topic Re: NFCU LOC reporting in Credit Cards

NFCU LOC reporting

bbrannan — Fri, 17 Aug 2012 20:20:19 GMT

Does anyone have any idea how long it takes for NFCU NavCheck to start reporting on credit reports? I have only had it for a couple of weeks but I was just wondering if anyone knew a timeframe of when to expect it to begin. Thanks!

Re: NFCU LOC reporting

swpopham — Fri, 17 Aug 2012 22:40:48 GMT

Its probably there already. It reports as over draft protection Amex hates seeing it. I know that much

Re: NFCU LOC reporting

iMacDrew — Fri, 17 Aug 2012 22:44:34 GMT

how did you get a palladium??

Re: NFCU LOC reporting

iMacDrew — Fri, 17 Aug 2012 23:00:52 GMT

is navcheck a loan?

Re: NFCU LOC reporting

ficojoe — Fri, 17 Aug 2012 23:06:16 GMT

@swpopham wrote:
Its probably there already. It reports as over draft protection Amex hates seeing it. I know that much

Argh! I wish I had known that first. I thought it would be listed as a revolving account. I also just applied for and recieved one with a $7,500 limit. I want an AmEx, thi is going to hurt rather than help?

Re: NFCU LOC reporting

ficojoe — Fri, 17 Aug 2012 23:07:06 GMT

@iMacDrew wrote:
is navcheck a loan?

It is Overdraft Line of Credit.

Re: NFCU LOC reporting

Anonymous — Fri, 17 Aug 2012 23:43:33 GMT

Here is an old thread that discuses it:

http://ficoforums.myfico.com/t5/Credit-Cards/LOC/m-p/570185#M181147

Re: NFCU LOC reporting

improvingmycredit — Sat, 18 Aug 2012 09:26:51 GMT

@swpopham wrote:
Its probably there already. It reports as over draft protection Amex hates seeing it. I know that much

Just curious... how did you find out that Amex doesn't like seeing it. Did you recieve AA for having one? Thanks for the feedback.

Re: NFCU LOC reporting

bbrannan — Sat, 18 Aug 2012 14:12:15 GMT

I am curious as to why AMEX does not like it as well? The AMEX BCP is one of the cards that I would like to add to my wallet over the next year and am worried now that my LOC may hurt my chances...any input is appreciated!

Re: NFCU LOC reporting

Whereis750 — Sat, 18 Aug 2012 15:54:50 GMT

NavChek will report as revolving meaning the limit will be calculated into your overall util. When I added my $10,000 NavChek it lowered my util from 50% to 12% which increased FICO scores by 20+ points. To get NavChek to report sooner, I used $300 of it and paid it off in one month. The account was reporting within 3 weeks of my opening the account.

Regarding AMEX not liking this LOC, I have AMEX BCE $3500 CL. No problems yet. Can you please provide factual evidence that supports your claim that AMEX "hates" this LOC? It will really help this discussion. Thanks!

Re: NFCU LOC reporting

swpopham — Sat, 18 Aug 2012 15:57:15 GMT

To answer the questions in order. We have chase private client banking and our pb signed us up for the palladium card. I've been trying to get my own Amex because my wife is the primary on it. I applied after getting nav check and the only reason for denial was accounts with high chance of default. And less then deseriable credit accounts.

Re: NFCU LOC reporting

swpopham — Sat, 18 Aug 2012 15:59:09 GMT

Ill take a picture of the denial letter if that is factual enough evidence.

Re: NFCU LOC reporting

Whereis750 — Sat, 18 Aug 2012 16:02:24 GMT

No need for pic. Appreciate you listing the denial reasons.

Re: NFCU LOC reporting

Anonymous — Sat, 18 Aug 2012 16:47:59 GMT

This is the first that I've heard about Amex's disdain for LOC accounts as well. Perhaps they are less criticle when you already have established credit with them?

Re: NFCU LOC reporting

Anonymous — Sat, 18 Aug 2012 17:30:56 GMT

@swpopham wrote:
To answer the questions in order. We have chase private client banking and our pb signed us up for the palladium card. I've been trying to get my own Amex because my wife is the primary on it. I applied after getting nav check and the only reason for denial was accounts with high chance of default. And less then deseriable credit accounts.

what's your fico swpopham? What negatives if any and what does credit profile look like? Aaoa, oldest cards etc. Make sure to list if au or not. Which Amex btw? I doubt loc really had anything to do with rejection. Often times with rejection they just randomly lisT reasons that aren't primary cause for rejection. Almost like nfcu loc treated like high risk consumer finance loan.

Re: NFCU LOC reporting

Anonymous — Sun, 19 Aug 2012 12:13:06 GMT

Personally I would rather have anything NFCU than Amex, once I got my NFCU accounts I could not think of a good reason to allow amex the privilage of doing business with me since NFCU is so easy to work with Get your Navy accounts and if you want amex apply for it, if they deny you then they were not worthy of your businsess, Never forget you are the consumer, you choose who gets your money.

Re: NFCU LOC reporting

Anonymous — Sun, 19 Aug 2012 16:23:47 GMT

@Anonymous wrote:
Personally I would rather have anything NFCU than Amex, once I got my NFCU accounts I could not think of a good reason to allow amex the privilage of doing business with me since NFCU is so easy to work with Get your Navy accounts and if you want amex apply for it, if they deny you then they were not worthy of your businsess, Never forget you are the consumer, you choose who gets your money.

backdating

Re: NFCU LOC reporting

iMacDrew — Sun, 19 Aug 2012 21:57:32 GMT

@Anonymous wrote:
Personally I would rather have anything NFCU than Amex, once I got my NFCU accounts I could not think of a good reason to allow amex the privilage of doing business with me since NFCU is so easy to work with Get your Navy accounts and if you want amex apply for it, if they deny you then they were not worthy of your businsess, Never forget you are the consumer, you choose who gets your money.

Navy fed is a good credit union but there rewards suck.

Re: NFCU LOC reporting

Anonymous — Sun, 19 Aug 2012 22:11:41 GMT

@iMacDrew wrote:
@Anonymous wrote:
Personally I would rather have anything NFCU than Amex, once I got my NFCU accounts I could not think of a good reason to allow amex the privilage of doing business with me since NFCU is so easy to work with Get your Navy accounts and if you want amex apply for it, if they deny you then they were not worthy of your businsess, Never forget you are the consumer, you choose who gets your money.
Navy fed is a good credit union but there rewards suck.

+1...I love Navy Fed, but there rewards structure does not compare. I spend quite a bit on groceries, and look forward to PCing to BCP in Oct to capaltilize onmy spending pattern...I don't want to jeopardize that earning potential....

Re: NFCU LOC reporting

Anonymous — Sun, 19 Aug 2012 22:25:41 GMT

@Anonymous wrote:
Personally I would rather have anything NFCU than Amex, once I got my NFCU accounts I could not think of a good reason to allow amex the privilage of doing business with me since NFCU is so easy to work with Get your Navy accounts and if you want amex apply for it, if they deny you then they were not worthy of your businsess, Never forget you are the consumer, you choose who gets your money.

your comparing 2 different animals. once navy loves you sure they will offer great limits, car loans etc. they will even give you a low apr no rewards card but with amex you have like already mentioned backdating and the rewards are pretty good if you know how to maximize them.

So does the LOC from nfcu report as revolving then?