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Tried for $2500 and they countered at $500 as I expected they would. I realize some might find this to be a waste of a HP. I had planned to attempt a double dip on the CLOC with a car loan in January, but with COVID I'm working from home so my car doesn't need to be replaced until probably 2022. I wanted the CLOC just as a safety for my checking. I've been keeping 500-1000 in a NFCU savings account, but I'd much rather put those funds where they can earn some small amount of return. So, this seemed like a good step for me at this time.
@recoveringfrombk7 Congratulations on your CLOC approval!!!
@recoveringfrombk7, Congrats on your approval.
I started out with $500.00 .. took (2) more Hp's to get to $15K after about a year.
Too bad they do not let you add a credit card as overdraft.
CLOC rates are pretty steep, but if it saves a bounced payment ... well worth it.
@M_Smart007 wrote:@recoveringfrombk7, Congrats on your approval.
I started out with $500.00 .. took (2) more Hp's to get to $15K after about a year.
Too bad they do not let you add a credit card as overdraft.
CLOC rates are pretty steep, but if it saves a bounced payment ... well worth it.
@M_Smart007 it would just be a day or two tops if I needed to move money. Thankfully things are really stable for me at present, but I also like to keep my daily accounts at low balances and have the bulk of my money elsewhere. So, it solves a need. I really only have 1, or worst case 2, apps max left before 2023 and they are both with Navy. So I felt like I might as well start the CLOC CLOCK now haha.
@recoveringfrombk7 wrote:
@M_Smart007 wrote:@recoveringfrombk7, Congrats on your approval.
I started out with $500.00 .. took (2) more Hp's to get to $15K after about a year.
Too bad they do not let you add a credit card as overdraft.
CLOC rates are pretty steep, but if it saves a bounced payment ... well worth it.
@M_Smart007 it would just be a day or two tops if I needed to move money. Thankfully things are really stable for me at present, but I also like to keep my daily accounts at low balances and have the bulk of my money elsewhere. So, it solves a need. I really only have 1, or worst case 2, apps max left before 2023 and they are both with Navy. So I felt like I might as well start the CLOC CLOCK now haha.
@recoveringfrombk7, I understand keeping the bulk of money in other places.
I mostly Use US Bank to pay my CC's. I have (2) credit cards tied as overdraft protection totalling a little over $25K.
I keep some Money at Chase, as a back up, I can do instant real time transfers to US Bank.
I have found this method to be the best case scenario for Me.
Usually keep at least $10K in Schwab HYSA for ACH purposes. (as a back up)
Most of my CU and bank accounts are linked.
edited: not enough coffee in the worls right now
@pizza1 wrote:
Congrats on your approval! For future reference though, when asking Navy for CLOC, always ask for max ($15K), they will counter your real approval if any.
@pizza1 I have not seen any recently for more than $500. I tried $2500 but no dice.
How long before a CLI request? 6 months? I don't mind the HP.
@recoveringfrombk7 wrote:
@pizza1 wrote:
Congrats on your approval! For future reference though, when asking Navy for CLOC, always ask for max ($15K), they will counter your real approval if any.@pizza1 I have not seen any recently for more than $500. I tried $2500 but no dice.
How long before a CLI request? 6 months? I don't mind the HP.
I would wait 6 months
I agree on waiting 6 months.