topic Re: NFCU CLOC Approval in Personal Finance

NFCU CLOC Approval

Anonymous — Sun, 03 Sep 2017 06:28:41 GMT

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.

Re: NFCU CLOC Approval

Anonymous — Sun, 03 Sep 2017 08:59:22 GMT

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

Re: NFCU CLOC Approval

Anonymous — Sun, 03 Sep 2017 22:34:19 GMT

Thanks! That's great news for me. I'm sitting at 21% right now and was hoping to drop it a little.

Re: NFCU CLOC Approval

Anonymous — Tue, 05 Sep 2017 18:02:13 GMT

Congrats on the approval..

Re: NFCU CLOC Approval

Anonymous — Thu, 07 Sep 2017 04:03:05 GMT

Thanks! Got the paperwork yesterday and sent it back. Woohoo! 👍

Re: NFCU CLOC Approval

SouthJamaica — Thu, 07 Sep 2017 16:29:31 GMT

@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.

Re: NFCU CLOC Approval

Anonymous — Thu, 07 Sep 2017 17:49:25 GMT

What are your data points if you don't mind me asking? And congratulations btw. Dv

Re: NFCU CLOC Approval

Anonymous — Fri, 08 Sep 2017 02:23:24 GMT

Scores are in my signature but my AAoA is 1 year and 3 months, UTIL is 21%, and I probably had about 15 inquiries.

Re: NFCU CLOC Approval

Anonymous — Tue, 12 Sep 2017 05:06:27 GMT

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!

Re: NFCU CLOC Approval

Anonymous — Tue, 12 Sep 2017 12:37:08 GMT

@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.

Re: NFCU CLOC Approval

Anonymous — Tue, 12 Sep 2017 19:07:09 GMT

Thank you! Info definitely helps me out.

Re: NFCU CLOC Approval

Anonymous — Thu, 21 Sep 2017 14:41:11 GMT

Hi,

I'm in the exact same boat. Just got approved for the CLOC after being rejected in January 2015. I also will use it for next year's tax bill. It looks like I didn't get a hard pull on it. Too bad, I had applied for a high interest discover loan and was denied before applying for the CLOC which I didn't think I'd get. I've piled up the hard pulls due to car purchase, attempt to buy a home, renting an appartment and my loan apps. Still score is around 740. NFCU is great. A bennie for being a disabled vet.

Re: NFCU CLOC Approval

Anonymous — Sat, 23 Sep 2017 00:16:11 GMT

Congrats! Did you get the full $15k or did they counter you with another amount? NFCU is definitely great!

Re: NFCU CLOC Approval

Anonymous — Sun, 24 Sep 2017 05:31:16 GMT

I was instantly approved for the 15K @13.9%. The paperwork arrived today and I sent it right back. No checks arrived.

Re: NFCU CLOC Approval

Anonymous — Tue, 26 Sep 2017 11:17:50 GMT

Nice! I got the checks about 5 to 7 days after they got the paperwork back and processed it.

Re: NFCU CLOC Approval

Scupra — Tue, 26 Sep 2017 16:27:37 GMT

@VelosterBEAR wrote:
Scores are in my signature but my AAoA is 1 year and 3 months, UTIL is 21%, and I probably had about 15 inquiries.

Remember that if you don't set up a mobile signature, there is nothing in your signature when someone is viewing on mobile

Re: NFCU CLOC Approval

Anonymous — Wed, 27 Sep 2017 09:40:00 GMT

Ahh... that would explain why I never see mine from when I login through my laptop.

Quick score update is that I am EQ 644, TU 641, and EX 666!

Re: NFCU CLOC Approval

Anonymous — Wed, 27 Sep 2017 12:58:46 GMT

Congratulations! All the best)

Re: NFCU CLOC Approval

Scupra — Wed, 27 Sep 2017 16:42:13 GMT

Great job not giving up when you weren't approved for the full amount at first. Congrats on the full $15k!!

Re: NFCU CLOC Approval

Anonymous — Wed, 27 Sep 2017 17:52:26 GMT

Thanks! I figured I was better off not accepting it and asking again once I built up some history. Just glad that it paid off!