NFCU CLOC Approval on 2nd checking account

[CreditInspired]

In my research, I found that NFCU CLOC starts as low as 13.99% APR.

Okay, so I called to ask for APR reduction on my Primary checking account CLOC (16.99% APR) and was told “no can do.” CL is $1K/0 balance. Account is 10 yo.

So, I had an overdraft protection (OOPS) on my Secondary checking account that had to be deactivated in order to request a CLOC on the Seconday account, which I did. BAM! $14K instant CLOC approval at the 13.99%APR.

Max for combined CLOCs is $15K.

So happy I asked because I would have been at $15K at the $16.99% APR.

Edit: Oh a DP. I was asked if I had applied for anything—CC, loan, mortgage—in the last 30 days. I wonder if this is going to be a trend.

[19eighty5]

Congratulations on your approval and thanks for sharing the DP!

[Anonymous]

Congrats on your approval !!!!

[CreditInspired]

Thanks @19eighty5 and you’re welcome.

[CreditInspired]

Thanks @voltron.

[Anonymous]

Congrats!

Yeah CLOC unfortunately can’t have the APR adjusted so what you start with is what you are stuck with and they probably asked those questions since the department that does them is not the same as the one that does the credit cards (I read it’s the department that does the auto loans). 

I would still rather not use the CLOC anyway - if I ever have an emergency, I’ll take an advance off the Plat at 9.99% before I’ll use my CLOC for 15.9%. 

[CreditInspired]

Thanks @Saeren

Honestly, I only got it for padding UT. I have 3 CCs w/0% APR so I can’t imagine a time I’ll use it—well, no time before 2020 anyway.

[Anonymous]

Happy Holidays and Congratulations!! 👏🏾

So, let me get this right, your initial CLOC on the primary was $1k. Your secondary had the traditional Overdraft Protection, which you had to cancel to apply for a CLOC on the secondary (makes sense); in which resulted in an approval for the max CLOC of $15k between two checking accounts?

If I'm following you correctly, it sounds like you can have more than one CLOC?! Or, do they allow more than one CLOC, but it can't exceed the max of $15k across multiple accounts? Which kind of aligns with what's happened here?

[CreditInspired]

Thanks @n_la.

Yes that’s exactly correct. One can have more than one CLOC (ckg acct dependent) but max $15K total across both.

If NFCU has just reduced my APR, I would have just requested a CLI on the primary.