topic Re: How do you use NavCheck? in Credit Cards

How do you use NavCheck?

diabla — Sat, 24 Nov 2012 15:41:19 GMT

I see people asking for huge NavCheck amounts like they're loans. I don't clearly understand how you can use NavCheck if its an overdraft line - wouldn't it only kick into effect if you don't have the money in your checking? I'm thinking of applying for it but I want to know exactly how I can tap into the line without having to empty my checking. For instance, I could use 3k next week to take care of something, if I get a NavCheck for 3-5k, how could I use that?

Re: How do you use NavCheck?

XxRaVeNxX — Sat, 24 Nov 2012 16:32:54 GMT

They give you seperate checks...

Re: How do you use NavCheck?

diabla — Sat, 24 Nov 2012 19:16:57 GMT

Okay so if I wanted to spend 3k out of, let's just say, 5k, then I request a check for 3K?

Also, is this the "Optional Line of Credit" that I would apply for? Strangely, when I search NavCheck at the site, it has no results

Thanks for your input!

Re: How do you use NavCheck?

Anonymous — Sun, 25 Nov 2012 07:18:19 GMT

They do give you seperate checks however dont be misled. It will draw from your checking first then dip into the LOC. There is no grace period on it so interest accrues from the second you use it. Most of us who have it use it for the extra tradeline reporting since it reports as a revolving tradeline.

Re: How do you use NavCheck?

diabla — Sun, 25 Nov 2012 12:36:21 GMT

Okay, I get it now, thanks!

Re: How do you use NavCheck?

Datx — Sun, 25 Nov 2012 14:54:42 GMT

Unless something has changed recently, I'm pretty positive with the seperate Navcheck checks, it withdraws directly from your NavCheck line of credit. Thats basically the point of having them. Using a Navcheck check is the only way of dipping into that line of credit without having to first deplete the funds in your checking account.

Re: How do you use NavCheck?

Anonymous — Sun, 25 Nov 2012 14:59:53 GMT

@Datx wrote:
Unless something has changed recently, I'm pretty positive with the seperate Navcheck checks, it withdraws directly from your NavCheck line of credit. Thats basically the point of having them. Using a Navcheck check is the only way of dipping into that line of credit without having to first deplete the funds in your checking account.

Re: How do you use NavCheck?

chasmith — Sun, 25 Nov 2012 16:44:27 GMT

The primary way to access NavCheck is by triggering an overdraft. But that is a big red flag to mortgage underwriters. You don't want to see overdrafts, even covered by the LOC in any situation where a lender is reviewing your statements.

I used the separate NavCheck check to make a deposit to another checking account in USAA. That way I could access the credit without an OD "hit".

I did ask NFCU if there was any other way, the answer was no.

Re: How do you use NavCheck?

XxRaVeNxX — Sun, 25 Nov 2012 17:07:31 GMT

@chasmith wrote:
The primary way to access NavCheck is by triggering an overdraft. But that is a big red flag to mortgage underwriters. You don't want to see overdrafts, even covered by the LOC in any situation where a lender is reviewing your statements.

I used the separate NavCheck check to make a deposit to another checking account in USAA. That way I could access the credit without an OD "hit".

I did ask NFCU if there was any other way, the answer was no.

This answer seems wrong for many reasons. The primary way to access them is by checks. I don't see how it's going to be red flag, as it's a revolving line of credit just like a credit card.

Re: How do you use NavCheck?

Anonymous — Sun, 25 Nov 2012 17:39:00 GMT

@Datx wrote:
Unless something has changed recently, I'm pretty positive with the seperate Navcheck checks, it withdraws directly from your NavCheck line of credit. Thats basically the point of having them. Using a Navcheck check is the only way of dipping into that line of credit without having to first deplete the funds in your checking account.

your right I was wrong. In reality though why would someone want to withdraw funds directly from the LOC instead of checking first? You would be paying more in interest.

FYI op if you dont qualify for the navcheck they have a program called the OOPS.

Re: How do you use NavCheck?

webhopper — Sun, 25 Nov 2012 17:50:59 GMT

I use my navcheck as a revolving LOC. I got it so that I could pay my contractor using the checks instead of paying with a credit card where he would get swipe fees. So far I'm really happy with navcheck. I've written 4 navchecks so far. It does take about 4 days for the navcheck to clear though