topic Re: NFCU LOC NOT REPORTED YET in Credit Cards

NFCU LOC NOT REPORTED YET

rom828 — Tue, 15 Sep 2009 16:38:49 GMT

Got approved for this LOC 7-9 but it's still not reporting. Does it usually take this long??

I haven't used it yet.......does that make a difference as to whether it reports??

Just ordered checks for LOC today thought don't have plans for using them at this time; just thought I should have some on hand. Read an older post on this forum that indicated the method of repayment affects how this LOC is reported, ie: if you pay a % of total, it's revolving, but if you pay a set amount monthly it's reported as installment. Is this still the case??

Re: NFCU LOC NOT REPORTED YET

Anonymous — Tue, 15 Sep 2009 17:05:08 GMT

@rom828 wrote:
Got approved for this LOC 7-9 but it's still not reporting. Does it usually take this long??

I haven't used it yet.......does that make a difference as to whether it reports??

Just ordered checks for LOC today thought don't have plans for using them at this time; just thought I should have some on hand. Read an older post on this forum that indicated the method of repayment affects how this LOC is reported, ie: if you pay a % of total, it's revolving, but if you pay a set amount monthly it's reported as installment. Is this still the case??

Hi rom828,

My LOC reports to all three CBs. I have never used my NavChek LOC. All three of my CBRs calculate my LOC as a revolving CL.

My LOC statement date from NFCU is the same as my checking account, the 9th of each month.

I suspect it will report for you soon.

Re: NFCU LOC NOT REPORTED YET

rom828 — Tue, 15 Sep 2009 17:12:41 GMT

Thanks for the fast response, plasticman!

Guess I'll just be patient!

Re: NFCU LOC NOT REPORTED YET

mt2va — Tue, 15 Sep 2009 18:04:19 GMT

Both my CC with them reported pretty quickly so would be surprised that the LOC is not. I was just approved for the LOC last week. Do you know if I can access it if I haven't received the checks yet as I need to pay for something with it ASAP.

Re: NFCU LOC NOT REPORTED YET

Anonymous — Tue, 15 Sep 2009 18:08:50 GMT

Have you sent back a required signed document by NFCU for the LOC yet?

Re: NFCU LOC NOT REPORTED YET

mt2va — Tue, 15 Sep 2009 18:12:31 GMT

@Anonymous wrote:
Have you sent back a required signed document by NFCU for the LOC yet?

If your question is for me the answer is yes. Do you know if I can access the money & pay it on my NFCU Visa & then I can use the Visa to pay for this other bill I need to pay?

Re: NFCU LOC NOT REPORTED YET

Anonymous — Tue, 15 Sep 2009 18:17:51 GMT

You cannot transfer funds from your NFCU Visa or MC to pay NavChek. You can transfer funds from your checking account to pay NavChek.

Re: NFCU LOC NOT REPORTED YET

rom828 — Tue, 15 Sep 2009 18:28:03 GMT

@Anonymous wrote:
Have you sent back a required signed document by NFCU for the LOC yet?

I did send back the documents and the LOC is listed under my accounts on line, so maybe they're just a little slow reporting.

Re: NFCU LOC NOT REPORTED YET

Anonymous — Tue, 15 Sep 2009 18:57:38 GMT

rom828,

When you go online, look at your last checking account statement and see if the LOC has a statement date as well.

Re: NFCU LOC NOT REPORTED YET

rom828 — Tue, 15 Sep 2009 19:12:36 GMT

@Anonymous wrote:
rom828,

When you go online, look at your last checking account statement and see if the LOC has a statement date as well.

Navcheck LOC shows last statement date 8-20-09.

Maybe it will report after the 9-20 statement??

Re: NFCU LOC NOT REPORTED YET

Anonymous — Tue, 15 Sep 2009 19:22:06 GMT

I cannot remember exactly when my LOC first reported. But it would be my guess that it will report shortly after then.

It will report. NFCU is very good about reporting TLs, among many other things.

Message Edited by plasticman on 09-15-2009 12:22 PM

Re: NFCU LOC NOT REPORTED YET

jackg — Tue, 15 Sep 2009 20:00:56 GMT

rom828,

How long has it been since you were approved?

Re: NFCU LOC NOT REPORTED YET

rom828 — Tue, 15 Sep 2009 20:33:19 GMT

@jackg wrote:
rom828,

How long has it been since you were approved?

Actually approved on July 9th, but of course had to wait on required paperwork and then complete it and return it. LOC is now shown on my NFCU list of accounts with statement date of August 20th, for period 7-21 to 8-20.

Re: NFCU LOC NOT REPORTED YET

anderl — Wed, 16 Sep 2009 02:28:55 GMT

I called in after about a week of my approval for the NAV CHEK LOC- and CSR said that any type of credit will begin reporting as soon as it is used. I've noticed this with other credit issuers as well. Yes they will eventually report,but if you want them to report sooner-give them a call and use the LOC/charge something. BTW- no you cannot pay your Nav Chek with your Visa/MC, but you can pay your Visa/MC w/ your LOC if needed.

