I hope this question isn't being asked in the wrong place but is it good for my credit to get a CLOC from NFCU? I'm in the process of my build and have the NRewards, 2 Certificate's, savings, checking, and an SSL already. Would it be smart to add this or should I wait?
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Thank you. I don't really need this for the line of credit but thought having a different credit for diversity.
My DP's are;
current score TU/779 EQ/768
INQ TU/2 EQ/1 EX/2
cap1 plat secured $301 SL Feb 2022
disc it secured $300 SL Feb 2022
open sky secured $200 SL Feb 2022
NFCU NRewards secured $200 March 2022
NFCU SSL $3000/36 months March 2022
(paid down to $265 April 2022)
amex blue AU $30,000 April 2022
I also started a savings and checking account with NFCU in March 2022 plus in April 2022 opened 2 savings certificates 1-$1000 1-100 (and have been adding $100 every 2 weeks)
I started with a completely blank file as I didn't have any credit for years.
I have been adding to my savings also every week and started with a 3k balance and is now over $5600 plus the certificates and the checking balance of $2800. I haven't been taking any money out of the accounts except a few $20--$30 charges (all in $135 spent from checking card)
I also have started an account with Del-One FCU and have a checking and savings there and add $100 to each account each week. I plan to open a certificate there also and my next card I would like to get with them. I think (correct me if wrong) the building of a relationship with these two CU will help me over time more so than the main stream banks.
Any thoughts to further help my build? Changes anyone suggests? Thank you
@RobynJ wrote:I hope this question isn't being asked in the wrong place but is it good for my credit to get a CLOC from NFCU? I'm in the process of my build and have the NRewards, 2 Certificate's, savings, checking, and an SSL already. Would it be smart to add this or should I wait?
I don't think you need it but it's possible that it fills out your credit mix. I would wait and see if your credit mix is less than "excellent". If so, you could add that.
It's good as a protection against checking overdrafts.
It winds up getting scored like a credit card.
The interest rate isn't great, so if possible it's better to have it but not to use it.
@tcbofade wrote:As mentioned above, it will report like a credit card so I don't see it helping your credit report in any way.
If you want it for the overdraft protection, by all means grab it.
Thanks, I was under the assumption that a LOC was a little different than a CC in terms of helping with the diversity of accounts. Since it's not I am not going to even think about it. I never run my checking low with them as I rarely use it mainly use Citizens for checking and to deposit then push money to my NFCU accounts. I use the check card about twice maybe a month with a small charge but that's about it.