NFCU - Checking Line of Credit

[notallthatglitters]

Long story short.. 

I had some serious financial hardships these past few months and nearly maxed out my checking line of credit of 15K @ 15.90

I already know this was irresponsible and I am terribly regretting it now, but at the time I did not feel like I had much of a choice. Now that I've begun paying it off I feel like I am throwing pails of water into an engulfed flame. The interest rate is making my payments look nonexistent at this point. I'm not sure what options I have at this point to get this paid off. 

Any advice would be greatly appreciated. 

[Anonymous]

Larger payments or a balance transfer to a card with a lower APR. 

[CreditInspired]

Hi OP,

So sorry for the predicament you are in. And yep, you're right--those payments are swallowed up by the interest.

So, first, CreditSweeper is correct, you have to make larger payments--hopefully you can. And, do you have any BTs on other cards and/or are your scores decent enough to be able to get a decent BT card. If yes, definitely take this route.

Here's some guidance to get you on the right track.

• Sometimes NFCU can be a godsend if you're a good customer. Send them a SM, explain your situation, and ask if they can lower your interest rate. If they say yes and/or how much, go for 3%.
• Next, if you can pay more than minimum payment, please do so. Double it if you can.
• If you're one of those who will be getting another stimulus check, throw as much of it as you can at the outstanding balance. 
• Check out your closet, garage, etc., and see if you have anything you can sell on eBay, Craigslist, etc.
• Cut out things you don't need until you can get this debt tackled--streaming services, eating out, Starbucks, hanging out with friends, etc. You get the drift.
• And lastly, do not put another dime on this CLOC until it is paid in full. 

GL2U

[M_Smart007]

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@notallthatglitters wrote:

Long story short.. 

I had some serious financial hardships these past few months and nearly maxed out my checking line of credit of 15K @ 15.90

I already know this was irresponsible and I am terribly regretting it now, but at the time I did not feel like I had much of a choice. Now that I've begun paying it off I feel like I am throwing pails of water into an engulfed flame. The interest rate is making my payments look nonexistent at this point. I'm not sure what options I have at this point to get this paid off. 

Any advice would be greatly appreciated. 

---

@notallthatglitters,

Great advice from @CreditInspired 

Do you have a NFCU Credit Card?   ... (I have a specific reason why I am asking)

[notallthatglitters]

Thank you so much @M_Smart007 @CreditInspired @Anonymous.

I will be reaching out to NFCU to see what options I may have. And going over my expenses in-depth to see what I can cut out.

I do have an NFCU credit card with a $2000 limit. 

[M_Smart007]

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@notallthatglitters wrote:

Thank you so much @M_Smart007 @CreditInspired @Anonymous.

I will be reaching out to NFCU to see what options I may have. And going over my expenses in-depth to see what I can cut out.

I do have an NFCU credit card with a $2000 limit. 

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@notallthatglitters  ,..

I was going to say, If you had a NFCU card with a Higher Limit and lower APR,

you could get a Navy NO FEE Cash Advance and pay down the CLOC.

I do not know if you have thought about applying for another Navy card?

Not always, but sometimes they are willing to grant a much higher limit,

The platinum card has a really low APR. Just a thought ... I wanted to throw out there.

[CreditInspired]

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@notallthatglitters wrote:

Thank you so much @M_Smart007 @CreditInspired @Anonymous.

I will be reaching out to NFCU to see what options I may have. And going over my expenses in-depth to see what I can cut out.

I do have an NFCU credit card with a $2000 limit. 

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Oh, one more thing. NFCU also offers a hardship program. But, if you do this, you cannot use your NFCU credit products while in this program. You should ask them about this program too when you send the a SM.

[CreditInspired]

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@M_Smart007 wrote:

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@notallthatglitters wrote:

Thank you so much @M_Smart007 @CreditInspired @Anonymous.

I will be reaching out to NFCU to see what options I may have. And going over my expenses in-depth to see what I can cut out.

I do have an NFCU credit card with a $2000 limit. 

---

@notallthatglitters  ,..

I was going to say, If you had a NFCU card with a Higher Limit and lower APR,

you could get a Navy NO FEE Cash Advance and pay down the CLOC.

I do not know if you have thought about applying for another Navy card?

Not always, but sometimes they are willing to grant a much higher limit,

The platinum card has a really low APR. Just a thought ... I wanted to throw out there.

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@M_Smart007 , I didn't know NFCU allowed this? Is it because one is a CLOC and the other a CC?

[M_Smart007]

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@CreditInspired wrote:

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@M_Smart007 wrote:

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@notallthatglitters wrote:

Thank you so much @M_Smart007 @CreditInspired @Anonymous.

I will be reaching out to NFCU to see what options I may have. And going over my expenses in-depth to see what I can cut out.

I do have an NFCU credit card with a $2000 limit. 

---

@notallthatglitters  ,..

I was going to say, If you had a NFCU card with a Higher Limit and lower APR,

you could get a Navy NO FEE Cash Advance and pay down the CLOC.

I do not know if you have thought about applying for another Navy card?

Not always, but sometimes they are willing to grant a much higher limit,

The platinum card has a really low APR. Just a thought ... I wanted to throw out there.

---

@M_Smart007 , I didn't know NFCU allowed this? Is it because one is a CLOC and the other a CC?

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@CreditInspired, Cash advance to checking and then pay CLOC.

It is not something I would normally advise, but since OP is kinda in distress wanted to offer the suggestion.

I do know it will work. as my friend who was in distressed times did it.

[CreditInspired]

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@M_Smart007 wrote:

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@CreditInspired wrote:

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@M_Smart007 wrote:

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@notallthatglitters wrote:

Thank you so much @M_Smart007 @CreditInspired @Anonymous.

I will be reaching out to NFCU to see what options I may have. And going over my expenses in-depth to see what I can cut out.

I do have an NFCU credit card with a $2000 limit. 

---

@notallthatglitters  ,..

I was going to say, If you had a NFCU card with a Higher Limit and lower APR,

you could get a Navy NO FEE Cash Advance and pay down the CLOC.

I do not know if you have thought about applying for another Navy card?

Not always, but sometimes they are willing to grant a much higher limit,

The platinum card has a really low APR. Just a thought ... I wanted to throw out there.

---

@M_Smart007 , I didn't know NFCU allowed this? Is it because one is a CLOC and the other a CC?

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@CreditInspired, Cash advance to checking and then pay CLOC.

It is not something I would normally advise, but since OP is kinda in distress wanted to offer the suggestion.

I do know it will work. as my friend who was in distressed times did it.

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@M_Smart007 Ahhh, makes perfect sense. Thanks for the DP.