nfcu consumer/biz cloc aaoa ?s

[bourgogne]

Hi, 

I would like to get some sort of credit line to back up an nfcu checking account and use that checking account as an emergency auto-pay backup for business and consumer credit cards.  the checking account would always have a zero balance, it would pull from the cl if an auto-pay were to be triggered

if one gets a nfcu consumer cloc I would imagine it reports as some sort of revolving instrument - does it report exactly as a credit card, meaning it impacts ones aaoa, aoya, etc?  if one does not want this to happen, lets say one wants to stay in the garden, could one open a biz account, biz checking and get a biz cloc?  it does not report, yes?  what are the requirements for a biz account with nfcu - tax returns, poi, etc? 

I have been with the cu since 8/2017 and have an unused checking account and a $25K rewards card that is seldom if ever used.  EQ is 847.  any insights into any of this would  be most welcome.  thank you

[Anonymous]

CLOC does report as a standard revolving account and impacts credit card-related factors such as AAoA, AoYA, etc. 

I don’t know about the business stuff, sorry. 

[bourgogne]

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@Anonymous wrote:

CLOC does report as a standard revolving account and impacts credit card-related factors such as AAoA, AoYA, etc. 

I don’t know about the business stuff, sorry. 

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thanks + drat that is what I thought.  I suppose the only way to not have it hit the cra's is to go the business route.  sort of wish I did that from the start or would be amazing if they convert an account which I know is a pipe dream.  thanks again

[Anonymous]

No problem! You actually made me realize that my $500 CLOC could actually get me in trouble if I ever need to use it because of the fact it’s a reported revolving line. Didn’t really think that one through when I only asked for $500 lol. 

[bourgogne]

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@Anonymous wrote:

No problem! You actually made me realize that my $500 CLOC could actually get me in trouble if I ever need to use it because of the fact it’s a reported revolving line. Didn’t really think that one through when I only asked for $500 lol. 

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500 is pretty low.  seems that penfed and nfcu, the only cu's I have clocs are kind of the same, both max out at $15K, penfeds % is higher.  what I really need is a credit card that can double as a credit line.  if I am going to take a pull and its going to report $15K does not really interest me much.  I think the only way to do what I want to do is via a biz credit line, shoot.  would really prefer to use something that I already own and have in place

[CreditInspired]

OP, I’m thinking out loud here.

Ask NFCU if they have a $1K OOPS (Overdraft protection). I had a $500 OOPS on a secondary checking account and it was never reported to CRA. The reason I said “had” is because last month I had it converted to a CLOC.

[bourgogne]

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@CreditInspired wrote:
OP, I’m thinking out loud here.

Ask NFCU if they have a $1K OOPS (Overdraft protection). I had a $500 OOPS on a secondary checking account and it was never reported to CRA. The reason I said “had” is because last month I had it converted to a CLOC.

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hey, thinking out loud works for me, do it all the time haha.  they don't do $1K.  my solution was to open a 2rd checking so I have $1K to use for the auto-pay which should work I hope.  nfcu 2rd checking is not a hp, penfed is, for our readers at home lol.  if the $hit were to ever the fan I have a lot of cash advance available, $20K @ 18% at penfed, about the same at nfcu, etc.  sorry I didn't do the cloc when I got the membership but at this point I am going on 2 years without a consumer app and plan on keeping it that way.  if I am going to take an hp and have something report as a revolver its going to be a revolver not a cloc.  which leads me to ask, you didn't convert, the cloc you applied for, why do you need it, besides the obvious emergency funds which a cash advance would do?  curious minds want to know.  take care, have a good week

[CreditInspired]

@burgonne asked why I needed the CLOC

No real reason. Just greed, UT padding, and to see if I could get it 😂🤣. $14K @ 13.25%

And honestly, I don’t see a time when I would use it. My AmX ED is at 0 APR and ends July 2019. And, my Magnate is at 0 APR and ends March 2020.

Yep, greed is exactly the reason I’m gardening for 24 months. It’s a forced self-retirement to curtail my credit card seeking behavior. .

I mean really—I don’t need it but just couldn’t control myself. 😂🤣😂🤣.

[bourgogne]

@ci, I dont view $14K @ 13.25% as greed at all, a option like this at the right, or wrong time, could come in very handy.  I would love to have it to pay bills/cards should I become unable to so good for you + good for you for hitting the garden for 2 years.  from 1st hand experence its pretty wild to have all ones inqs fall off.  you could just add on some amex biz cards if you get the itch, I have never had an hp.  I just found out yesterday that nfcu does not hp for membership anymore so if they dont report a bizcloc then that is the route I will prob take, going to call them today.  be safe

[Anonymous]

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@bourgogne wrote:

@ci, I dont view $14K @ 13.25% as greed at all, a option like this at the right, or wrong time, could come in very handy.  I would love to have it to pay bills/cards should I become unable to so good for you + good for you for hitting the garden for 2 years.  from 1st hand experence its pretty wild to have all ones inqs fall off.  you could just add on some amex biz cards if you get the itch, I have never had an hp.  I just found out yesterday that nfcu does not hp for membership anymore so if they dont report a bizcloc then that is the route I will prob take, going to call them today.  be safe

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Hi bourgogne,

Did you apply with NFCU?  And if so, did they HP or SP?

Thanks in advance ;-)