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

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
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: 650 - TU: 661 - EX: 642
Starting Score: 617
Current Middle Score: 650
Goal Score: 800


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3 REPLIES 3
Frequent Contributor

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

It's a revolver..

Message 2 of 4
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.


7/1/18: FICO8 EQ 749 TU 783 EX 746 Total revolving limits 713500 (592500 reporting)
Message 3 of 4
Community Leader
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.


Fico 08: 720/721/719 TU/EX/EQ
Message 4 of 4