topic Re: Overdraft LOC NFCU in Credit Cards

Overdraft LOC NFCU

Anonymous — Tue, 24 Jul 2012 02:59:01 GMT

I once read it can be used as a regular LOC as well as ODP, Is this true? The description on the web site is very minimal.

The reason I'm asking is because I'm considering an installment loan for some variety and small debt consolidation (like 3K) in a month or two but maybe this will serve both purposes.

Re: Overdraft LOC NFCU

Anonymous — Tue, 24 Jul 2012 03:04:10 GMT

Yes, it can be used that way. They even give you checks that you can use for that purpose. We took at $3,000 loan for 6 days and paid it back then. A bridge loan of sorts. You can keep a loan longer (I don't know all the terms.) It's like getting a cash advance on a credit card, I guess, since they charge interest daily as soon as the check is cashed.

Re: Overdraft LOC NFCU

Anonymous — Tue, 24 Jul 2012 16:08:11 GMT

i am fortunate to have an NFCU branch local to me so I just walk in and ask them to transfer X dollars from my LOC to my regular checking. Once you have an amount out on the LOC then they just treat it like a credit card. There is a monthly statement and a minimum payment due. I have in the past carried a balance on the LOC for multiple months and NFCU didn't take any adverse action. In fact I got a CL on my regular CC at least once during that time. As CPD said if you do not have a nearby branch you can request checks to access it. There is no on-line transfer capability for this account.

Re: Overdraft LOC NFCU

webhopper — Tue, 24 Jul 2012 17:49:34 GMT

I want this too... the NavCheck sounds great for me. I was thinking of taking out a loan, or using my credit card to pay for some upgrades to my rental property... The problem with that is that a loan would cause my AAoA to drop, and would be closed shortly, without being allowed to grow over time. Using my credit card is nice, but my contractor is a small business owner and I feel bad about those pesky merchant fees he would have to pay for swiping the card.

NavCheck = solution to both issues.

Re: Overdraft LOC NFCU

Anonymous — Tue, 24 Jul 2012 21:19:38 GMT

Excellent, I have branches here as well.

Re: Overdraft LOC NFCU

webhopper — Wed, 25 Jul 2012 01:02:34 GMT

I wish I had branches but I don't!