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Navy CLOC Approval

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Established Contributor

Navy CLOC Approval

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.









Message 1 of 11
10 REPLIES 10
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Super Contributor

Re: Navy CLOC Approval

Congratulations on your approval!
Message 2 of 11
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New Contributor

Re: Navy CLOC Approval

@recoveringfrombk7 Congratulations on your CLOC approval!!!

Message 3 of 11
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Mega Contributor

Re: Navy 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.

Message 4 of 11
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Established Contributor

Re: Navy CLOC Approval


@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.









Message 5 of 11
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Mega Contributor

Re: Navy CLOC Approval


@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

Message 6 of 11
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Community Leader
Super Contributor

Re: Navy CLOC Approval

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. Smiley Wink

My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 7 of 11
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Established Contributor

Re: Navy CLOC Approval


@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. Smiley Wink

@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.









Message 8 of 11
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Community Leader
Super Contributor

Re: Navy CLOC Approval


@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. Smiley Wink

@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


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 9 of 11
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Mega Contributor

Re: Navy CLOC Approval

I agree on waiting 6 months.

Message 10 of 11
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