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NFCU failure..im stunned

RonM21
Valued Contributor

Re: NFCU failure..im stunned

I also read a thread recently where someone was successful with a recon by sending a message. You have nothing to lose I guess.
                

Total CL: $314.7kUTL: 2%AAoA: 6.8yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | DISC-40.6k | PENFED-38.4k | AMEX-37k | LOWES-35k | ALLIANT-25k | BARCLAYS-15k | CITI-13.7k | CHASE-10k

Message 11 of 18
Archange1
Established Contributor

Re: NFCU failure..im stunned

can you explain how CLOC works? You write yourself a loan and how does payback work with the interest and what is the term? More detail the better. Thanks

Message 12 of 18
2011XTERROR
Super Contributor

Re: NFCU failure..im stunned

Interest is accrued daily and your payment is based on the amount used.
i am on mobile so i don't see your desktop signatures
Message 13 of 18
Archange1
Established Contributor

Re: NFCU failure..im stunned

can you give me an example. With APR and if they say it is 13.9% whatever, how is that calculated daily?

Message 14 of 18
2011XTERROR
Super Contributor

Re: NFCU failure..im stunned

Well you divide the APR by 12 months to get the monthly. Then divide that by 30, 31, 28 or 29 (depending on month) and then multiply it to your balance that day (each day) then add it to our balance. There you go.
i am on mobile so i don't see your desktop signatures
Message 15 of 18
zignobe
Valued Member

Re: NFCU failure..im stunned

My spouse's score n report is ten times better than mine with me multiple collections n her none. We're both in our 650s the denied her for a credit card but approved me for one. They also have her 15000 cloc tho it's crazy cause she can't get a credit card but they have her 15000 loc
Message 16 of 18
Archange1
Established Contributor

Re: NFCU failure..im stunned

So if I wrote myself a 5k dollar loan. Penfed has rates at 7% with PLOC assuming that is the same thing. How much per 30 days would my payment be on the 5k? payment and interest I would like to know

Message 17 of 18
Gemini101
Valued Contributor

Re: NFCU failure..im stunned


@Archange1 wrote:

So if I wrote myself a 5k dollar loan. Penfed has rates at 7% with PLOC assuming that is the same thing. How much per 30 days would my payment be on the 5k? payment and interest I would like to know


My rate isn't great (15%) and it works out to a nickel per day per $100

so a $500 advance cost .25cents per day

to me it seems to work just like a CC w/o the card, just more flexible in how it's used.

 

Ex: Today I went to the ATM to pull cash, you use the red debit card just like normal and the CLOC just kicks in seemlessly 

but b/c it's Sunday it won't 'count' until COB on Monday night/Tuesday a.m. ( meaning any movement after Friday cutoff is a free loan b/c it doesn't

appear as a transaction til Monday's business)

 

PenFed's rates seem REALLY good vs Navy on LOC (Navy CL's may be easier and/or bigger)

Message 18 of 18
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