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NFCU Business CLOC with Personal CLOC?

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
New 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 8
7 REPLIES 7
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

Message 2 of 8
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.


 



FICO8 EQ 749 TU 779 EX 744 Total revolving limits 671300 (560300 reporting)
Message 3 of 8
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. 

 


Scores held down by umpteen INQ & New accounts, and a paid off loan and new loan reporting.
~~~BK7 d/c-08/2013......my rebuild worked for me, but won't necessarily work for you.~~~
Message 4 of 8
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 8
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!

Gardening since 12/18/18
Message 6 of 8
New 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 8
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.

 

 

 



FICO8 EQ 749 TU 779 EX 744 Total revolving limits 671300 (560300 reporting)
Message 8 of 8