Hello myFICO family!
I applied for and received a CLOC (checking line of credit) this week and thought I would share some current (as of 2/24/2022) DP's.
The maximum limit is 5k for active duty members, 3k for non-active duty. This max limit is per member and can be spread amongst your accounts for anyone who has multiple checking accounts with NFCU, in $500 increments.
I went to the NFCU site to apply (couldn't find it on the app) and selected the new account link on the upper right and scrolled down to the checking and savings section.
You need to ask for a specific amount in $500 increments.
I got an immediate TU HP (not sure what model is used, but my most recent TU Fico 9 from Navy is 782).
I received an instant approval for 3k at 13.9 APR although it can take around 2 hours to receive a decision during normal business hours. The APR is a range of 13.9-17.9. Minimum payments are 2% of outstanding balance or $20, whichever is greater.
I have a direct deposit going to my NFCU checking account and have been a member for 5+ years. I also have a Navy Flagship and More Rewards credit card with 25k limit on each which I always PIF.
I use this account as somewhere to pay bills from, only keeping a small balance (it was $45 at the time of this application!).
It will display on the site and the app as a separate account under loans and credit. It took a day or so to show up.
When/if you should ever ask for an increase, you follow the same procedure as the original request.
I don't yet know how, or even if, it reports to the CRA's as it is an open-end loan.
I realize some of the older posts report CL's of 15k, and recent ones during the more stringent COVID approvals of $500. I hope this may be helpful to anyone considering applying for a Navy CLOC now.
