topic Re: NFCU CLOC - thoughts? in Personal Finance

NFCU CLOC - thoughts?

RobynJ — Wed, 04 May 2022 22:39:08 GMT

I hope this question isn't being asked in the wrong place but is it good for my credit to get a CLOC from NFCU? I'm in the process of my build and have the NRewards, 2 Certificate's, savings, checking, and an SSL already. Would it be smart to add this or should I wait?

Re: NFCU CLOC - thoughts?

FinStar — Wed, 04 May 2022 22:44:12 GMT

I would do a little more research as to whether the CLOC fits your short term/long term goals. The NFCU CLOC limits are not what they used to be, but the thread below can provide some insight:

https://ficoforums.myfico.com/t5/Personal-Finance/NFCU-CLOC-Data-Points/m-p/6495736

Re: NFCU CLOC - thoughts?

RobynJ — Thu, 05 May 2022 03:34:59 GMT

Thank you. I don't really need this for the line of credit but thought having a different credit for diversity.
My DP's are;

current score TU/779 EQ/768
INQ TU/2 EQ/1 EX/2

cap1 plat secured $301 SL Feb 2022

disc it secured $300 SL Feb 2022

open sky secured $200 SL Feb 2022

NFCU NRewards secured $200 March 2022

NFCU SSL $3000/36 months March 2022

(paid down to $265 April 2022)

amex blue AU $30,000 April 2022

I also started a savings and checking account with NFCU in March 2022 plus in April 2022 opened 2 savings certificates 1-$1000 1-100 (and have been adding $100 every 2 weeks)

I started with a completely blank file as I didn't have any credit for years.
I have been adding to my savings also every week and started with a 3k balance and is now over $5600 plus the certificates and the checking balance of $2800. I haven't been taking any money out of the accounts except a few $20--$30 charges (all in $135 spent from checking card)

I also have started an account with Del-One FCU and have a checking and savings there and add $100 to each account each week. I plan to open a certificate there also and my next card I would like to get with them. I think (correct me if wrong) the building of a relationship with these two CU will help me over time more so than the main stream banks.
Any thoughts to further help my build? Changes anyone suggests? Thank you

Re: NFCU CLOC - thoughts?

SouthJamaica — Thu, 05 May 2022 12:58:54 GMT

@RobynJ wrote:
I hope this question isn't being asked in the wrong place but is it good for my credit to get a CLOC from NFCU? I'm in the process of my build and have the NRewards, 2 Certificate's, savings, checking, and an SSL already. Would it be smart to add this or should I wait?

I don't think you need it but it's possible that it fills out your credit mix. I would wait and see if your credit mix is less than "excellent". If so, you could add that.

It's good as a protection against checking overdrafts.

It winds up getting scored like a credit card.

The interest rate isn't great, so if possible it's better to have it but not to use it.

Re: NFCU CLOC - thoughts?

tcbofade — Mon, 09 May 2022 21:53:50 GMT

As mentioned above, it will report like a credit card so I don't see it helping your credit report in any way.

If you want it for the overdraft protection, by all means grab it.

Re: NFCU CLOC - thoughts?

RobynJ — Mon, 09 May 2022 23:38:57 GMT

@tcbofade wrote:
As mentioned above, it will report like a credit card so I don't see it helping your credit report in any way.

If you want it for the overdraft protection, by all means grab it.

Thanks, I was under the assumption that a LOC was a little different than a CC in terms of helping with the diversity of accounts. Since it's not I am not going to even think about it. I never run my checking low with them as I rarely use it mainly use Citizens for checking and to deposit then push money to my NFCU accounts. I use the check card about twice maybe a month with a small charge but that's about it.