Re: NFCU LOC NOT REPORTED YET

Anonymous — Wed, 16 Sep 2009 02:57:26 GMT

my LOC with them has never reported had it going on 4 years now and even owe 1000 on it right now.. until Friday that is.. I do want it report for util's sake at some point but I have more pressing issues to deal with overall 25% util.. and a settlement that clears in 3 more months.

Re: NFCU LOC NOT REPORTED YET

Anonymous — Wed, 16 Sep 2009 15:34:36 GMT

@anderl wrote:
I called in after about a week of my approval for the NAV CHEK LOC- and CSR said that any type of credit will begin reporting as soon as it is used. I've noticed this with other credit issuers as well. Yes they will eventually report,but if you want them to report sooner-give them a call and use the LOC/charge something. BTW- no you cannot pay your Nav Chek with your Visa/MC, but you can pay your Visa/MC w/ your LOC if needed.

Good information! Thanks for posting.

One can also transfer funds online from their savings account to pay the NavChek, just like the checking account. The system will not allow you, as you and I have stated, to transfer funds from the CC to pay the NavChek LOC.

A CSR has told me that many members are using their NFCU LOC, for the NFCU unintended purpose, to pay their CC. The CSR said that was because the NavChek at 14.9% was less expensive a loan that their NFCU CC for many members. The CSR also stated that this was the main reason NFCU rasied the NavChek LOC APR to 14.9% from the 12.5% APR it use to be and this type of transaction was occurring less now. Makes sense to me.

So, my impression from the CSR I spoke to was, while they will let you pay your CC with your NavChek LOC, it was probably not best. Who knows if this means anything or not, but if paying one's CC with one's NavChek LOC is the unintended NFCU purpose for the NavChek LOC, one might want to think twice before making a habit of this type of transaction. IMHO

Message Edited by plasticman on 09-16-2009 08:34 AM

Re: NFCU LOC NOT REPORTED YET

Anonymous — Wed, 16 Sep 2009 03:27:10 GMT

@Anonymous wrote:
my LOC with them has never reported had it going on 4 years now and even owe 1000 on it right now.. until Friday that is.. I do want it report for util's sake at some point but I have more pressing issues to deal with overall 25% util.. and a settlement that clears in 3 more months.

This is very interesting! Obviously, you do not want to ask NFCU...why?

Maybe sometimes their system has a hiccup... possibly because the system is overloaded with too many loans ... I dunno. Mine has been reporting to all three CBs and I have not once carried a balance. If my memory serves me correctly I think it took two statements before it reported.

Re: NFCU LOC NOT REPORTED YET

anderl — Wed, 16 Sep 2009 03:37:53 GMT

For me, the very reason for me using my LOC was to put some activity on it-when I called and asked as to how soon my LOC would be reported to the CB's, the CSR said that it would eventually,but that if I wanted it to report sooner then it needed to show some activity. So I paid off my balance and the next week it was reporting. I also asked if it would be a problem using one type of credit to pay another(just for activity sake on my LOC), and the CSR said that as long as payments were being made there would be no problem. But of course if one's LOC balance kept increasing,because of paying off cc's,then that's a red flag.

Re: NFCU LOC NOT REPORTED YET

Anonymous — Wed, 16 Sep 2009 04:29:27 GMT

@anderl wrote:
For me, the very reason for me using my LOC was to put some activity on it-when I called and asked as to how soon my LOC would be reported to the CB's, the CSR said that it would eventually,but that if I wanted it to report sooner then it needed to show some activity. So I paid off my balance and the next week it was reporting. I also asked if it would be a problem using one type of credit to pay another(just for activity sake on my LOC), and the CSR said that as long as payments were being made there would be no problem. But of course if one's LOC balance kept increasing,because of paying off cc's,then that's a red flag.

Re: NFCU LOC NOT REPORTED YET

Anonymous — Wed, 16 Sep 2009 08:07:32 GMT

@mt2va wrote:
Both my CC with them reported pretty quickly so would be surprised that the LOC is not. I was just approved for the LOC last week. Do you know if I can access it if I haven't received the checks yet as I need to pay for something with it ASAP.

You should be able to by putting the charge on your NFCU CC and then call a CSR at NFCU to pay the CC back with your NavChek LOC when you are ready. I would suggest calling a NFCU CSR so that you are absolutely clear how this will work for you. Note: You cannot do the reverse which is paying your NavChek LOC with your CC.

Please read my previous post in this thread with respect to doing this. You will just want to be careful about doing this type of transaction habitually. IMHO

Good Luck!

Message Edited by plasticman on 09-16-2009 01:07 AM