topic Re: NFCU CLOC $15k in Personal Finance

NFCU CLOC $15k

Anonymous — Sun, 28 Feb 2016 19:44:07 GMT

Decided to pull the trigger. The benefits outweighed the negative scoring effects.

3pt hit. EQ at 660 this morning. 08.

Navy Fed CLOC instant approval $15,000.

Side note: saw a 3% APY IRA special and nabbed it too. Just have to budget myself to not exceed yearly contributions.

Thank you myFico for introducing me to this bank.

I subscribe to CreditAddict's NFCU thread.

Re: NFCU CLOC $15k

Anonymous — Sun, 28 Feb 2016 20:25:09 GMT

congrats on the LOC. did you get the 15% something APR?

Re: NFCU CLOC $15k

Anonymous — Sun, 28 Feb 2016 21:45:04 GMT

No idea. Stated I'd be mailed the promissory note. App'd at midnight. I did get the congratulations text message, so I know I'm not hallucinating.

Thank you Man.

Last app was Nov for cashrewards, they gave 14%, possible I got the 15% for this, but another department, another standard I suppose.

Re: NFCU CLOC $15k

Anonymous — Sun, 28 Feb 2016 21:47:34 GMT

you'll see it on the promisary note in the mail. also, once you get that back, ask for navchecks. you can't transfer from the LOC to your accounts so you may want checks to access it

Re: NFCU CLOC $15k

Anonymous — Sun, 28 Feb 2016 21:53:09 GMT

@Anonymous wrote:
Decided to pull the trigger. The benefits outweighed the negative scoring effects.

3pt hit. EQ at 660 this morning. 08.
Navy Fed CLOC instant approval $15,000.

Side note: saw a 3% APY IRA special and nabbed it too. Just have to budget myself to not exceed yearly contributions.

Thank you myFico for introducing me to this bank.

I subscribe to CreditAddict's NFCU thread.

Congrats! But I have a question. What is the purpose of a CLOC? I went ot make a deposit into my Navy Fed account at the bank yesterday and they offered me a CLOC. I am currently buying a house so I declined but i'm reconsidering. I don't understand what it is though.

Re: NFCU CLOC $15k

Creditwiser — Sun, 28 Feb 2016 21:58:35 GMT

@Anonymous wrote:
@Anonymous wrote:
Decided to pull the trigger. The benefits outweighed the negative scoring effects.

3pt hit. EQ at 660 this morning. 08.
Navy Fed CLOC instant approval $15,000.

Side note: saw a 3% APY IRA special and nabbed it too. Just have to budget myself to not exceed yearly contributions.

Thank you myFico for introducing me to this bank.

I subscribe to CreditAddict's NFCU thread.
Congrats! But I have a question. What is the purpose of a CLOC? I went ot make a deposit into my Navy Fed account at the bank yesterday and they offered me a CLOC. I am currently buying a house so I declined but i'm reconsidering. I don't understand what it is though.

Its a Line of Credit.

Re: NFCU CLOC $15k

Anonymous — Sun, 28 Feb 2016 22:00:27 GMT

^ nice answer... not really.

a line of credit is basically a tool one can use instead of credit cards and no rewards. you can have checks on them and use them as cash if needed without cash advance fees or cash advance APR but, consequently, NFCU has kind of a high APR on their LOC.

Re: NFCU CLOC $15k

Anonymous — Sun, 28 Feb 2016 22:01:31 GMT

it's viewed more of a back up and you can often set them up as OD protection on your checking account but many of us here don't use checking accounts on a day-to-day

Re: NFCU CLOC $15k

Anonymous — Sun, 28 Feb 2016 22:01:45 GMT

@Anonymous wrote:
^ nice answer... not really.

a line of credit is basically a tool one can use instead of credit cards and no rewards. you can have checks on them and use them as cash if needed without cash advance fees or cash advance APR but, consequently, NFCU has kind of a high APR on their LOC.

Thanks! I got that it was a lineof credit and all but I didn't really understand the purpose of it. So it's like overdraft protection but with interest.

Re: NFCU CLOC $15k

Anonymous — Sun, 28 Feb 2016 22:03:01 GMT

yeah and no fee. so you can allow overdrafts on your account but get charged around $20-$35 PER OCCURANCE and per item (usually no more than 6 in a day) and that adds up quick. with the LOC it doesn't charge to cover it and you can pay it back next check.

Re: NFCU CLOC $15k

Anonymous — Sun, 28 Feb 2016 22:06:39 GMT

@Anonymous wrote:
yeah and no fee. so you can allow overdrafts on your account but get charged around $20-$35 PER OCCURANCE and per item (usually no more than 6 in a day) and that adds up quick. with the LOC it doesn't charge to cover it and you can pay it back next check.

Savings, Cash, and CLOC. Emergency back up plan.

Re: NFCU CLOC $15k

Creditwiser — Sun, 28 Feb 2016 22:34:57 GMT

LOL, that was disceted pretty well. Came out to be a Line of Credit. Must have been the CLOC acronym.

Re: NFCU CLOC $15k

gibeon — Mon, 29 Feb 2016 00:10:07 GMT

Bu Yao!!!! Way to go!!!

Re: NFCU CLOC $15k

Anonymous — Mon, 29 Feb 2016 00:38:50 GMT

Nice, congrats on the approval !

Re: NFCU CLOC $15k

Anonymous — Mon, 29 Feb 2016 00:48:52 GMT

Thanks everyone!

There's a data point at least. For anyone lingering in the mid 600's like me, wondering, YMMV but here's one person that did qualify.

@Gibeon, ten fold for being an Application Addict Advisor and talking me out of the Platinum frenzy I was in. Thank you for your support in my goals of establishing a healthier credit outlook. Also, Bill **** Murray.

Re: NFCU CLOC $15k

Anonymous — Mon, 29 Feb 2016 00:55:29 GMT

^ did you just see zombie land? (your bill murray reference)

Re: NFCU CLOC $15k

gibeon — Mon, 29 Feb 2016 01:23:44 GMT

My bad...

Here's to your score with the CLOC!

Re: NFCU CLOC $15k

Anonymous — Mon, 29 Feb 2016 02:23:05 GMT

@Anonymous wrote:
^ did you just see zombie land? (your bill murray reference)

Own it. Excellent referrence.

Re: NFCU CLOC $15k

Anonymous — Mon, 29 Feb 2016 03:20:20 GMT

Congrats! NFCU is the best CU out there.

Re: NFCU CLOC $15k

Anonymous — Mon, 29 Feb 2016 03:23:02 GMT

definitely the most lenient IMO