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Navy CLOC & questions about increases

cmm89
Frequent Contributor

Navy CLOC & questions about increases

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 Smiley Happy )

 

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!

What I use (& strongly recommend): Chase Sapphire Reserve | BofA/ML (Premium Rewards VS, Cash Rewards VS, Merrill+ VS) | AmEx (Amazon Prime Business)

What I have: NFCU | PenFed | General Electric CU | Wright Patt CU | Discover | BBVA | Apple Card (GS)

Total CL with Bank of America = $100,000 (Platinum Honors Merrill Client)

EQ 699, EX 749, TU 728 (5/13/2021)

7 REPLIES 7
designated_knitter
Established Contributor

Re: Navy CLOC & questions about increases

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.

Started Over Again after Cap1 Death Penalty:
06/15/2019:
03/02/2021:
04/06/2021:
Lesson Learned: DON'T POKE THE BEAR!!! THE BEAR WILL WIN!!!
Message 2 of 8
cmm89
Frequent Contributor

Re: Navy CLOC & questions about increases


@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.


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?

What I use (& strongly recommend): Chase Sapphire Reserve | BofA/ML (Premium Rewards VS, Cash Rewards VS, Merrill+ VS) | AmEx (Amazon Prime Business)

What I have: NFCU | PenFed | General Electric CU | Wright Patt CU | Discover | BBVA | Apple Card (GS)

Total CL with Bank of America = $100,000 (Platinum Honors Merrill Client)

EQ 699, EX 749, TU 728 (5/13/2021)

Message 3 of 8
M_Smart007
Epic Contributor

Re: Navy CLOC & questions about increases

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...

Message 4 of 8
M_Smart007
Epic Contributor

Re: Navy CLOC & questions about increases


@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".


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

Message 5 of 8
ldkcivilservant
Frequent Contributor

Re: Navy CLOC & questions about increases

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 Smiley Happy

NFCU Platinum $50k | Amex Delta Gold $20k | Elan Financial $17.5k | Chase Freedom Unlimited $16k | Discover IT $13.4K | NFCU cashRewards $7.5k | GS AppleCard $5k
Message 6 of 8
PullingMeSoftly
Established Contributor

Re: Navy CLOC & questions about increases


@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%)


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.









Message 7 of 8
PullingMeSoftly
Established Contributor

Re: Navy CLOC & questions about increases


@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 Smiley Happy


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









Message 8 of 8
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