topic Re: Steps to Using NFCU CLOC in Personal Finance

Steps to Using NFCU CLOC

Anonymous — Sun, 02 Dec 2018 23:26:37 GMT

What are the exact steps to using the NFCU CLOC? I am still unsure how it is done. I have had the account for a couple of years and received a message that if not used it might disappear. I have the PenFed PLOC and have no problem. It is embarrassing to ask, but better to ask and know. Thanks in advance.

I particularly wonder how to use it without writing a check. Isn't that possible?

Re: Steps to Using NFCU CLOC

UncleB — Mon, 03 Dec 2018 00:04:56 GMT

@Anonymous wrote:
What are the exact steps to using the NFCU CLOC? I am still unsure how it is done. I have had the account for a couple of years and received a message that if not used it might disappear. I have the PenFed PLOC and have no problem. It is embarrassing to ask, but better to ask and know. Thanks in advance.

I particularly wonder how to use it without writing a check. Isn't that possible?

I don't have it myself so I'll have to defer to others for specifics, but if I recall correctly you can have them send you a separate set of checks just for accessing the CLOC.

I would find it strange to purposely overdraft for the purpose of using the CLOC and using a separate CLOC check would be my preferred method (assuming they are available).

Re: Steps to Using NFCU CLOC

Jnbmom — Mon, 03 Dec 2018 00:17:20 GMT

They do send you separate checks for the CLOC, I however have not used my line but I am curious as well.

May I ask how long you have had the CLOC?

Re: Steps to Using NFCU CLOC

Anonymous — Mon, 03 Dec 2018 00:18:43 GMT

I don't have any experience with the CLOC either but isn't there a way to transfer available credit directly into your checking account as cash?

Re: Steps to Using NFCU CLOC

Appleman — Mon, 03 Dec 2018 00:49:08 GMT

I have my NFCU account page open. There is no way to transfer from my Checking Line of Credit to my e-Checking account.

My e-checking account and my CLOC share the same account number.

I once tried to use my CLOC check as I was unsure if a deposit would hit prior to a large check I had to write. The deposit hit before the check cleared and the CLOC check just deducted the money from the checking account.

It would be great if you gave them a call and see how you need to use the account. At the 13.9% interest, I would only use this line as a short-term loan if say a zero percent deferred interest account was coming due.

Re: Steps to Using NFCU CLOC

CreditCuriosity — Mon, 03 Dec 2018 01:01:29 GMT

Either you can overdraw your checking account or preferred give them a call and order a book of checks (Free of charge) and write a check to use it then just pay it off. Strange you got a mail about that as have had mine for several years along with others and have never used it.. Wonder if they are going to start clamping down on this?

Re: Steps to Using NFCU CLOC

shoegal — Mon, 03 Dec 2018 01:24:04 GMT

@Anonymous wrote:
I don't have any experience with the CLOC either but isn't there a way to transfer available credit directly into your checking account as cash?

No. You can transfer from an NFCU credit card to your Navy checking account, but not from the CLOC to Navy checking.

To use the CLOC, you write a check from the checkbook they sent you (it has to say Checking Line of Credit), then deposit that check into a checking account that isn’t from Navy to be able to used it.

Re: Steps to Using NFCU CLOC

Anonymous — Mon, 03 Dec 2018 01:38:22 GMT

Wouldn't overdraft put a mark on your Chex/EWS?

Re: Steps to Using NFCU CLOC

AverageJoesCredit — Mon, 03 Dec 2018 02:04:57 GMT

Good question Musiclover. Ive never understood this cloc and its appeal but ill tell ya i recently did a cash advsnce from my cc to help someone out . Interest just came out, lol $0.06 Went to pay but you can't pay less than $5 go figure.

Re: Steps to Using NFCU CLOC

Anonymous — Mon, 03 Dec 2018 03:07:17 GMT

@Jnbmom wrote:
They do send you separate checks for the CLOC, I however have not used my line but I am curious as well.

May I ask how long you have had the CLOC?

About two years.

Re: Steps to Using NFCU CLOC

Anonymous — Mon, 03 Dec 2018 03:10:13 GMT

Forgot to mention they also sent me a check for five dollars to deposit. I plan on doing that tomorrow. I lost my brother this week and everything in my life stopped.

I'll let everyone know what happens. I also plan to ask them specifics.

Re: Steps to Using NFCU CLOC

CreditCuriosity — Mon, 03 Dec 2018 03:20:22 GMT

no it act like a loc

@Anonymous wrote:
Wouldn't overdraft put a mark on your Chex/EWS?

Re: Steps to Using NFCU CLOC

Anonymous — Mon, 03 Dec 2018 03:21:54 GMT

Whoa, okay. Went back and read everything again. (I was under great stress when I first read it.) The letter says that my checking account has become inactive and that could result in closure of the account. They sent me a check for $5.00 to deposit into my account through mobile deposit. I just did that.

If my checking account was closed wouldn't that mean my CLOC was also closed since they are connected? I still plan to call them tomorrow about using the CLOC. I'll report back.

Re: Steps to Using NFCU CLOC

CreditCuriosity — Mon, 03 Dec 2018 14:07:06 GMT

@Anonymous wrote:
Whoa, okay. Went back and read everything again. (I was under great stress when I first read it.) The letter says that my checking account has become inactive and that could result in closure of the account. They sent me a check for $5.00 to deposit into my account through mobile deposit. I just did that.

If my checking account was closed wouldn't that mean my CLOC was also closed since they are connected? I still plan to call them tomorrow about using the CLOC. I'll report back.

I believe so since CLOC is connected to checking

Re: Steps to Using NFCU CLOC

AverageJoesCredit — Mon, 03 Dec 2018 14:49:34 GMT

@Anonymous My sincerest condolences on the loss of your brother. I hope that he is in a better place and wish you and your family strength, peace, and fortitude in your time of grief. Stay well my friend, Blessings.

Re: Steps to Using NFCU CLOC

Appleman — Mon, 03 Dec 2018 20:30:45 GMT

Musiclover, sorry to hear about your brother....

Also, thank you for the clarification. Your checking account has been inactive and that is why they were considering closing your account. If this action took place that would eliminate your CLOC.

My experience when I tried to use the check from my CLOC was that it pulled it from my checking account as I had enough to cover the check. I compared the routing number and account number and they are identical on the checks for each account.

Re: Steps to Using NFCU CLOC

Medic981 — Tue, 04 Dec 2018 05:06:33 GMT

@AverageJoesCredit wrote:
Good question Musiclover. Ive never understood this cloc and its appeal but ill tell ya i recently did a cash advsnce from my cc to help someone out . Interest just came out, lol $0.06 Went to pay but you can't pay less than $5 go figure.

AJC, the CLOC can help lower utilization which is why a lot of folks apply for it. Up to $15,000 is a huge padding to lower one's credit utilization.