navy federal checking loc question

[Anonymous]

How does this checking line of credit work? And if needed how do you access it?

[Creditaddict]

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@Anonymous wrote:

How does this checking line of credit work? And if needed how do you access it?

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it's just a big credit line sitting there unless you use it.

either they move money from it in $50 increments to your checking as you go below $0 for free or they do send you checks after approval too.

I love it and use it all the time!

When you apply, ask for the full $15k, they counter if not the full amount.

[BarryNTexas]

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@Creditaddict wrote:

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@Anonymous wrote:

How does this checking line of credit work? And if needed how do you access it?

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it's just a big credit line sitting there unless you use it.

either they move money from it in $50 increments to your checking as you go below $0 for free or they do send you checks after approval too.

I love it and use it all the time!

When you apply, ask for the full $15k, they counter if not the full amount.

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Have not used mine yet but they also sent me a book of checks to draw from the line of credit.  

[joedtx]

Funny I've never bumped mine up from the initial ask of 3.5k I just have it for utilization or a rainy day. Guess I should do that when I request CLI on my Rewards Card

[Anonymous]

Question. ....If you wanted to access the line of credit do you write a check out to yourself and just deposit it?

[Creditaddict]

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@Anonymous wrote:

Question. ....If you wanted to access the line of credit do you write a check out to yourself and just deposit it?

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they will send you "line of credit checks" that you can write from or you can just bill pay or whatever out of your regular checking and they will move money automatically from line of credit into checking to make you at $0 instead of negative each time. and no cost for the pulls from overdraft which is rare or non existent with any other bank i know of!

I LOVE IT!

[Anonymous]

Thanks I already received the checks. Want to pay off two small high interest credit cards.  

[Anonymous]

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@Anonymous wrote:

Thanks I already received the checks. Want to pay off two small high interest credit cards.  

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Just so you know, you can't deposit the checks directly into your checking account.  You can deposit them into another bank.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Thanks I already received the checks. Want to pay off two small high interest credit cards.  

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Just so you know, you can't deposit the checks directly into your checking account.  You can deposit them into another bank.

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+1.

[Anonymous]

Oh ok..thanks. .I have another local bank. I'll write to me and deposit in the other bank.