Navy Federal CLOC vs HELOC

[Anonymous]

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.

[AverageJoesCredit]

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 everything

[RickNATL]

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

[rbentley]

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.

[CreditInspired]

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@Anonymous 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.

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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. 

[Anonymous]

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@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 everything

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@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.

[Anonymous]

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@CreditInspired wrote:

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@Anonymous 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. 

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@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? :-)