I'm in with NFCU!

[germese1975]

I'm in the middle of a rebuild, and didn't think I had a chance yet. I've only been with NFCU for a month and have a checking and savings account with them. I plan on moving my banking from USAA to NFCU when I retire from the military next year. They just seem to have branches everywhere, whereas USAA only has "financial centers" which are not very helpful for banking.

Well, I got a wild hair the other night and decided to apply for a GoRewards with NFCU. As you can see below, my scores aren't all that impressive. I've got a paid Verizon collection for $56 from last year. I've also got a paid $540 tuition collection from 2015 with Account Control Technology. In addition, there is a Wells Fargo Foreclosure on my history with a DOFD in 2012 and a close date in 2015.

Anyway.... I was instantly approved for a GoRewards with a SL fo $24k! I figured I'd go ahead and press my luck and app'd for the CLOC at max, which was instantly apporoved for $15k. I made the mistake of pushing my luck too far and app'd for CashRewards and got denied.

I was also approved for an AMEX BCE with a SL of $2k.

I'm ecstatic!!

Time to garden and grow these babies! One question, though.... How does the CLOC work? I'm thinking of rolling a high APR Pioneer loan ($6k) into the CLOC, which is about half the APR.

[Anonymous]

Congrats, NFCU is the best and a true gift for those who have served and their family members.  We moved to NFCU for our banking a couple of years ago, the closest branch is 100 miles away but it hasnt been an issue at all.  They make everything doable easily from your phone or computer.  CLOC has a max of 15k,  you apply and once approved they send you a seperate set of checks that you can use for anything you want or you can just use CLOC as overdraft protection (no fees for using it as OD).  It is a fantastic security blanket to have that 15k sitting there just in case.  Some use it to pay down CCs because the interest is lower than many cards and it can help with utlitization.    If your married its not a bad idea to have your wife or husband become a member and make them joint on your account and then establish an account for them that your joint on, that way you can have two CLOCs at 15k each.  Also your spouse can take advantage of their generous CC limits.  We love NFCU and would never leave them. 

[germese1975]

Thank you for the reply! I'll have to see about getting my wife her own account for those reasons specified. If I'm not mistaken, CLOC reports as a revolving credit, correct? Can I use it for both a security blanket and an overdraft protection?

The location I'm planning on retiring to has 10 branches in town. I think they've got a customer for life!

[Anonymous]

Very nice approvals!! Congratulations!!!

[medicgrrl]

Yes the CLOC should report as a revolving account. I've never had one and just received my paperwork from NFCU this week. I was thinking of using it for short term items until I saw interest accrues from day 1. I'll stick to my cc for those purchases since it will be interest free.

[medicgrrl]

And congrats!!!

[Anonymous]

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@germese1975 wrote:
Thank you for the reply! I'll have to see about getting my wife her own account for those reasons specified. If I'm not mistaken, CLOC reports as a revolving credit, correct? Can I use it for both a security blanket and an overdraft protection?

The location I'm planning on retiring to has 10 branches in town. I think they've got a customer for life!

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Yes, in some places it shows as revolving credit like FICO scores but in FAKO scoring it shows as line of credit and does not get counted as available credit for utilization sadly.

[garagebandking]

Congrats! NFCU must like your profile.

Give it a few months with the CC and CLOC and if you were feeling the itch, you could try again for a second CC. Someone recommended 6 months when I inquired, but I opened with similar thunder and was able to add th Flagship after the first CC received a CLI. Around 3-4 months.

Read the NFCU CLI and 2nd Card thread in the applications section as there's a wealth of information...bring snacks...its lengthy.

[germese1975]

Thank you all for the awesome replies! I'm definitely stoked!

I can't remember what interest the CLOC is at, but it has to be better than what I have on that ridiculous Pioneer loan. That and the monthly has got to be better than $327 for the next 2 years.

I'll give the Flagship a shot after the first CLI, I guess. I've got a nice long evening to myself, so I guess I'll find that thread.

Thank you all again for the replies!

[Aduke1122]

Congrats on the awesome approvals ,Navy fed is very very great to have .