cancel
Showing results for 
Search instead for 
Did you mean: 

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: 710 - TU: 717 - EX: 707
Mortgage Ficos: EQ5: 697 - TU4: 722 - EX2: 700
Current Middle Mortgage Score: 700
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
Super 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 663000 (585000 reporting) FICO 8: EQ 716 TU 747 EX 713

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
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.