Navy CLOC & questions about increases

[cmm89]

Hi all!

As you can tell, I'm BACK! I'd like to preface this post with where I've posted it--I'm not sure Credit Cards is right but can't find a better sub-forum. (Sorry, Mods )

I applied for the NFCU CLOC (I do not bank with them at all, but have $3,800 on a $46,800 CL under great terms) and was approved; I requested $15,000 and they countered with $500.  I accepted because I like the idea of having liquidity should an emergency pop-up but felt my credit file was more indicative of a higher initial "SL."  

For those who have experience with NFCU's CLOC program, what does it usually take to get that limit higher?  The APR is a little high (14.99% I believe) but I'm OK with that given that utilizing the line isn't a cash advance, which I've NEVER used in my life.  My assets at Merrill (I'm an early-30's Merrill advisor on a sizeable team) are almost entirely retirement assets and cannot be collaterized for a loan management account (LIBOR + 1%- an awesome rate that allows our clients access to liquidity without selling/disposing of securities) which would also provide instant liquidity in a pinch.  This is down the road for me.

Thanks in advance.  This forum is the bomb dot com!

[designated_knitter]

As of Covid, 500 is all they really offer.  I was told that you might get more if you had A LOT in direct deposits or were active military.  I'm assuming you don't want to enlist so perhaps moving you DD over would help.

However, folks on this forum said that it no longer really grows.

[cmm89]

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@designated_knitter wrote:

As of Covid, 500 is all they really offer.  I was told that you might get more if you had A LOT in direct deposits or were active military.  I'm assuming you don't want to enlist so perhaps moving you DD over would help.

However, folks on this forum said that it no longer really grows.

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Unfortunate but useful info.  I'm a BofA loyalist given I work for BAC and I already divert $250 per paycheck (2x/monthly) to Chase for the established banking relationship that led to my CSP (and later CSR PC) approval. 

Has anyone else had a different experience?

[M_Smart007]

Howdy @cmm89 , If you are not active Military with a direct deposit ..then its good luck on trying to grow a CLOC.

(Also A now TU HP for CLOC CLI request)

While it is nice to have, you are better off to take a cash advance on one of your NFCU cards.

(they allow online cash advances with no fee's directly to your Navy checking or savings)

This is why I keep the Platinum card with 5.99 APR (I think CA's are 6.99%)

Here is a good thread for Navy "second/third cards and CLI's" .. CLOC's are best to discuss in "Personal Finance"

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Navy-Federal-Thread-for-CLI-and-Additional...

[M_Smart007]

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@designated_knitter wrote:

As of Covid, 500 is all they really offer.  I was told that you might get more if you had A LOT in direct deposits or were active military.  I'm assuming you don't want to enlist so perhaps moving you DD over would help.

"However, folks on this forum said that it no longer really grows".

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Yes, NFCU has really clamped down on CLOC approvals ..Both in NEW limits and CLI's.

[ldkcivilservant]

Navy CAs are 2% over your regular purchase APR. So mine (5.99% purchase APR) is 7.99% on a CA.

It's one of the cheapest options for short term money out there IMO since you can literally withdraw it with no penalties within seconds on the app. 

You could not prise my $50k NFCU Plat out of my cold dead fingers

[PullingMeSoftly]

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@M_Smart007 wrote:

While it is nice to have, you are better off to take a cash advance on one of your NFCU cards.

(they allow online cash advances with no fee's directly to your Navy checking or savings)

This is why I keep the Platinum card with 5.99 APR (I think CA's are 6.99%)

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Glad i read this thread, didn't know about this option with Navy cards. I was getting close to PC'ing my Platinum, so I'll be keeping it for sure and even more reason to stay on the cli schedule.

[PullingMeSoftly]

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@ldkcivilservant wrote:

Navy CAs are 2% over your regular purchase APR. So mine (5.99% purchase APR) is 7.99% on a CA.

It's one of the cheapest options for short term money out there IMO since you can literally withdraw it with no penalties within seconds on the app. 

You could not prise my $50k NFCU Plat out of my cold dead fingers

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Great info, thanks, I now consider the plat a keeper

[SPChaser]

Thanks!!!!! @cmm89 @M_Smart007 @ldkcivilservant @PullingMeSoftly for starting and commenting on this thread. Was just about to pull the trigger on CLOC app when I came across this great info. I knew of the Navy CAs and I months ago pc'd my Amex More Rewards to the Platinum for BT, yet I didn't put two and two together til now about utilizing my Platinum for emergency CAs if need be. WHEW  I can remain on track with my goal of no HPs til AOD CLI.