) no inq on eq, no credit in 2+ years, etc. sort of laughing and semi-insulted I called them and asked for another review. the csr was proud to say that I got the lowest rate and I am like for what, so I can finance a rake and a few bags of potting mix at the lowest rate and she laughed. I offered to upload the docs I just got from my pnc $66k bloc a week ago. it floors me, how can a lender be so far off or so different than another? I would have used pedfed as one of my cars if through them but 17.99 is a bit rich. I know, I know, its nothing personal its just credit but really lol

Do you keep only a small amount in their checking account? If so, maybe they figured that's all they felt was warranted. Maybe they figured you had enough lines of credit elsewhere. Maybe they don't like their money being used for more than rakes and potting soil.

It makes me wish I could get into the banking business with all these loans I see at at stupid interest rates. I'm ok with loaning $15,000 out to low-risk people/businesses at even 8% interest. If only there were more Mainvest-like options out there, but I digress...

Re: NFCU CLOC @ $500!? REALLY!!??

Anonymous — Fri, 12 Jul 2019 20:59:23 GMT

Your scores are too high for $15K, they need to be less than 700 for best results with NFCU.

Re: NFCU CLOC @ $500!? REALLY!!??

bourgogne — Fri, 12 Jul 2019 21:40:33 GMT

I just talked with another nfcu csr and she said the $ 500 increase for the conditional approval got rejected a 2nd time. she also said she has been in the cloc area for 6 years and that UW never changes their mind on the approved amount. I dont know if this is true or not. so my options are to just take it, use it a bit and cli it at some point in the future and hope it will grow or turn it down. this has a very cap1 feeling to it all

I could also upload a note to them and try to understand why exactly they are coming up with this amount. I could also include some pics of the bloc I just got approved for and tell them because it does not have checking to me its a paperweight. basically be business like and try and reason with them. I have 13 days to accept the $ 500 or do better or turn it down.

I could also try penfed, I dont have a checking account with them so the neg is that it could result in 2 hard pulls with unknown results

I have a credit card with both, I dont use the cards with either and i dont have banking relationships with either

seems so odd to get bloc one day for doing bascially nothing and now I feel like I am back in high school

open to comments or suggestions. at this point I leaning towards the letter upload route

Thx

Re: NFCU CLOC @ $500!? REALLY!!??

Anonymous — Fri, 12 Jul 2019 23:33:10 GMT

Well you can buy a rake and potting soil but I wouldn't let that balance report Funny comment BTW.

Seriously though, your profile is perfect and the decision doesn't make sense but perhaps you have temporarily hit their internal limit for the moment?

Re: NFCU CLOC @ $500!? REALLY!!??

DaveInAZ — Sat, 13 Jul 2019 02:22:02 GMT

A rake & potting soil?? You need to think bigger, you could finance a swimming pool with that . . .

Re: NFCU CLOC @ $500!? REALLY!!??

Anonymous — Fri, 12 Jul 2019 23:52:33 GMT

Credit unions generally don’t like to give loans to people who won’t use them. I think your lack of credit use is working against you in this case because they would rather lend to people who will use it.

Re: NFCU CLOC @ $500!? REALLY!!??

AverageJoesCredit — Fri, 12 Jul 2019 23:54:08 GMT

The problem i see is that the Cloc wasnt sponsered by Chase

On the real, maybe they saw nonuse of their 25k cc and saw all your exposure with Chase snd figured $500 was sufficient. Even Navy can think someone has too much credit.

Re: NFCU CLOC @ $500!? REALLY!!??

tcbofade — Fri, 12 Jul 2019 23:56:38 GMT

I was wondering why DW and I suddenly BOTH have offers for CLOCs...

Re: NFCU CLOC @ $500!? REALLY!!??

CreditInspired — Sat, 13 Jul 2019 00:00:33 GMT

@bourgogne wrote:
so I went for the cloc yesterday afternoon. around 330a I woke up to raid the kitchen and noticed an email from them. honestly I thought I was seeing things. a $ 500 counter offer to my $15K request...on what planet does this make sense...850, 0%, dti nill, $25k nfcu card (seldom used) no inq on eq, no credit in 2+ years, etc. sort of laughing and semi-insulted I called them and asked for another review. the csr was proud to say that I got the lowest rate and I am like for what, so I can finance a rake and a few bags of potting mix at the lowest rate and she laughed. I offered to upload the docs I just got from my pnc $66k bloc a week ago. it floors me, how can a lender be so far off or so different than another? I would have used pedfed as one of my cars if through them but 17.99 is a bit rich. I know, I know, its nothing personal its just credit but really lol

I agree with everyone else — so I can finance a rake and a few bags of potting mix — PRICELESS!

