NFCU CLOC

[Anonymous]

After stress with US Bank’s PLOC application I figured I would apply for membership with NFCU over the phone and the lady transferred me to apply for the CLOC. I told them I would like $10,000 and it was instantly approved at 14.9%. I should have probably asked for the full $15,000 but oh well. Thankfully they took a chance right off the bat with me.

I will update when I get the paperwork on the CR pull and score.

[19eighty5]

Congratulations on your approval! Glad it all worked out

[DR527]

I about fed up with my Credit Union as well. I recently considered joining NFCU. And have heard great things from people about them. Can I ask you which Fico score they pulled for the CLOC.

[Anonymous]

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@DR527 wrote:
I about fed up with my Credit Union as well. I recently considered joining NFCU. And have heard great things from people about them. Can I ask you which Fico score they pulled for the CLOC.

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They pulled TU.

[DR527]

Fico 8 or 9?

[Anonymous]

I applied over the phone and have yet to get the disclosure emailed/mailed to me. I'll let you know when I get it.

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@DR527 wrote:
Fico 8 or 9?

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[Anonymous]

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@DR527 wrote:
Fico 8 or 9?

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I received the credit disclosure in the mail today. It says they pulled Transunion, but then lists an internal Navy Federal credit score: 305... with a range from 100 to 450.

[FinStar]

OP, you mentioned that there was stress associated with the USB PLOC application, what was the stress about?

[Anonymous]

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@FinStar wrote:
OP, you mentioned that there was stress associated with the USB PLOC application, what was the stress about?

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US Bank automatically doubles/triples some of your stated amounts on liabilities from the application. For instance, I do not carry the mortgage, my partner does, so I put in $400/month, as that is half of the mortgage which I normally pay. Underwriting put in $1200/month for housing. My student loans (which are in deferment) would be at a monthly payment of $620/month, and they included a payment of $1700/month. They included each of my two AMEX cards, which I PIF every month, as like a $300/month liability EACH.

I make approximately $55,000/year between my GA position on campus (I'm a grad student), a second job I have, and my VA Benefits that are paid monthly.  That, on top of my car payment, placed my DTI at like 90%... and the underwriting refused to use the CORRECT amounts. 

[Anonymous]

Another data point: 

I faxed my promissory note Tuesday night, and called to confirm this morning that they received them. The lady on the phone told me that the CLOC should be available as of 6am Friday for use.