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Navy Federal CLOC vs HELOC

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Established Member

Navy Federal CLOC vs HELOC

My husband opened a business trust account with NFCU about 10 years ago, but we've never really used them for anything else, so I really don't have any longterm relationship with them. Based on what I've read in the forums, I'm considering opening an account for the sole purpose of eventually applying for a credit card and/or CLOC. A few questions come to mind:

1) How long after becoming a member should I wait before applying for credit?

2) I'd like to obtain a LOC to use for home improvement projects -- which is better...the CLOC or a HELOC?

3) Any chance I'll be approved for a credit card AND LOC within the same time period?

 

Thanks in advance.

Message 1 of 7
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Community Leader
Super Contributor

Re: Navy Federal CLOC vs HELOC

You can apply for any credit product as soon as you are a member. Not sure on Heloc but you can obtain a cc and a cloc at same time. Just remember Navy HPs for everythingSmiley Wink
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Message 2 of 7
Frequent Contributor

Re: Navy Federal CLOC vs HELOC

I applied for products as soon as I became a member....CashRewards and CLOC was first....6 months later, the Flagship...

Message 3 of 7
Established Contributor

Re: Navy Federal CLOC vs HELOC

Credit and banking are seperated at Navy.  The credit reps do not have access or knowledge of your banking relationship with them.  No need to wait to build up a history with them.  Apply for what you want from the get go.

Message 4 of 7
Community Leader
Senior Contributor

Re: Navy Federal CLOC vs HELOC


@platinum_elite wrote:

My husband opened a business trust account with NFCU about 10 years ago, but we've never really used them for anything else, so I really don't have any longterm relationship with them. Based on what I've read in the forums, I'm considering opening an account for the sole purpose of eventually applying for a credit card and/or CLOC. A few questions come to mind:

1) How long after becoming a member should I wait before applying for credit?

2) I'd like to obtain a LOC to use for home improvement projects -- which is better...the CLOC or a HELOC?

3) Any chance I'll be approved for a credit card AND LOC within the same time period?

 

Thanks in advance.


As others have said, you can apply for a CC and CLOC at the same time. However, we can’t speak on approvals because you provided no DPs. 

 

Also, the HELOC loan interest rate will be much lower than a CLOCs interest rate. 

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 5 of 7
Established Member

Re: Navy Federal CLOC vs HELOC


@AverageJoesCredit wrote:
You can apply for any credit product as soon as you are a member. Not sure on Heloc but you can obtain a cc and a cloc at same time. Just remember Navy HPs for everythingSmiley Wink

@AverageJoesCredit do you know which credit bureau Navy pulls? I'm working on a disputed issue with Equifax so I want to be mindful of the timing.

Message 6 of 7
Established Member

Re: Navy Federal CLOC vs HELOC


@CreditInspired wrote:

@platinum_elite wrote:

My husband opened a business trust account with NFCU about 10 years ago, but we've never really used them for anything else, so I really don't have any longterm relationship with them. Based on what I've read in the forums, I'm considering opening an account for the sole purpose of eventually applying for a credit card and/or CLOC. A few questions come to mind:

1) How long after becoming a member should I wait before applying for credit?

2) I'd like to obtain a LOC to use for home improvement projects -- which is better...the CLOC or a HELOC?

3) Any chance I'll be approved for a credit card AND LOC within the same time period?

 

Thanks in advance.


As others have said, you can apply for a CC and CLOC at the same time. However, we can’t speak on approvals because you provided no DPs. 

 

Also, the HELOC loan interest rate will be much lower than a CLOCs interest rate. 


@creditinspired I'm still fairly new here, so forgive the DP omission -- Scores are 700+ across the board. One medical collection account (currently being disputed) and a charge off still remains on EQ (also being disputed; was removed from TU, never reported on EX, EQ is still investigating). Is that what you're looking for? :-)

Message 7 of 7
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