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nfcu consumer/biz cloc aaoa ?s

bourgogne
Valued Contributor

Re: nfcu consumer/biz cloc aaoa ?s


@FICOdeMio wrote:

@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


Hi bourgogne,

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

 

Thanks in advance ;-)


hey, sorry for the delay.  I have not had a chance to do anything but in talking with several csrs it was confirmed that at present they do not hp for either a biz or a personal membership.  3+ years ago when I applied this was not the case.  never made sense to me, why start someone out by hitting their file.. I am glad they did away with it.  I think they are a great lender to have in ones quiver,  I dont use the card much but I am glad I joined

Message 11 of 15
pizza1
Community Leader
Super Contributor

Re: nfcu consumer/biz cloc aaoa ?s

@bourgogne 

 

Did you apply for the overdraft protection, or the CLOC? You should know that the CLOC max is $15k, and when applying for it, you ask for max. They will either give it, or counter offer you what they can.  It will be harder now to get that up to a higher amount.

 

The Biz side is completely separate from the personal side, and you have to be a business member first before you can apply.  Min checking amount to open on biz side is $100, and their application process for credit products is waaayyy different, and longer. Lots of paperwork.  They also have the BCLOC that maxes at $15k as well, but it has a $50AF attached, and a fee to process it. Their business credit products dont report to personal either. They will pull personal EQ/TU for biz credit products on the biz side. 


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 12 of 15
bourgogne
Valued Contributor

Re: nfcu consumer/biz cloc aaoa ?s


@pizza1 wrote:

@bourgogne 

 

Did you apply for the overdraft protection, or the CLOC? You should know that the CLOC max is $15k, and when applying for it, you ask for max. They will either give it, or counter offer you what they can.  It will be harder now to get that up to a higher amount.

 

The Biz side is completely separate from the personal side, and you have to be a business member first before you can apply.  Min checking amount to open on biz side is $100, and their application process for credit products is waaayyy different, and longer. Lots of paperwork.  They also have the BCLOC that maxes at $15k as well, but it has a $50AF attached, and a fee to process it. Their business credit products dont report to personal either. They will pull personal EQ/TU for biz credit products on the biz side. 


hey, so this is so weird, I am totally craving pizza lol.  thanks for responding.  the only things I have in place is a consumer membership and 2 checking accounts with OOPS attached to both.  in 40+ years I have never been late paying anything but for some reason I thought that it would be a good idea to have autopay set up on a few accounts just in case.  had a friend have heart surgery that sort of got my thinking of the what-ifs.  maybe I am over-thinking it.  I was all set to just get the cloc, $15K would be more than enough, but the reporting of a new account turned me off.  then I thought of a business membership and that it would not report but after reading your post that is turning me off.  I dont want to jump through hoops, tax returns, etc. for a $15K cl.  I have 3 inks and 3 amex biz cards and it was a snap to get all 6, no poi no nothing.  not suggesting that I am lazy, its just not worth the effort to me at this point.  its either use OOPS as a just in case or nothing at this point I think....what do you think?  thank you

Message 13 of 15
pizza1
Community Leader
Super Contributor

Re: nfcu consumer/biz cloc aaoa ?s


@bourgogne wrote:

@pizza1 wrote:

@bourgogne 

 

Did you apply for the overdraft protection, or the CLOC? You should know that the CLOC max is $15k, and when applying for it, you ask for max. They will either give it, or counter offer you what they can.  It will be harder now to get that up to a higher amount.

 

The Biz side is completely separate from the personal side, and you have to be a business member first before you can apply.  Min checking amount to open on biz side is $100, and their application process for credit products is waaayyy different, and longer. Lots of paperwork.  They also have the BCLOC that maxes at $15k as well, but it has a $50AF attached, and a fee to process it. Their business credit products dont report to personal either. They will pull personal EQ/TU for biz credit products on the biz side. 


hey, so this is so weird, I am totally craving pizza lol.  thanks for responding.  the only things I have in place is a consumer membership and 2 checking accounts with OOPS attached to both.  in 40+ years I have never been late paying anything but for some reason I thought that it would be a good idea to have autopay set up on a few accounts just in case.  had a friend have heart surgery that sort of got my thinking of the what-ifs.  maybe I am over-thinking it.  I was all set to just get the cloc, $15K would be more than enough, but the reporting of a new account turned me off.  then I thought of a business membership and that it would not report but after reading your post that is turning me off.  I dont want to jump through hoops, tax returns, etc. for a $15K cl.  I have 3 inks and 3 amex biz cards and it was a snap to get all 6, no poi no nothing.  not suggesting that I am lazy, its just not worth the effort to me at this point.  its either use OOPS as a just in case or nothing at this point I think....what do you think?  thank you


@bourgogne , I went thru all the agonizng paperwork for biz cc last year after my biz membership was approved, only to be denied, lol. Granted, I had just started my side biz, and had only been open for a few weeks when I applied. Biz rep said that to give it a little more away from the beginning date from when I formed my LLC, and try again. I reconned it, asking for the lowest SL on their Biz Visa, (which is $2.5k). They try to approve for a min of $10k, and if they cant, then $5k, but rarely go lower, so declined. This was almost a year ago. 

 

I opted to not get overdraft protection, or the BCLOC at the time due to the fee's. So, March 1 will be one year since I formed LLC, and the rep said I should have a much better chance at approval. So, he emailed me the paperwork, and its like 10 pages of stuff....Im trying to muster up the energy to try again, but Its not looking good, LOL. But, If I can get Visa with a high CL, that doesnt report to personal, Im gonna try for it....just dont know when yet. Paperwork has been sitting on my desk for weeks, and I just cant do it, LOLOL!!  Eventually, It'll be worth it for me, just need to do it. Smiley Happy 


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 14 of 15
bourgogne
Valued Contributor

Re: nfcu consumer/biz cloc aaoa ?s

@pizza you are a riot, haha you are sitting on the paperwork .. there is no way I am going to jump through any hoops, thank you for making the decision an easy one, I mean it.  I am just going to use oops, if I have to actually use something like this as an emergency autopay then credit is probably not my greatest concern. 

Message 15 of 15
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