cancel
Showing results for 
Search instead for 
Did you mean: 

NFCU Business CLOC with Personal CLOC?

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Contributor

NFCU Business CLOC with Personal CLOC?

I've had great experiences with NFCU and wondering if anyone knows if you can have both a Biz CLOC and a Personal CLOC? I'm thinking about expanding my business and would like 30k in lines of credit total. 

 

I have the 15k CLOC for my personal accounts (along with 10k flagship and 5.5k cashrewards). 

I have not yet established business accounts with NFCU (i'm with bofa for my biz stuff right now). But i'm thinking i might move my biz stuff to NFCU and ask for a 15k biz cloc - 

 

so i want to know if you can have both personal cloc and biz cloc? 

 

Anyone know? 

 

 

Current FICO 8s:
EQ: 650 - TU: 661 - EX: 642
Starting Score: 617
Current Middle Score: 650
Goal Score: 800


Message 1 of 13
12 REPLIES 12
Highlighted
Valued Contributor

Re: NFCU Business CLOC with Personal CLOC?


@IodineNightSky wrote:

I've had great experiences with NFCU and wondering if anyone knows if you can have both a Biz CLOC and a Personal CLOC? I'm thinking about expanding my business and would like 30k in lines of credit total. 

 

I have the 15k CLOC for my personal accounts (along with 10k flagship and 5.5k cashrewards). 

I have not yet established business accounts with NFCU (i'm with bofa for my biz stuff right now). But i'm thinking i might move my biz stuff to NFCU and ask for a 15k biz cloc - 

 

so i want to know if you can have both personal cloc and biz cloc? 

 

Anyone know? 

 

 


Yes you can. I do

NFCU Flagship 74k-United Plus Explorer-50k-QS 25k-Avianca 28.8k-Cabelas 24k-Lowes 35k-USAA Amex 32k-FNBO Plat 31k-Numerous others at 20k and below
Message 2 of 13
Super Contributor

Re: NFCU Business CLOC with Personal CLOC?


@IodineNightSky wrote:

I've had great experiences with NFCU and wondering if anyone knows if you can have both a Biz CLOC and a Personal CLOC? I'm thinking about expanding my business and would like 30k in lines of credit total. 

 

I have the 15k CLOC for my personal accounts (along with 10k flagship and 5.5k cashrewards). 

I have not yet established business accounts with NFCU (i'm with bofa for my biz stuff right now). But i'm thinking i might move my biz stuff to NFCU and ask for a 15k biz cloc - 

 

so i want to know if you can have both personal cloc and biz cloc? 

 

Anyone know? 

 

Yes you can. But I don't think you're going to find NFCU's business side as "great" as its consumer side.


 


Total revolving limits 730000 (603500 reporting) FICO 8 scores: EQ 722 TU 752 EX 734
Message 3 of 13
Community Leader
Super Contributor

Re: NFCU Business CLOC with Personal CLOC?

The personal side and Biz side of Navy are completely separate. The paperwork alone is crazy that you have to submit now even for membership. Just so you now, if you're wanting the BLOC there's a set up fee, and a $50 AF for it.

 

You first have to be a member on the Biz side, and you will have a separate access number as well. Afrer youre a member, then you can apply for credit, and its not very easy like on the personal side. You have a lot of paperwork (like 5-10 pages depending) that you have to fill out now, and fax over or upload via secure site. 

 


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 4 of 13
Frequent Contributor

Re: NFCU Business CLOC with Personal CLOC?

BoA will be much much more competitive rate wise vs NFCU and likely provide a higher line if you are actually going to use the line of credit.

I have both BoA and NFCU.
Message 5 of 13
New Contributor

Re: NFCU Business CLOC with Personal CLOC?

