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NFCU CLOC advice

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NFCU CLOC advice

First off I wanted to say that waiting for creditors to update is killing me!  I had about $28,000 in credit debt on 18 cards and about 89% utilization.  On Feb 22nd, I paid off every single credit card to a zero balance.  My current Fico08 range from 651 to 681, projections on the MyFico simulator will be around 770ish (if it is accurate at all).

I would like to apply for NFCU CLOC and was wondering how to go about it.  I have an go rewards credit card with a $1500 credit limit after one CL increase from $500 back in November 2018.  After all of the credit cards report to the bureaus, should I request for the CLOC?  Do I ask for a CLI on my Navy Fed credit card?  Do I double app and apply for the more rewards and the CLOC on the same day? 

2/21/19 Fico's: EQ 651 - TU 666 - EXP 670
4/4/19 Fico's: EQ 744 - TU 763 - EXP 758

AMEX Platinum: NPSL / DCU $3000 / Barclaycard Apple Visa $2700 / Firestone $1200 / Credit One Bank $1100 / Walmart $8000 / Capital One $500 / Chase United Explorer $5000 / Discover IT $1500 / NFCU $1500 / Sams Club $7500
8 REPLIES 8
Valued Contributor

Re: NFCU CLOC advice

Congrats on paying down your debt!!   

 

Maybe wait till Navy updates your score on their website / completes an AR  -- folks have reported that you stand a chance at getting a soft pull on apps if done at this time; otherwise, you'll be hit with an HP for each app you submit.   You can app for the cloc, a CLI, and a new card in the same day - it's been done before.   They'll pull EQ for the CLOC and CLI,  TU for the new card app.   If you can wait till after they review your account, then you may only get a hard pull on TU for the new card app, and get luck with soft pulls on the CLOC and CLI since the AR is done with EQ.   Of course -- as with everything, this is all YMMV -- there is a good chance at SPs, but you may still be hit with HPs.   If you don't care about the inquiries - then go for it as soon as your reports update with the reduced balances. 

 

Here's the Navy CLI / Additional card thread -- the last few / recent posts include one stating that two CLIs were received in one day - after AR -- and both were soft pulls. 

 

Oh -- and don't let every single card report a $0 balance -- -all cards at zero will cost you FICO points because there is a penalty for 'no revolving credit usage'.  Make sure one card reports a small balance.... 

 

Good luck!! 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2019: EX 767 ✦ EQ 734 ✦ TU 757
Current FICO 9s | 11/2019: EX 768 ✦ EQ 775 ✦ TU 766
Highest FICO-8 Ever | 10/2018: 780 [on dirty report]

2019 Goal Score | 760s


My AAOA: 2.10 years not incl. AU / 3.1 years incl. AU
My AoOA: 6.10 years not incl. AU / 8.10 years incl. AU
Inquiries: EX 0/6 | 3/12 ✦ EQ 0/6 | 5/12 ✦ TU 0/6 | 1/12
Report Status: Clean

Tending my Garden til 6/2020


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 2 of 9
Super Contributor

Re: NFCU CLOC advice


@essexjet wrote:

First off I wanted to say that waiting for creditors to update is killing me!  I had about $28,000 in credit debt on 18 cards and about 89% utilization.  On Feb 22nd, I paid off every single credit card to a zero balance.  My current Fico08 range from 651 to 681, projections on the MyFico simulator will be around 770ish (if it is accurate at all).

I would like to apply for NFCU CLOC and was wondering how to go about it.  I have an go rewards credit card with a $1500 credit limit after one CL increase from $500 back in November 2018.  After all of the credit cards report to the bureaus, should I request for the CLOC?  Do I ask for a CLI on my Navy Fed credit card?  Do I double app and apply for the more rewards and the CLOC on the same day? 


1. Disregard simulators; they are bunk.

2. If you pay all credit cards down to zero, be sure to let one report a small balance when statement hits.

3. To apply for CLOC go to Open A New Account > Checking Line of Credit

4. The CLI request will almost undoubtedly result in a hard pull.

5. I don't think it would be a good idea to apply for both a new card and a CLOC on the same day.


Total revolving limits 732500 (606000 reporting) FICO 8 scores: EQ 715 TU 760 EX 735
Message 3 of 9
Community Leader
Super Contributor

Re: NFCU CLOC advice

IMHO, I would wait a full month after reports update before applying for anything. However, I would still use 1-2 cards to show usage.