Okay, now onto being serious.

Your stats:

score 850

UT 0%

dti nill

$25k nfcu card (seldom used)

no inq on eq

no credit in 2+ years

This my take on it and also IMHO. As far as NFCU is concerned, you’re not spending any money because you have 0 UT. Since your DTI is nil, you have no credit history at this moment in time. They gave you a $25K card that you seldom use; so, they cant even make any money off swipe fees. And to top it off, you’re offering to upload PNC $66K bloc approval.

My thoughts—and maybe NFCUs reason—is why do you need more than $500. You’re not using what they have already provided. That $15K can be given to someone who will use it.

I see the $500 as a peace offering, a jesture to let you know they like you, they want to do business with you, but they want you to like them too. They want to see if you will use it. And, if I were you, I would accept it, and over the next 91 days I would start putting quite a bit of spend on my NFCU card (utilities, cell phone, groceries, subscriptions, insurance, etc). Then after 3 statements, I would ask for a CLI on the CLOC.

You see, the pendulum swings both ways. You both have to work together to make each other happy.

Well that’s my take on it anyway.

Re: NFCU CLOC @ $500!? REALLY!!??

bourgogne — Sat, 13 Jul 2019 00:15:27 GMT

@CreditInspired wrote:
@bourgogne wrote:
so I went for the cloc yesterday afternoon. around 330a I woke up to raid the kitchen and noticed an email from them. honestly I thought I was seeing things. a $ 500 counter offer to my $15K request...on what planet does this make sense...850, 0%, dti nill, $25k nfcu card (seldom used) no inq on eq, no credit in 2+ years, etc. sort of laughing and semi-insulted I called them and asked for another review. the csr was proud to say that I got the lowest rate and I am like for what, so I can finance a rake and a few bags of potting mix at the lowest rate and she laughed. I offered to upload the docs I just got from my pnc $66k bloc a week ago. it floors me, how can a lender be so far off or so different than another? I would have used pedfed as one of my cars if through them but 17.99 is a bit rich. I know, I know, its nothing personal its just credit but really lol
I agree with everyone else — so I can finance a rake and a few bags of potting mix — PRICELESS!

Okay, now onto being serious.
Your stats:
score 850
UT 0%
dti nill
$25k nfcu card (seldom used)
no inq on eq
no credit in 2+ years

This my take on it and also IMHO. As far as NFCU is concerned, you’re not spending any money because you have 0 UT. Since your DTI is nil, you have no credit history at this moment in time. They gave you a $25K card that you seldom use; so, they cant even make any money off swipe fees. And to top it off, you’re offering to upload PNC $66K bloc approval.

My thoughts—and maybe NFCUs reason—is why do you need more than $500. You’re not using what they have already provided. That $15K can be given to someone who will use it.

I see the $500 as a peace offering, a jesture to let you know they like you, they want to do business with you, but they want you to like them too. They want to see if you will use it. And, if I were you, I would accept it, and over the next 91 days I would start putting quite a bit of spend on my NFCU card (utilities, cell phone, groceries, subscriptions, insurance, etc). Then after 3 statements, I would ask for a CLI on the CLOC.

You see, the pendulum swings both ways. You both have to work together to make each other happy.

Well that’s my take on it anyway.

hey, so listen - thank you for taking the time to respond, I do appreciate it. I have been all over every forum for the past week and I am not intending to drive everyone insane. my util is reporting 0 but there are some minor balances out there. I play and pif, always have always will. I totally understand what you are saying. I will write to nfcu and see if they will offer me more but my bet is they will stay firm. why should I move forward with them if dcu will give me $5K at probably lower rate. does the same thing a cloc will, maybe more as I now have a credit card. the only reason I am going through this exercise is that pnc will not give me a checking in socal that I can use for overdraft. nfcu will not cli me because my use will be too low. actually they kind of pissed me off with this. I know, I got what I deserve, I get it. still pissed off. should have just used penfed, they were excellent on my car loan, near instant

https://ficoforums.myfico.com/t5/Credit-Card-Applications/DCU-EXPERT-LEVEL-NEEDED-STAT/td-p/5677430

Re: NFCU CLOC @ $500!? REALLY!!??

