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Navy CLOC is a revolver - not an installment account - right?

IodineNightSky
Regular Contributor

Navy CLOC is a revolver - not an installment account - right?

I swear i spent a half hour searching the board and couldnt find the answer!

I need to know b/c i'm looking at revolver UT, etc., whether NFCU's CLOC is considered a revolver or an installment in the FICO world...

 

Thanks!

 

Current FICO 8s:
EQ: 712 - TU: 719 - EX: 707
Mortgage Ficos: EQ5: 708 - TU4: 729 - EX2: 700
Current Middle Mortgage Score: 708
Goal Scores: 740+


Message 1 of 4
3 REPLIES 3
Scuderia
Frequent Contributor

Re: Navy CLOC is a revolver - not an installment account - right?

It's a revolver..

Message 2 of 4
SouthJamaica
Mega Contributor

Re: Navy CLOC is a revolver - not an installment account - right?


@IodineNightSky wrote:

I swear i spent a half hour searching the board and couldnt find the answer!

I need to know b/c i'm looking at revolver UT, etc., whether NFCU's CLOC is considered a revolver or an installment in the FICO world...

 

Thanks!

 


@Scuderia  is correct, it's a revolving account, treated pretty much the same as a credit card.


Total revolving limits 716000 (614000 reporting) FICO 8: EQ 725 TU 721 EX 699

Message 3 of 4
DaveInAZ
Senior Contributor

Re: Navy CLOC is a revolver - not an installment account - right?

Yep, even my home equity Line of Credit is treated as a revolver, same as a credit card. To be treated as an installment loan it has to have a set loan amount, set payment amount, and set amount of time.

Message 4 of 4
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