topic Re: Navy Federal CLOC Approval! in Personal Finance

Navy Federal CLOC Approval!

Anonymous — Fri, 17 Jul 2020 19:55:43 GMT

After having my Chase Marriott Card closed this week, I have been moving all my account holdings over to NFCU to help better my relationship with them for when 91 comes. I figured I'd apply for a CLOC to have another account with them aside from checking, savings, and CD. It took several hours due to verification caused by the alert on my CR but I was approved 500$! I'm very excited to keep building my relationship with NFCU I hope this limit will grow with time the 500$ is the same amount they gave me for my Cash Rewards 🙄

Re: Navy Federal CLOC Approval!

AllZero — Fri, 17 Jul 2020 20:00:38 GMT

Congratulations on your approval!

Re: Navy Federal CLOC Approval!

Girlzilla88 — Fri, 17 Jul 2020 20:01:45 GMT

Congrats

Re: Navy Federal CLOC Approval!

Anonymous — Fri, 17 Jul 2020 20:03:31 GMT

Oops, I mistakenly posted in the wrong section. That's what I get for posting right after lasik

Re: Navy Federal CLOC Approval!

Anonymous — Fri, 17 Jul 2020 20:05:47 GMT

BOOM! Congrats on a great Navy approval!

Re: Navy Federal CLOC Approval!

JL276 — Fri, 17 Jul 2020 20:06:18 GMT

Congrats!

Re: Navy Federal CLOC Approval!

M_Smart007 — Fri, 17 Jul 2020 21:31:17 GMT

Congratulations on your Approval..

Re: Navy Federal CLOC Approval!

gingerflower — Sat, 18 Jul 2020 03:55:28 GMT

@Anonymous

Congratulations!

Re: Navy Federal CLOC Approval!

lhcole77 — Sat, 18 Jul 2020 15:58:24 GMT

Congrats @Anonymous

❤️ Navy

I just used my CLOC for the very first time. I've had it for four years. Very easy. Wrote a CLOC check to myself, deposited in USAA checking, BAM.

Enjoy your CLOC and enjoy growing your relationship with them.

Re: Navy Federal CLOC Approval!

Anonymous — Sat, 18 Jul 2020 16:09:34 GMT

I am very excited to grow this relationship with them! Although I don't think I quite understand how to use the CLOC, it's on my dashboard, but I can't transfer money into my checking from it. Do I have to write a check? If so how do I go about getting them?

Re: Navy Federal CLOC Approval!

M_Smart007 — Sat, 18 Jul 2020 18:21:40 GMT

@Anonymous wrote:
I am very excited to grow this relationship with them! Although I don't think I quite understand how to use the CLOC, it's on my dashboard, but I can't transfer money into my checking from it. Do I have to write a check? If so how do I go about getting them?

@Anonymous, Call and request NAV checks. Usually less APR to get a Cash Advance from a Navy credit card. (if you have one)

Also Navy has no cash advance fee on CC's.

Keep in mind as soon as the NAV check is cashed, interest starts accruing.

It is great to have a overdraft protection, but they have limited the CLOC CL's due to many people using for "cash advances"

Re: Navy Federal CLOC Approval!

Anonymous — Sat, 18 Jul 2020 18:30:11 GMT

Thank you for responding! I do have a Cash Rewards Card with a 150$ cash limit. The only reason I want to use it is in hopes of getting the CL larger in the future. Ideally I'd like to use the CLOC to pay bills, maxing it out a couple times every month, then paying it off immediately after. Basically as I've been doing with my Cash Rewards with 500$ limit in hopes of getting a large limit at 91 days

Re: Navy Federal CLOC Approval!

M_Smart007 — Sun, 19 Jul 2020 01:29:36 GMT

@Anonymous wrote:
Thank you for responding! I do have a Cash Rewards Card with a 150$ cash limit. The only reason I want to use it is in hopes of getting the CL larger in the future. Ideally I'd like to use the CLOC to pay bills, maxing it out a couple times every month, then paying it off immediately after. Basically as I've been doing with my Cash Rewards with 500$ limit in hopes of getting a large limit at 91 days

You could certainly try, but I am pretty sure the department that handles the CLOC's is seperate from The CC department.

IMHO, I would just use your credit card and make payment.

Re: Navy Federal CLOC Approval!

nyuphoto — Sun, 02 Aug 2020 21:37:13 GMT

Congrats on the CLOC Approval!! +1 on using CC. I would want to avoid any interest charges at all costs and as one of the mentions on this post, interest starts as soon as you use your CLOC, no grace period. Btw, which CRA did they use and do you know which scoring model? Was it TU or EQ? Fico 9, Mortgage?
Thanks in advance and congrats again!!

Re: Navy Federal CLOC Approval!

Conceptual23 — Mon, 10 Aug 2020 00:54:56 GMT

Good Stuff, congrats on your approval