NFCU CLOC

[Anonymous]

I applied for a CLOC last night, was approved 3 hours later.  Question I have, how does this work?  I read something about getting a check in the mail.  Do I need to write a check to use the funds?  Sorry this probably sounds ridiculous, in my mind I was just thinking it would be an option elevtronically available like an account I can see online then draw from if I need to use it.

[Anonymous]

You will receive a check book in the mail. It is also linked to your checking account in which if go over the amount available you have it will automatically pull from the cloc. It should also show up as it's own account under your credit cards and loans. Might take a few days to show up

[Anonymous]

Perfect thank you!  I think I may have asked for too low of an amount, no clue what I would have been approved for.  Is it possible to recon the limit given how close the approval was (ie less than 24 hours) or will it be a HP since decision already made?

[Anonymous]

Good question, I'm not sure if they consider increasing the amount. Also best to ask for the max and worst case scenario they counter lower. I'm sure a more knowledgeable member will have a more precise answer for you. As I am not sure. Regardless congrats on the approval!

[Anonymous]

Although I do know they can use the same HP for multiple consumer loans. So if it was a matter of having to apply again it should be based of the same HP. Maybe give them a call and ask?

[Anonymous]

Agree, I'll give an update what I learn.

[AverageJoesCredit]

Use caution, Navy rarely reuses a hp, they are extremely hard pull happy and many of us here can attest

[Anonymous]

Yeah definitely confirm with them that they will re use the same HP before anything. What I was told by a rep was if it was 2 apps for consumer loans, within a certain number of days, they can use the same HP. But as they say YMMV

[Anonymous]

** Update ** I sent a message and no response. This morning I called and confirmed I needed to apply for an increase even though just approved. They assured me the original HP would be used — but — caveated it by saying they may need to pull new so in order to proceed I had to give the OK. The loan went to review and a few hours later I received a response to my previous secure message advising I had conditional approval for a $7,500 CLOC (original approval was $3k and today I asked for $12,000). I had to respond to the message agreeing that I would not be eligible for another increase for 3 months. I responded I ageeed and within a few minutes I received a text, loan approved and doc online to sign. Signed all electronically - done deal. So far, no notices of a new HP. My EQ is worst score due to 2 medical collections. 646 and 15 Inq.

Thanks for the answers and recommendations. This forum is so helpful!

[Anonymous]

Sweet deal! Congrats on the increase 😀