Then I would apply for another NFCU CC. Then 30 days later I would request the CLOC.

Just my 2cents.
GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 4 of 9
Community Leader
Super Contributor

Re: NFCU CLOC advice


@SouthJamaica wrote:

@essexjet wrote:

First off I wanted to say that waiting for creditors to update is killing me!  I had about $28,000 in credit debt on 18 cards and about 89% utilization.  On Feb 22nd, I paid off every single credit card to a zero balance.  My current Fico08 range from 651 to 681, projections on the MyFico simulator will be around 770ish (if it is accurate at all).

I would like to apply for NFCU CLOC and was wondering how to go about it.  I have an go rewards credit card with a $1500 credit limit after one CL increase from $500 back in November 2018.  After all of the credit cards report to the bureaus, should I request for the CLOC?  Do I ask for a CLI on my Navy Fed credit card?  Do I double app and apply for the more rewards and the CLOC on the same day? 


1. Disregard simulators; they are bunk.

2. If you pay all credit cards down to zero, be sure to let one report a small balance when statement hits.

3. To apply for CLOC go to Open A New Account > Checking Line of Credit

4. The CLI request will almost undoubtedly result in a hard pull.

5. I don't think it would be a good idea to apply for both a new card and a CLOC on the same day.


What SJ said....


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover..
Message 5 of 9
Contributor

Re: NFCU CLOC advice

Thank you for the advice.  Looks like i'll just be applying for the CLOC only in about a month.  Do you ask for the maximum right off the back?

2/21/19 Fico's: EQ 651 - TU 666 - EXP 670
4/4/19 Fico's: EQ 744 - TU 763 - EXP 758

AMEX Platinum: NPSL / DCU $3000 / Barclaycard Apple Visa $2700 / Firestone $1200 / Credit One Bank $1100 / Walmart $8000 / Capital One $500 / Chase United Explorer $5000 / Discover IT $1500 / NFCU $1500 / Sams Club $7500
Message 6 of 9
Valued Member

Re: NFCU CLOC advice

I just applied for a CLOC. Here’s what I did. On my 91st day / 4 statements after opening a checking account and getting a cash rewards card, I applied for a new card then cloc and lastly a cli on my cash rewards card. All on the same day.

I didn’t have a max button for anything and no clue what to ask for on the cloc so I was conservative and asked for $3k. I based this on a whim as I had no idea what my second card would be approved for or if at all. Same with the cli as both went to review. My cl on cash rewards was $1k so I figured $3k was a good starting point for the cloc. And, it was approved as requested within a few hours, along with a $5k second card and $2k cli on my first card.

This made me wonder if I went too low on the ask for the cloc. I called the next day after sending a message that wasn’t answered and asked if I could be considered for max eligibility but was told I had to request a specific amount so I asked for $12k. Soon after they came back and offered $7,500. So far no separate HP has came through.

Your scores are better than mine but with only $1500 cl on your first card with them, I’d say be conservative and see what they say knowing you can always turn around and submit another request for more without waiting 90 days.
Message 7 of 9
Contributor

Re: NFCU CLOC advice

Well after not listening to anyone I decided to ask for a CLI and was declinded. I am anxious to see what the reason was

 

2/21/19 Fico's: EQ 651 - TU 666 - EXP 670
4/4/19 Fico's: EQ 744 - TU 763 - EXP 758

AMEX Platinum: NPSL / DCU $3000 / Barclaycard Apple Visa $2700 / Firestone $1200 / Credit One Bank $1100 / Walmart $8000 / Capital One $500 / Chase United Explorer $5000 / Discover IT $1500 / NFCU $1500 / Sams Club $7500
Message 8 of 9
Valued Member

Re: NFCU CLOC advice

When you do apply for the CLOC, i would go for the max. They can counter if your not approved. Its a hard pull regardless so aim high, I dont really see a reason to not go for the max. Maybe wait a little for your scores to rise so you can get a lower interest rate.
Message 9 of 9
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