I love NFCU, but I just hope you're not in a rush.  Applying for a business account with them took a long time (for me at least).  My S-corp is about 10 years old so I had to request paperwork from the state of California proving I am in good standing, and then I had to fill out quite a bit of paperwork... I felt like I was filing my taxes.  I did not hear back for weeks, so I called NFCU and they advised me I needed to amend my bylaws.  Once I resubmitted my bylaws, about a week later they opened my business account.  From there, I waited a few months and applied for a business credit card and a business line of credit.  Neither were instant approvals, but about a week later I was approved for $9,000 cl on the cc and the full $15,000 on bcloc.  If I remember correctly, it was only one hard pull for both.

Additional info, I had a personal account with NFCU for less than a year and had a personal cc with a modest $2100 limit, and a $15,000 cloc, along with a shares secured loan.

Now that I've had my NFCU business account for a bit, I am very glad I went through the inconvenience of opening it.  I have since happily closed my BofA accounts and never looked back. Hope this helps!

Message 6 of 13
Contributor

Re: NFCU Business CLOC with Personal CLOC?

GREAT info, folks.

Thanks so much!

 

Current FICO 8s:
EQ: 650 - TU: 661 - EX: 642
Starting Score: 617
Current Middle Score: 650
Goal Score: 800


Message 7 of 13
Super Contributor

Re: NFCU Business CLOC with Personal CLOC?


@kobeisthegoat wrote:

I love NFCU, but I just hope you're not in a rush.  Applying for a business account with them took a long time (for me at least).  My S-corp is about 10 years old so I had to request paperwork from the state of California proving I am in good standing, and then I had to fill out quite a bit of paperwork... I felt like I was filing my taxes.  I did not hear back for weeks, so I called NFCU and they advised me I needed to amend my bylaws.  Once I resubmitted my bylaws, about a week later they opened my business account.  From there, I waited a few months and applied for a business credit card and a business line of credit.  Neither were instant approvals, but about a week later I was approved for $9,000 cl on the cc and the full $15,000 on bcloc.  If I remember correctly, it was only one hard pull for both.

Additional info, I had a personal account with NFCU for less than a year and had a personal cc with a modest $2100 limit, and a $15,000 cloc, along with a shares secured loan.

Now that I've had my NFCU business account for a bit, I am very glad I went through the inconvenience of opening it.  I have since happily closed my BofA accounts and never looked back. Hope this helps!


I initially started with credit unions because I felt the customer service was superior to that of banks.

 

NFCU was no exception.

 

Then, one day, I decided why not start placing some of my business banking with NFCU.

 

In my book, it was a mistake. Their business side is nothing like their personal side.

 

1. They had horrendous paperwork just to get started.

2. Their accounts don't synch directly with Quickbooks so there's an extra level of work updating.

3. I deliberately started out modestly with a 5k credit card and 5k line of credit.

4. I haven't asked them for anything, and have maintained the accounts perfectly, so after a year or so I decided to ask them for an interest rate reduction. Big waste of time:

(a) I was given 2 phone numbers to call; both were very slow to return my calls, and required several calls before I eventually got to speak to somebody; and

(b) for a crummy interest rate reduction they wanted me to fill out 8 pages of applications, asking all kinds of personal questions not about my business but about me, many of them completely inappropriate in my opinion. After about 6 pages I gave up.

 

Sorry, but they're not for me.

 

I'm sure I can do better elsewhere.

 

 

 


Total revolving limits 730000 (603500 reporting) FICO 8 scores: EQ 722 TU 752 EX 734
Message 8 of 13
New Visitor

Re: NFCU Business CLOC with Personal CLOC?

When you mentioned Hard pulls were they pulled from your personal or EIN ? & does navy just evaluate your personal credit when opening up a new Business Loan ?
Message 9 of 13
Regular Contributor

Re: NFCU Business CLOC with Personal CLOC?

I was going to ask the same question, for Navy Business which CRA did they pull for both the Credit Card and the BLOC?

Starting Score: 567
Current Score: 739
Goal Score: 760


Take the myFICO Fitness Challenge
Message 10 of 13
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.