topic NFCU CLOC in Personal Finance

NFCU CLOC

Anonymous — Mon, 07 Aug 2017 20:01:18 GMT

Hi Everyone,

There are alot of posts some with 300+ pages, and i made it thru alot of them. I was curious as to data points on a NFCU CLOC (navcheck). I know as always YMMV, but i was curious as to those who have one and how much more of your profile, income was considered to getting one.

Thanks

Re: NFCU CLOC

Anonymous — Mon, 07 Aug 2017 20:15:27 GMT

Wondering if anyone got Apr% reduction one? Before??

Re: NFCU CLOC

Anonymous — Mon, 07 Aug 2017 23:31:21 GMT

The CLOC setup and app is handled by the Loan Department by Navy ( although once setup it's basically treated like a CC account w/o the card)

This is important IMO because IMO one might want to double up the HP with a Car loan ( like me) or PL but remember the double up can't be a CC app because the CC department pulls a different type of HP and is evaluated totally separate... important IMO to manage HP as a 2fer1 is great if at all possible.

I wanted a auto pre approval, so my CLOC was a throw in I don't know I would have applied for otherwise

I don't think income is anymore sensitive than with a CC app

Ask for the max
Take the counter if offered then CLI later

Re: NFCU CLOC

Anonymous — Tue, 08 Aug 2017 00:12:50 GMT

I have a question about the CLOC. After talking to the rep today at NFCU he told me it would show up as "inactive" on my account until I actually used this CL for a purchase. Does that mean it won't show up on my CR as a $10,000.00 CL (that's what I was approved for) until I "activate it" or am I misunderstanding what he was talking about?

Re: NFCU CLOC

Anonymous — Tue, 08 Aug 2017 00:37:40 GMT

@AirTroop

Mine showed ...

Re: NFCU CLOC

Anonymous — Wed, 09 Aug 2017 12:42:55 GMT

@Anonymous wrote:
I have a question about the CLOC. After talking to the rep today at NFCU he told me it would show up as "inactive" on my account until I actually used this CL for a purchase. Does that mean it won't show up on my CR as a $10,000.00 CL (that's what I was approved for) until I "activate it" or am I misunderstanding what he was talking about?

@Anonymous Would you mind sharing data points? The reason i started this was to find data points as if i was likely or unlikely to be able to get one

Re: NFCU CLOC

nupey10 — Wed, 09 Aug 2017 13:16:59 GMT

I just applied/received CLOC from NFCU yesterday.

As much as I LOVE LOVE LOVE this board, this is kinda where it can "hurt".... information overload

I didn't remember where applying for CC and CLOC is 2 HPs

I got the CC and CLOC yesterday.

The application does ask for income information, rent or home buying information, and employer/job information.

With OT which I can pretty much count on year after year I am <=> 110K

Not sure which bureau they pulled yet but if it was TU I am >800

I only asked for 10K.... wish I would have asked for the whole 15K but its really for emergency and if needed fixing up my house to get ready for sale

As soon as my house sales I am dumping Digital F.C.U. and making Navy my primary!!

Re: NFCU CLOC

Anonymous — Wed, 09 Aug 2017 13:59:24 GMT

Thanks Nupey.

My income and scores are a bit less than yours, so i'll just have to cross fingers, toes and anything else i have in pairs just in case

Re: NFCU CLOC

Anonymous — Wed, 09 Aug 2017 16:58:26 GMT

@Jago22

Hey,what are scores....and CL on NFCU CC

Re: NFCU CLOC

Anonymous — Wed, 09 Aug 2017 17:01:40 GMT

@Anonymous wrote:
@Anonymous

Hey,what are scores....and CL on NFCU CC

i'm 600-620 currently, but i'm working on getting my UTIL down, and the cc is only 1k i'm just past the 91/3 but i'd like to have >5% which i will soon to request the CLI.

Re: NFCU CLOC

AverageJoesCredit — Wed, 09 Aug 2017 17:09:09 GMT

Hi MILOfico, scores are whats generated each month for maintaning credit , good or bad, through thick or thin, the other letters are just code for Navy rocks

Re: NFCU CLOC

Anonymous — Wed, 09 Aug 2017 17:13:31 GMT

Yes,once util. Down you will be fine

Re: NFCU CLOC

Anonymous — Wed, 09 Aug 2017 17:24:56 GMT

@Anonymous wrote:
Yes,once util. Down you will be fine

I'm hoping, when i go for the CLI, i'm also going to try for a second card and cloc. get it all done at once and if it works great if not, just chill for another 12 months or so

Re: NFCU CLOC

Anonymous — Wed, 09 Aug 2017 17:30:49 GMT

Hey,AverageJoesCredit they do rock!!! Rite now they got me CD crazy😵 ....

Soon they will have it all ..........all I tell you AJC!!!

