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NFCU CLOC or Personal Loan?

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NFCU CLOC or Personal Loan?

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.
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Super Contributor

Re: NFCU CLOC or Personal Loan?

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!

11/01/19 Fico 8: EX 726, EQ 721, TU 747.
11/08/19 Fico 9: EX 733, EQ 740, TU no idea...
Zero percent financing is where the devil lives...

Firmly in the garden until the next pre-approval arrives!
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Established Member

Re: NFCU CLOC or Personal Loan?

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