Navy Federal CLOC: End of an Era?

Toastmaster · ‎01-24-2021

TL;DR: Are all Navy Fed CLOCs $500 now? Is it worth even getting at this point?

Full story:

So I'm just coming out of a rebuilding phase. Fico 8's are low 700s or really high 600's for my wife and I. All clean reports (a few paid collections, about 3 across all of our reports), a student loan for me and her, and a couple of credit cards for me and her. (One of mine has a $5000 limit, another has $800 limit. One of hers has a $5000 limit, another has $700)

Okay, so we've been with Navy Fed for about 8 years or so. No credit products, just used for mainly savings and light checking.

Now, we're coming to a position where (after we close on this mortgage) we want to go on a "proper" app spree, and we wanted to get Navy Federal Credit Cards and CLOCS.

But after researching...it seems like high limit CLOCS are a thing of the past! Is this true?

Brian_Earl_Spilner · ‎01-24-2021

Yes, they are currently starting CLOCs at $500, although, if a profile is strong enough, a person could get more. It can be grown with limit increase requests.

AllZero · ‎01-24-2021

In this current environment, yes NFCU CLOCs are $500. If you are active duty, it may be different?

Have you considered PLOCs with other Credit Unions?

Toastmaster · ‎01-24-2021

@AllZero wrote:
In this current environment, yes NFCU CLOCs are $500. If you are active duty, it may be different?

Have you considered PLOCs with other Credit Unions?

Your post literally made me look up what a PLOC is. Thank you for that. I am simply looking for something that reports as revolving with a high limit, that also doubles as overdraft protection.

That really was my intention with NFCU, now who knows. 🤷🏾‍♂️ I have to look into it more and learn more about PLOCs. Maybe PenFed still gives decent CLOCs/PLOCs. I'll take a look. Thank you.

AllZero · ‎01-24-2021

@Toastmaster wrote:
@AllZero wrote:
In this current environment, yes NFCU CLOCs are $500. If you are active duty, it may be different?

Have you considered PLOCs with other Credit Unions?
Your post literally made me look up what a PLOC is. Thank you for that. I am simply looking for something that reports as revolving with a high limit, that also doubles as overdraft protection.

That really was my intention with NFCU, now who knows. 🤷🏾‍♂️ I have to look into it more and learn more about PLOCs. Maybe PenFed still gives decent CLOCs/PLOCs. I'll take a look. Thank you.

PLOCs are a revolving line of credit that should report to all 3 bureaus.

I think PenFed has OLOC too. https://www.penfed.org/personal/overdraft-line-of-credit

creditfan · ‎01-24-2021

I myself consider credit cards work like CLOC / PLOC. They are all revolving.

The benefits I can think of is platimun cards rate always lower than cloc from nfcu and ploc from others CUs

If you have high limit card from nfcu you don't have to get their cloc. I know DCU can give you up to 10k card with SP and it can connect to your checking as overdraft. Their platimun is as low as 8.5%.

another is becu can give up to $40k ploc if your profile can support it

Anonymous · ‎01-25-2021

@creditfan wrote:
I myself consider credit cards work like CLOC / PLOC. They are all revolving.
The benefits I can think of is platimun cards rate always lower than cloc from nfcu and ploc from others CUs

If you have high limit card from nfcu you don't have to get their cloc. I know DCU can give you up to 10k card with SP and it can connect to your checking as overdraft. Their platimun is as low as 8.5%.

another is becu can give up to $40k ploc if your profile can support it

I don't think you can use your NFCU card as a overdraft protection. If you can, I'd love to know how, cause I haven't figured out how to set it up. Then again, I've never called and asked, either.

I don't know why it isn't a standard thing with more institutions.

Toastmaster · ‎01-25-2021

@Anonymous wrote:
@creditfan wrote:
I myself consider credit cards work like CLOC / PLOC. They are all revolving.
The benefits I can think of is platimun cards rate always lower than cloc from nfcu and ploc from others CUs

If you have high limit card from nfcu you don't have to get their cloc. I know DCU can give you up to 10k card with SP and it can connect to your checking as overdraft. Their platimun is as low as 8.5%.

another is becu can give up to $40k ploc if your profile can support it
I don't think you can use your NFCU card as a overdraft protection. If you can, I'd love to know how, cause I haven't figured out how to set it up. Then again, I've never called and asked, either.

I don't know why it isn't a standard thing with more institutions.

I don't think so either, but I tell you, it would be wonderful!

Toastmaster · ‎01-25-2021

@creditfan wrote:
I myself consider credit cards work like CLOC / PLOC. They are all revolving.
The benefits I can think of is platimun cards rate always lower than cloc from nfcu and ploc from others CUs

If you have high limit card from nfcu you don't have to get their cloc. I know DCU can give you up to 10k card with SP and it can connect to your checking as overdraft. Their platimun is as low as 8.5%.

another is becu can give up to $40k ploc if your profile can support it

I may have to keep DCU in mind! Thank you for the heads up!

creditfan · ‎01-25-2021

@creditfan wrote:
I myself consider credit cards work like CLOC / PLOC. They are all revolving.
The benefits I can think of is platimun cards rate always lower than cloc from nfcu and ploc from others CUs

If you have high limit card from nfcu you don't have to get their cloc. I know DCU can give you up to 10k card with SP and it can connect to your checking as overdraft. Their platimun is as low as 8.5%.

another is becu can give up to $40k ploc if your profile can support it

With DCU is just a call away to find out.

For nfcu I only meant it can CA out to checking, currently no datapoint that work as OD

typo: BECU up to 40k CC but not ploc