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NFCU CLOC Question

Regular Contributor

NFCU CLOC Question

CLOC question. I wanted a short term loan and decided to try a “trick” that someone on here suggested. I transferred all of the money from my checking account into my savings and then transferred $5000 from my checking account (that now had a zero balance) to a separate account. The next day the loan showed up in my CLOC. My question is, if I transfer the money in my savings back into my checking account will that cause my CLOC to go down? I am trying to avoid that. I want to leave those $3000 in my checking and keep the $5000 CLOC balance (which I know sounds crazy—but I have my reasons). Thanks everyone!

Message 1 of 5
4 REPLIES
Valued Contributor

Re: NFCU CLOC Question


@Chickadee1970 wrote:
CLOC question. I wanted a short term loan and decided to try a “trick” that someone on here suggested. I transferred all of the money from my checking account into my savings and then transferred $5000 from my checking account (that now had a zero balance) to a separate account. The next day the loan showed up in my CLOC. My question is, if I transfer the money in my savings back into my checking account will that cause my CLOC to go down? I am trying to avoid that. I want to leave those $3000 in my checking and keep the $5000 CLOC balance (which I know sounds crazy—but I have my reasons). Thanks everyone!

I'm pretty sure you'll be okay. I seem to remember having a similar short-term scenario where I expected the money to pay the CLOC and it didn't. But if you try it and it doesn't work, you can always pull it out again -- won't cost you anything.

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Message 2 of 5
Super Contributor

Re: NFCU CLOC Question


@Chickadee1970 wrote:
CLOC question. I wanted a short term loan and decided to try a “trick” that someone on here suggested. I transferred all of the money from my checking account into my savings and then transferred $5000 from my checking account (that now had a zero balance) to a separate account. The next day the loan showed up in my CLOC. My question is, if I transfer the money in my savings back into my checking account will that cause my CLOC to go down? I am trying to avoid that. I want to leave those $3000 in my checking and keep the $5000 CLOC balance (which I know sounds crazy—but I have my reasons). Thanks everyone!

No, a positive balance in your checking account does not automatically go into the line of credit; you would have to voluntarily make the transfer.



FICO8 EQ 759 TU 795 EX 760 Total revolving limits 669800 (559800 reporting)
Message 3 of 5
Frequent Contributor

Re: NFCU CLOC Question


@SouthJamaica wrote:

@Chickadee1970 wrote:
CLOC question. I wanted a short term loan and decided to try a “trick” that someone on here suggested. I transferred all of the money from my checking account into my savings and then transferred $5000 from my checking account (that now had a zero balance) to a separate account. The next day the loan showed up in my CLOC. My question is, if I transfer the money in my savings back into my checking account will that cause my CLOC to go down? I am trying to avoid that. I want to leave those $3000 in my checking and keep the $5000 CLOC balance (which I know sounds crazy—but I have my reasons). Thanks everyone!

No, a positive balance in your checking account does not automatically go into the line of credit; you would have to voluntarily make the transfer.


No it seems as though he's saying he got a CLOC without an HP or application. Like a shopping cart trick. Is this true OP? And what's your scores? Also where did you hear this trick at? On here? I'd like to try this if its possible, as well. Thanks!

Fico 08 TU 680 EQ 682 EX 680 (4/05/18)
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Message 4 of 5
Valued Contributor

Re: NFCU CLOC Question

OP
I am kind of confused by your question so here is my question. Are you trying to only use the CLOC without touching your funds in your account. If the answer is yes, this is all you have to do.

Ask NFCU for CLOC checks (these are checks specifically for use with the CLOC).

So, first, let’s say your CLOC CL is $15K and you have $5.5K of your own funds in this checking account. When you use the CLOC check to withdraw funds/pay bills, it only deducts from the CLOC balance. It does not touch your $5.5K. And when it’s time to pay the monthly payment, you have to pay it the same way you would on their CC. Now, if you make a mistake and use your regular check or debit card, it will take the monies from your $5.5K.

The checks actually have the words—Checking Line of Credit—printed in bold right across the check.

So no need to transfer balances from one account to another.

Hope this helps.
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Scores
JAN 2019: EX 794, TU 783, EQ 801
DEC 2018: EX 777, TU 783, EQ 799

|| AmX ED $25K || NFCU CashRewards $20K || Discover IT $15.7K || NFCU CLOC $15K || Macy's $15K || NFCU Platinum $12.5K || AmX Magnate $11.5K || CitiCostco $7K || CitiDC $6.3K ||
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