Navy Federal CLOC Approval!

[M_Smart007]

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@Anonymous wrote:

I am very excited to grow this relationship with them! Although I don't think I quite understand how to use the CLOC, it's on my dashboard, but I can't transfer money into my checking from it. Do I have to write a check? If so how do I go about getting them?

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@Anonymous, Call and request NAV checks. Usually less APR to get a Cash Advance from a Navy credit card. (if you have one)

Also Navy has no cash advance fee on CC's.

Keep in mind as soon as the NAV check is cashed, interest starts accruing.

It is great to have a overdraft protection, but they have limited the CLOC CL's due to many people using for "cash advances"

[Anonymous]

Thank you for responding! I do have a Cash Rewards Card with a 150$ cash limit. The only reason I want to use it is in hopes of getting the CL larger in the future. Ideally I'd like to use the CLOC to pay bills, maxing it out a couple times every month, then paying it off immediately after. Basically as I've been doing with my Cash Rewards with 500$ limit in hopes of getting a large limit at 91 days

[M_Smart007]

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@Anonymous wrote:

Thank you for responding! I do have a Cash Rewards Card with a 150$ cash limit. The only reason I want to use it is in hopes of getting the CL larger in the future. Ideally I'd like to use the CLOC to pay bills, maxing it out a couple times every month, then paying it off immediately after. Basically as I've been doing with my Cash Rewards with 500$ limit in hopes of getting a large limit at 91 days

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You could certainly try, but I am pretty sure the department that handles the CLOC's is seperate from The CC department.

IMHO, I would just use your credit card and make payment.

[nyuphoto]

Congrats on the CLOC Approval!! +1 on using CC. I would want to avoid any interest charges at all costs and as one of the mentions on this post, interest starts as soon as you use your CLOC, no grace period. Btw, which CRA did they use and do you know which scoring model? Was it TU or EQ? Fico 9, Mortgage?
Thanks in advance and congrats again!!

[Conceptual23]

Good Stuff, congrats on your approval