Re: NFCU CLOC

Anonymous — Wed, 09 Aug 2017 18:20:03 GMT

@Jago22

Not bad plan at all

Re: NFCU CLOC

Anonymous — Wed, 09 Aug 2017 18:40:02 GMT

@Anonymous wrote:
@Anonymous

Not bad plan at all
Thanks. i have seen lesser get more, so i'm hopeful. I know there is alot to a profile and YMMV but i figure its worth a shot.

Re: NFCU CLOC

Anonymous — Wed, 09 Aug 2017 19:31:43 GMT

@Jago22

They are very good bank to have on ...ones fico journey....so far very generous😆

Re: NFCU CLOC

Anonymous — Wed, 09 Aug 2017 19:45:37 GMT

@Anonymous wrote:
@Anonymous

They are very good bank to have on ...ones fico journey....so far very generous😆

Very much so. they gave me that card when all i could get was low secured cards. I have seen stories of great increases and here lately some stories of navy might be tightening up a bit, so i'm not sure what i can/would be able to get but i figure if i dont try i'll never know.

Re: NFCU CLOC

Anonymous — Thu, 10 Aug 2017 01:13:52 GMT

@Anonymous wrote:
@Anonymous wrote:
I have a question about the CLOC. After talking to the rep today at NFCU he told me it would show up as "inactive" on my account until I actually used this CL for a purchase. Does that mean it won't show up on my CR as a $10,000.00 CL (that's what I was approved for) until I "activate it" or am I misunderstanding what he was talking about?
@Anonymous Would you mind sharing data points? The reason i started this was to find data points as if i was likely or unlikely to be able to get one

OK, I joined NFCU in December, 2016 by opening a savings account with $75. With my 650'(ish) TU score, I immediately applied for their Signature Visa Rewards card and was shocked to be approved for $5000 since I had several cards, most ranging between $1k & $2.5k each. In the last 7 +or- months with them, I've applied for a few CLI's, denied every time. The last explanation for denial was insuffient income ($53k/yr, too many recent inquiries (look up my first post here and you'll understand - lonnnng story!) and too many new accounts. I called them up and asked for some mercy and a CLI despite all of the noted, pleading my case. The L/O told me "No. Try again in a few months and keep your account in good standing."

I asked her (I read about the CLOC on here) if there was anyway I could apply for the CLOC and the L/O informed me that was a whole different department, would require another hard-pull and I asked her why another HP? She informed me that department pulled up a whole different report than the one they used for my CLI request. I told her to please transfer me to that department and she did.

The other lady was very pleasant, explained all of the in's and out's of a CLOC and and I explained all of my concerns about another HP on my report and she asked very detailed questions as to why, which I answered honestly. I explained I developed an emergency strategy to rebuild my credit back into the high 700's after a financially nasty divorce (again, see my first post here), including crappy cards with high AF's, crappy store cards, then replacing them with premium cards along the way - never dropping my available credit limit but keeping it at a slow climb all the while. She asked questions during all of this and then she asked me if I wanted to "go for it" and see what happens. I told her "why the heck not" and she asked me for how much. I said I'd be glad just to start out with $10k (I know, I've since learned always ask for the maximum since). 10 seconds later, she said "Congratulations! Your CLOC has been approved!" Again - SHOCK.

So anyway, I hope this answers your question :-)

Re: NFCU CLOC

Anonymous — Thu, 10 Aug 2017 16:08:04 GMT

@Anonymous wrote:
OK, I joined NFCU in December, 2016 by opening a savings account with $75. With my 650'(ish) TU score, I immediately applied for their Signature Visa Rewards card and was shocked to be approved for $5000 since I had several cards, most ranging between $1k & $2.5k each. In the last 7 +or- months with them, I've applied for a few CLI's, denied every time. The last explanation for denial was insuffient income ($53k/yr, too many recent inquiries (look up my first post here and you'll understand - lonnnng story!) and too many new accounts. I called them up and asked for some mercy and a CLI despite all of the noted, pleading my case. The L/O told me "No. Try again in a few months and keep your account in good standing."

I asked her (I read about the CLOC on here) if there was anyway I could apply for the CLOC and the L/O informed me that was a whole different department, would require another hard-pull and I asked her why another HP? She informed me that department pulled up a whole different report than the one they used for my CLI request. I told her to please transfer me to that department and she did.

The other lady was very pleasant, explained all of the in's and out's of a CLOC and and I explained all of my concerns about another HP on my report and she asked very detailed questions as to why, which I answered honestly. I explained I developed an emergency strategy to rebuild my credit back into the high 700's after a financially nasty divorce (again, see my first post here), including crappy cards with high AF's, crappy store cards, then replacing them with premium cards along the way - never dropping my available credit limit but keeping it at a slow climb all the while. She asked questions during all of this and then she asked me if I wanted to "go for it" and see what happens. I told her "why the heck not" and she asked me for how much. I said I'd be glad just to start out with $10k (I know, I've since learned always ask for the maximum since). 10 seconds later, she said "Congratulations! Your CLOC has been approved!" Again - SHOCK.

So anyway, I hope this answers your question :-)

Thanks, i appreciate it. i'm hoping mine will go smoothly, and i can share the story on here as well.