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Denied $500 CLOC NFCU

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Re: Denied $500 CLOC NFCU

I was just approved for the CLOC CLI from 3K to 15K on 09/01/17.  No changes in score from 08/15/17 to when they pulled and it showed a 663 with equifax.  The only version that came  close was the FICO 5 mortage version. It matched exactly.  I know in another posted someone mentioned the CLOC was harder.  In my case they approved the CC cashback at 4200 and CLOC SL was 1K, but that was what I requested.   Good luck

Chapter 7 Disc 03/2015 **FICO 8 Scores as of 07/2018 - EQ 658 / TRANS 656 / EXP 674 - As of 07/01/18 UT - 1% ...TTL CL's $95,200
Message 21 of 23
Established Member

Re: Denied $500 CLOC NFCU


UncleB wrote:

tydawg wrote:

numbershunting wrote:
Just a suggestion based on my own ecperience...and trust me I am no expert, just learning.

The impression I got when exploring options via telphone with them was that the CLOC was way harder to get than a CC and thier Platinum Card had a different credit evaluation model than thier rewards and cash back cards.

My opinion, if you're ground floor looking up and the timing is right on measurables like debt/income ratio, is to open your NFCU door with the basic Platinum card. Also...a conversation on the phone will really help. At least it did in my case. I merely ASKED about the secured card process and at the end of my call I was approved for Platinum @ $3100.

Best of luck to you when you decide the time is right to try again.

No it does not. The only card with different criteria is the Flagship card. 


+1

 

I think that perhaps because Capital One calls their entry-level card 'Platinum' it causes confusion with the NFCU Platinum.

 

At NFCU, you can freely PC from one card type to another practically at will, they just adjust the APR to reflect the rewards (or lack thereof) on the new card type.  The only card they have that has different underwriting is the Flagship due to the $5k minimum credit line, just as @tydawg mentions.  That said, as long as you have at least a $5k credit line you can even PC to the Flagship.

 

If it were 'easier' to get approved for the Platinum, everybody would just apply for it then change over to a Cash Rewards/goRewards, etc.


Forgive me for digging this old thread up, but I've not been lurking and did not realize you responded. I'd like to thank you for your response and ask a question....but only after I defend my reply by letting you know I was quoting the CSR at the time, and also only did so after stating I was no expert. I have a pretty good hunch they adjust thier requirements based on the product they might be pushing.That hunch fortified by the 10,000 credit limit I recieved when the new Amex was a topic. A credit extended to me while my utization on aformentioned Platinum card was at 95%.

 

Anyway.....my question is based on the OP's topic.....What would a CLOC help anyone who has it? What are the benifits? Is it something that reports to the degree that it would assist in lowering credit utilization? I can only imagine this as a tool for those interested in bettering  credit standing, but also see it as a dangerous temptation. My opinion is if you are someone struggling with discipline and spending, this CLOC stuff would hinder any progress and compares to dangling a carrot in front of a jackass. Obviously, it can also have quite the opposite affect if used correctly and assuming it has a benificial impact. As for me....when offered this, my reply was that "I dont think that would benefit me" .....and even today 1/2 a year later I still believe that it lays money out there that I dont need. Other peoples results may vary, but I'm pretty sure discipline is rooted in there somewhere. jmo

 

 

Message 22 of 23
Valued Contributor

Re: Denied $500 CLOC NFCU


numbershunting wrote:

UncleB wrote:

tydawg wrote:

numbershunting wrote:
Just a suggestion based on my own ecperience...and trust me I am no expert, just learning.

The impression I got when exploring options via telphone with them was that the CLOC was way harder to get than a CC and thier Platinum Card had a different credit evaluation model than thier rewards and cash back cards.

My opinion, if you're ground floor looking up and the timing is right on measurables like debt/income ratio, is to open your NFCU door with the basic Platinum card. Also...a conversation on the phone will really help. At least it did in my case. I merely ASKED about the secured card process and at the end of my call I was approved for Platinum @ $3100.

Best of luck to you when you decide the time is right to try again.

No it does not. The only card with different criteria is the Flagship card. 


+1

 

I think that perhaps because Capital One calls their entry-level card 'Platinum' it causes confusion with the NFCU Platinum.

 

At NFCU, you can freely PC from one card type to another practically at will, they just adjust the APR to reflect the rewards (or lack thereof) on the new card type.  The only card they have that has different underwriting is the Flagship due to the $5k minimum credit line, just as @tydawg mentions.  That said, as long as you have at least a $5k credit line you can even PC to the Flagship.

 

If it were 'easier' to get approved for the Platinum, everybody would just apply for it then change over to a Cash Rewards/goRewards, etc.


Forgive me for digging this old thread up, but I've not been lurking and did not realize you responded. I'd like to thank you for your response and ask a question....but only after I defend my reply by letting you know I was quoting the CSR at the time, and also only did so after stating I was no expert. I have a pretty good hunch they adjust thier requirements based on the product they might be pushing.That hunch fortified by the 10,000 credit limit I recieved when the new Amex was a topic. A credit extended to me while my utization on aformentioned Platinum card was at 95%.

 

Anyway.....my question is based on the OP's topic.....What would a CLOC help anyone who has it? What are the benifits? Is it something that reports to the degree that it would assist in lowering credit utilization? I can only imagine this as a tool for those interested in bettering  credit standing, but also see it as a dangerous temptation. My opinion is if you are someone struggling with discipline and spending, this CLOC stuff would hinder any progress and compares to dangling a carrot in front of a jackass. Obviously, it can also have quite the opposite affect if used correctly and assuming it has a benificial impact. As for me....when offered this, my reply was that "I dont think that would benefit me" .....and even today 1/2 a year later I still believe that it lays money out there that I dont need. Other peoples results may vary, but I'm pretty sure discipline is rooted in there somewhere. jmo

 

 


CLOC... 

 

1) You can write checks from it. 

2) You can use it as overdraft protection with a $0 fee. 

3) You can use it as a personal debt consolidation loan. 

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AMEX Blue Business Preferred
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Message 23 of 23