Remedios — Sat, 13 Jul 2019 00:16:50 GMT

I think @CreditInspired is spot on, and that goes for any lender for any product

They give us something and expect to get something in return. That would be like adding food on plate when it's pretty clear person wont take a single bite. Show them some love, too.

There is life away from Chase, and you may want to foster a few other mutually beneficial financial relationships

Re: NFCU CLOC @ $500!? REALLY!!??

bourgogne — Sat, 13 Jul 2019 00:23:43 GMT

@Remedios wrote:
I think @CreditInspired is spot on, and that goes for any lender for any product

They give us something and expect to get something in return. That would be like adding food on plate when it's pretty clear person wont take a single bite. Show them some love, too.
There is life away from Chase, and you may want to foster a few other mutually beneficial financial relationships

I get what you are saying, i really do. unfortunately the mindset I have is I lose when I dont spend on chase or amex. I guess its finially cause up with me. I can see it with what DCU offered me on a card (app thread) $5K. because I have been using primarly biz cards for years I look dead on the CRAs. basically I have done myself in, great scores and a card system that works but when I try to app outside it I fall flat. wow, what a bummer

Re: NFCU CLOC @ $500!? REALLY!!??

AverageJoesCredit — Sat, 13 Jul 2019 00:50:24 GMT

Actually, Navy normally does not budge on Cloc approvals. What you get is what you get until later where you might get a cli. Getting 5k from DCU and still not happy? I know alot of people with high limits EXPECT high limits in return for any app they do but sometimes we need to swallow the ego pill and realize some offers are better than most get. If not, ones perogative, is to keep searching for the lender who will give you what you want.

Re: NFCU CLOC @ $500!? REALLY!!??

tcbofade — Sat, 13 Jul 2019 01:15:56 GMT

@AverageJoesCredit wrote:
Actually, Navy normally does not budge on Cloc approvals. What you get is what you get until later where you might get a cli. Getting 5k from DCU and still not happy? I know alot of people with high limits EXPECT high limits in return for any app they do but sometimes we need to swallow the ego pill and realize some offers are better than most get. If not, ones perogative, is to keep searching for the lender who will give you what you want.

JUST went through that with DW. (She's uppity! ) She applied for CSP on a preapproval, got $18.5k. She later applied for a Citi Double Cash card was less than impressed with her $8k starting limit.

As you mentioned, there are always other lenders out there if one feels the need...

Re: NFCU CLOC @ $500!? REALLY!!??

AverageJoesCredit — Sat, 13 Jul 2019 01:40:10 GMT

Lol, wow @tcbofade, i think you should show you wifey the normal sl that the vast majority receive on DC. 8K is like getting 10k out of the gate with Disco

Re: NFCU CLOC @ $500!? REALLY!!??

FinStar — Sat, 13 Jul 2019 02:28:09 GMT

@bourgogne wrote:
@Remedios wrote:
I think @CreditInspired is spot on, and that goes for any lender for any product

They give us something and expect to get something in return. That would be like adding food on plate when it's pretty clear person wont take a single bite. Show them some love, too.
There is life away from Chase, and you may want to foster a few other mutually beneficial financial relationships
I get what you are saying, i really do. unfortunately the mindset I have is I lose when I dont spend on chase or amex. I guess its finially cause up with me. I can see it with what DCU offered me on a card (app thread) $5K. because I have been using primarly biz cards for years I look dead on the CRAs. basically I have done myself in, great scores and a card system that works but when I try to app outside it I fall flat. wow, what a bummer

You pretty much hit it on the nail to a great extent, but if you need an extra rake or potting soil financing I can help LOL. Yeah, I can only imagine the reaction upon learning that there were no extra $00's to that CLOC approval. Nonetheless, there's always options.

Re: NFCU CLOC @ $500!? REALLY!!??

CreditInspired — Sat, 13 Jul 2019 10:41:31 GMT

@Remedios wrote:
I think @CreditInspired is spot on, and that goes for any lender for any product

They give us something and expect to get something in return. That would be like adding food on plate when it's pretty clear person wont take a single bite. Show them some love, too.
There is life away from Chase, and you may want to foster a few other mutually beneficial financial relationships

Ditto.