Is LOC different from the Credit line you get when opening a new CC?

[EdwardMH]

I saw a discussion on another users post telling them to rquest the LOC on a Navy Federal credit card they were just approaved for but I am new to rebuilding my Credit Score I just got approved for a Navy Federal Cash Rewards card for $8,500 interest rate is 15.15%.  What is this LOC they talking about? Is it the amount of Credit on your card or something else/extra? Are they talking about asking for a Credit Line increase? When I applied for the Card they suggested I ask for an increase in 6-12 months. or is LOC something else? I also plan to put $5,000 - $12,000 (have $1,500 so far) into a special savings account over time and attatch a Navy Federal nRewards secured credit card to it to use as an emergency fund unless I should try for a real credit card instead?? Also how long should I wait before getting another?

[b_diddy]

LOC = Line of Credit.  This is typically separate and apart from any CC for which you are approved.  Simplest way to describe it is as cash (installment loan) you can access as needed.

[gdale6]

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@EdwardMH wrote:

I saw a discussion on another users post telling them to rquest the LOC on a Navy Federal credit card they were just approaved for but I am new to rebuilding my Credit Score I just got approved for a Navy Federal Cash Rewards card for $8,500 interest rate is 15.15%.  What is this LOC they talking about? Is it the amount of Credit on your card or something else/extra? Are they talking about asking for a Credit Line increase? When I applied for the Card they suggested I ask for an increase in 6-12 months. or is LOC something else? I also plan to put $5,000 - $12,000 (have $1,500 so far) into a special savings account over time and attatch a Navy Federal nRewards secured credit card to it to use as an emergency fund unless I should try for a real credit card instead?? Also how long should I wait before getting another?

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Grats on your new Navy card

LOC is the NavCheck, max is 15K. Its basically an overdraft line of credit that you can access at any time.

[EdwardMH]

Thanks, is this something I should ask about? Will it help my credit score or am I better off going for the Secured credit card or another real Credit card?

[gdale6]

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@EdwardMH wrote:

Thanks, is this something I should ask about? Will it help my credit score or am I better off going for the Secured credit card or another real Credit card?

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I would go for the NavCheck before I got a secured card, it reports as a revolving credit line just line a CC does.

[EdwardMH]

Since I just got the credit card this week how long should I wait so as not to hurt my credit score seeking too much credit at one time?

[EdwardMH]

Ok Just applied for $15,000 LOC online it came back approved but no information yet for how much, what interest rate and such. got email saying I will get ther papers in 5-7 days. Man I hope I am not messing up my credit LOL trying real hard to raise my Score to get my first Home.

[Anonymous]

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@EdwardMH wrote:

Ok Just applied for $15,000 LOC online it came back approved but no information yet for how much, what interest rate and such. got email saying I will get ther papers in 5-7 days. Man I hope I am not messing up my credit LOL trying real hard to raise my Score to get my first Home.

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You are on the right track and not messing up anything. Along as you don't plan to max them out, you should be fine.  Congrats on the approval...

[Anonymous]

Congrats on the Navcheck approval and be assured, it won't hurt your credit score.  You probably got the full $15K if that's what you applied for

[EdwardMH]

I am still confused on how a LOC differs from a Credit Card... Did  I just take out a $15,000 loan I have to pay back? Oh and IRISH how did you get the Credit Score image into your sig I like it.