NFCU CLOC Help

[Anonymous]

Hello All, Thanks to the forums, I successfully joined NFCU, I did the Navy League of San Diego method and sent it in snail mail. Just funded my account today and then opened a checking, then (of course) append for the CLOC I have read so much about on here. My application was unfortunately not an instant decision 😥 They claimed they would respond within 1 hour, well, they apparently lied! lol it's been 8 hours and have not heard a peep, I can log in to check status and it just says review in process. Any of you NFCU members that have obtained a CLOC have any experience to share like mine? Does this typically mean it's denied? Or would they have said denied instantly? Any hypothesis from you experienced folk is as always, greatly appreciated.

[Anonymous]

I guess this just isn't looking good, so far they instantly pulled EQ on application submission and decided to pull TU last night. Have yet to hear a thing, all the other post that talk about approvals on this seem to say they were approved shortly after their hard pulls. 😥

[DaveInAZ]

I really don't know the answer to your question, I submitted my NFCU app to join last week by email, no TU pulled yet so they haven't got to it yet.

But in reading other NFCU threads, the CLOC is handled by the loan department, a different department than CCs, and if approved they mail you forms to be signed & returned, so it would seem every CLOC app is handled personally by a loan rep. So perhaps the computer system automtically pulled EQ & TU for the rep to review, but since you posted this on Saturday I assume you app'd on Satuday? If so, it's probably waiting for a rep to review in person during normal biz hours? .

[Anonymous]

No such luck, they apparently don't bother to tell you anything if they don't approve it, nor do they bother updating the online status. They just leave it at "review in process" until you either call them, or get the letter in the mail. I couldn't stand it anymore, so I called in. Loan officer said, "you don't meet our lending criteria" my response was "you had to pull EQ AND TU to figure that out?" Lol. It's no big deal, they pulled on 4/27 for the membership TU then pulled EQ and TU on 4/29. So all I got out of 3 HP was membership. I of course asked for the maximum $15,000 and received no counter. Just a denial. I also applied for PLOC with PenFed, no go on that one either, Rep was really nice though at Penfed, she recommended trying again in 90 days. Said it was "really close". My thoughts were "really? So 90 more days will be drastically different than today? Lol. I will just give up for now, bide my time and try again later.

[DaveInAZ]

Well, they other thing I've read in NFCU threds is that they are very pull happy.

You don't list your credit scores, as I recall in posts they want to see at least mid 600s FICO. And is the Discover card in your sig your only credit card? Most lenders want to see more credit usage & payment history.

When I get accepted I'm going to switch my payroll direct deposit to NFCU, and let my payroll hit  couple times before I app for a CLOC, to show income stream to hopefully make them feel more secure in approving.

[Anonymous]

My fico 08's are all lower 720's. Score/income isn't the problem. I have 9 other credit cards, a house and 2 new car loans, all acquired in the last year. I will know more when I see the letter, but I guarantee it says "limited credit experience" my file is 15 months old. lol

[DaveInAZ]

Ouch! Those scores & other credit accounts should have been good enough, even with the limited credit experience of only 15 months, for a low starting credit limit instead of flat rejection. I  hope this isn't a sign that NFCU is starting to tighten the screws.

[Anonymous]

I honestly thought I had a good chance at it. I at least thought I would see a counter offer. I may call them back and see if I can dial in to the "magic figure" that will see an approval. Could just be a sign that they aren't countering anymore. I'm not sure, when I pressed the Representative for specifics, all I got was the scripted "you will get a letter" lol

[DaveInAZ]

Well, good luck, you should call again to recon when you get the letter to counter whatever the letter cites as reason(s) for denial. Let us know how it turns out, hopefully you just got a rep having a bad day.

[Anonymous]

Navy is sensitive to Utilization and Credit cards are easy to get with Navy then CLOC. Not sure if this info helps you at all but may explain your denail if you have high utilizatrion.