NFCU CLOC or Personal Loan?

[Anonymous]

Hi everyone, I have been with NFCU for a couple years now. I have the cash rewards card and an auto loan with them as well as checking and savings. I was going to apply for a CLOC to cover a tax bill for 4 weeks but my utilization is around 58% right now (down from like 89% last month). Would I be better off just applying for a personal loan for 10K which would cover the taxes and allow me to pay off all credit card debt or should I just stick with the plan to apply for the CLOC for taxes and keep knocking out credit card balances as I’ve been doing? Any insight on which one I have better approval odds for? Eq 9 was 656 before a couple of accounts updated. May be slightly higher now.

[tcbofade]

Not sure if it matters to you, but the CLOC will report as a revolving line... because it is.

If it were me, I'd prefer the 10k installment loan.

You should be fine for either.  Good luck!

[Anonymous]

Thank you! I’m thinking the installment loan is the way to go if I can get it approved.