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NFCU CLOC @ $500!? REALLY!!??

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Valued Contributor

NFCU CLOC @ $500!? REALLY!!??

so I went for the cloc yesterday afternoon.  around 330a I woke up to raid the kitchen and noticed an email from them.  honestly I thought I was seeing things.  a $ 500 counter offer to my $15K request...on what planet does this make sense...850, 0%, dti nill, $25k nfcu card (seldom used) no inq on eq, no credit in 2+ years, etc.  sort of laughing and semi-insulted I called them and asked for another review.  the csr was proud to say that I got the lowest rate and I am like for what, so I can finance a rake and a few bags of potting mix at the lowest rate and she laughed.  I offered to upload the docs I just got from my pnc $66k bloc a week ago.  it floors me, how can a lender be so far off or so different than another?  I would have used pedfed as one of my cars if through them but 17.99 is a bit rich.  I know, I know, its nothing personal its just credit but really lol

Message 1 of 37
36 REPLIES 36
Regular Contributor

Re: NFCU CLOC @ $500!? REALLY!!??

Lol @ the potting mix and rake . That gave me a good laugh. But seriously with stats like yours maybe it was a misprint of 2 zeros missing at the end !







Message 2 of 37
Community Leader
Super Contributor

Re: NFCU CLOC @ $500!? REALLY!!??


@bourgogne wrote:

so I went for the cloc yesterday afternoon.  around 330a I woke up to raid the kitchen and noticed an email from them.  honestly I thought I was seeing things.  a $ 500 counter offer to my $15K request...on what planet does this make sense...850, 0%, dti nill, $25k nfcu card (seldom used) no inq on eq, no credit in 2+ years, etc.  sort of laughing and semi-insulted I called them and asked for another review.  the csr was proud to say that I got the lowest rate and I am like for what, so I can finance a rake and a few bags of potting mix at the lowest rate and she laughed.  I offered to upload the docs I just got from my pnc $66k bloc a week ago.  it floors me, how can a lender be so far off or so different than another?  I would have used pedfed as one of my cars if through them but 17.99 is a bit rich.  I know, I know, its nothing personal its just credit but really lol


Sorry about that amount but that potting mix and rake financing line is golden 😂

EX 753 EQ 769 TU 755
Message 3 of 37
Valued Contributor

Re: NFCU CLOC @ $500!? REALLY!!??


@bourgogne wrote:

so I went for the cloc yesterday afternoon.  around 330a I woke up to raid the kitchen and noticed an email from them.  honestly I thought I was seeing things.  a $ 500 counter offer to my $15K request...on what planet does this make sense...850, 0%, dti nill, $25k nfcu card (seldom used) no inq on eq, no credit in 2+ years, etc.  sort of laughing and semi-insulted I called them and asked for another review.  the csr was proud to say that I got the lowest rate and I am like for what, so I can finance a rake and a few bags of potting mix at the lowest rate and she laughed.  I offered to upload the docs I just got from my pnc $66k bloc a week ago.  it floors me, how can a lender be so far off or so different than another?  I would have used pedfed as one of my cars if through them but 17.99 is a bit rich.  I know, I know, its nothing personal its just credit but really lol


Do you keep only a small amount in their checking account? If so, maybe they figured that's all they felt was warranted. Maybe they figured you had enough lines of credit elsewhere. Maybe they don't like their money being used for more than rakes and potting soil.

 

It makes me wish I could get into the banking business with all these loans I see at at stupid interest rates. I'm ok with loaning $15,000 out to low-risk people/businesses at even 8% interest. If only there were more Mainvest-like options out there, but I digress...

Message 4 of 37
Regular Contributor

Re: NFCU CLOC @ $500!? REALLY!!??

Your scores are too high for $15K, they need to be less than 700 for best results with NFCU.



Message 5 of 37
Valued Contributor

Re: NFCU CLOC @ $500!? REALLY!!??

I just talked with another nfcu csr and she said the $ 500 increase for the conditional approval got rejected a 2nd time.  she also said she has been in the cloc area for 6 years and that UW never changes their mind on the approved amount.  I dont know if this is true or not.  so my options are to just take it, use it a bit and cli it at some point in the future and hope it will grow or turn it down.  this has a very cap1 feeling to it all

 

I could also upload a note to them and try to understand why exactly they are coming up with this amount.  I could also include some pics of the bloc I just got approved for and tell them because it does not have checking to me its a paperweight.  basically be business like and try and reason with them.  I have 13 days to accept the $ 500 or do better or turn it down.

 

I could also try penfed, I dont have a checking account with them so the neg is that it could result in 2 hard pulls with unknown results

 

I have a credit card with both, I dont use the cards with either and i dont have banking relationships with either

 

seems so odd to get bloc one day for doing bascially nothing and now I feel like I am back in high school

 

open to comments or suggestions.  at this point I leaning towards the letter upload route

 

Thx

Message 6 of 37
Established Contributor

Re: NFCU CLOC @ $500!? REALLY!!??

Well you can buy a rake and potting soil but I wouldn't let that balance report Smiley Very Happy  Funny comment BTW.

 

Seriously though, your profile is perfect and the decision doesn't make sense but perhaps you have temporarily hit their internal limit for the moment?

 FICO 8
Message 7 of 37
Community Leader
Senior Contributor

Re: NFCU CLOC @ $500!? REALLY!!??

A rake & potting soil?? You need to think bigger, you could finance a swimming pool with that . . .


Fico 08: 720/721/719 TU/EX/EQ
Message 8 of 37
Senior Contributor

Re: NFCU CLOC @ $500!? REALLY!!??

Credit unions generally don’t like to give loans to people who won’t use them. I think your lack of credit use is working against you in this case because they would rather lend to people who will use it. 


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Message 9 of 37
Community Leader
Super Contributor

Re: NFCU CLOC @ $500!? REALLY!!??

The problem i see is that the Cloc wasnt sponsered by ChaseSmiley Wink

On the real, maybe they saw nonuse of their 25k cc and saw all your exposure with Chase snd figured $500 was sufficient. Even Navy can think someone has too much credit.
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Message 10 of 37