NFCU CLOC

[Anonymous]

Hi MyFico Family,

What are the benefits of having a CLOC?

[Anonymous]

Hello

It's is a generous amount of credit to dilute other debt.

It reports as a revolving line of credit and some bureaus will count this toward your credit portfolio diversity.

Emergencies.

We just opened one and they only pulled Equifax. Used same pull for a firm auto loan offer (did this automatically). I was timid and applied for 4k even though  you can have up to 15k.  Got instant approval but was denied when I approved for a credit card (they pull Transunion).

[Anonymous]

Thank you for your reply Skylerfinn. So it will help my credit out somewhat? Do I need to have funds in my savings in order to apply?

[ItsCASHual]

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@Anonymous wrote:

Hello

It's is a generous amount of credit to dilute other debt.

It reports as a revolving line of credit and some bureaus will count this toward your credit portfolio diversity.

Emergencies.

We just opened one and they only pulled Equifax. Used same pull for a firm auto loan offer (did this automatically). I was timid and applied for 4k even though  you can have up to 15k.  Got instant approval but was denied when I approved for a credit card (they pull Transunion).

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Do you mind me asking what your CS was. And any baddies?

[Anonymous]

It’s used for a UTI buffer, overdraft protection, and can be used like a revolving personal loan.

[Anonymous]

Last night, I was checking my offers and I received an offer to apply for the NFCU CLOC. My CS and info is below in my signature. What are my chances of being approved for the CLOC and how much should I ask? I’m also 91/3 with my secured nRewards CC and I wanted to apply for the cash, GoRewards, or flagship rewards (if not, I’ll wait until my one year post Bk to apply for one of those CC w/ NFCU) if they pull only one CR for the CLOC. Your feedback is greatly appreciated!

[rbentley]

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@Anonymous wrote:
Last night, I was checking my offers and I received an offer to apply for the NFCU CLOC. My CS and info is below in my signature. What are my chances of being approved for the CLOC and how much should I ask? I’m also 91/3 with my secured nRewards CC and I wanted to apply for the cash, GoRewards, or flagship rewards (if not, I’ll wait until my one year post Bk to apply for one of those CC w/ NFCU) if they pull only one CR for the CLOC. Your feedback is greatly appreciated!

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Although it appeared it the "offers" section, it was not truly a targeted offer to you specifically.  Everyone gets that in their offer section, sometimes they rotate it out to entice you with something else but it is not a pre-qualified/pre-approved offer.  

Most people use the CLOC for UTL padding.  It doesn't have a great practical value.  The APR is too high.  I would recomend waiting and applying for one of their cards when your profile is improved.

[Anonymous]

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@rbentley wrote:

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@Anonymous wrote:
Last night, I was checking my offers and I received an offer to apply for the NFCU CLOC. My CS and info is below in my signature. What are my chances of being approved for the CLOC and how much should I ask? I’m also 91/3 with my secured nRewards CC and I wanted to apply for the cash, GoRewards, or flagship rewards (if not, I’ll wait until my one year post Bk to apply for one of those CC w/ NFCU) if they pull only one CR for the CLOC. Your feedback is greatly appreciated!

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Although it appeared it the "offers" section, it was not truly a targeted offer to you specifically.  Everyone gets that in their offer section, sometimes they rotate it out to entice you with something else but it is not a pre-qualified/pre-approved offer.  

Most people use the CLOC for UTL padding.  It doesn't have a great practical value.  The APR is too high.  I would recomend waiting and applying for one of their cards when your profile is improved.

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Do they ever send preapproved offers?

[CreditInspired]

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@Anonymous wrote:
Last night, I was checking my offers and I received an offer to apply for the NFCU CLOC. My CS and info is below in my signature. What are my chances of being approved for the CLOC and how much should I ask? I’m also 91/3 with my secured nRewards CC and I wanted to apply for the cash, GoRewards, or flagship rewards (if not, I’ll wait until my one year post Bk to apply for one of those CC w/ NFCU) if they pull only one CR for the CLOC. Your feedback is greatly appreciated!

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Too much new credit post BK. IMHO, you should wait. 

[Anonymous]

Hello, they check Equifax and it was at 694.  One unpaid collection account that shows on Exp and TU but not EQ. I had no money in the account. There are 3 types of responses from them when applying: "Red light" Instant denial - you asked for an amount or product completely out of reach "Yellow light" You'll sign and confirm stuff but won't get the Congratulations message. "Green light" you get the Congratulations message but don't worry if application says it's in review a while.

Some data points. I added a second checking account and applied for 11k CLOC on it. Instant denial. Then I reapplied for 4k. Got what I call the "yellow light" message which means manual review (ended in denial). In my personal opinion if you get instant denial, you already got a hit. Bring the number way down and reapply.

If you just applied for a CLOC or auto loan, they will use the same pull. But if it's further out in the 30 day limit, they will most likely do a hard pull to gather more data.