When does Navy Federal CLOC report? Small puzzle here..

[800Project]

Hi Gang,

Here is the thing. My NFCU personal checking statement closng is always on the 9th of each month. 

I got aproved for a CLOC (checking line of credit) this week, the 22nd and signed the agreement at 10:05pm US east time.

- I called NFCU and one agent with an NFCU said it reported at midnight based on hisown CLOC experiece as it's the last week of each month.

- Called again for assurance and another agent told me on the 9th because my personal checking line of credit closes on the 9th.

- Ended up calling one last time today and another diferent agent confirmed "closes the last week of every month" but that he didn't feel comfortable confirming if it'd be on the 29th of this month or if it submitted the 22nd of this month because this week is a full week.

I used part of my CLOC and am trying to figure the "most likely" closing date as my CLOC is so brand new it still does not appear in my list of accounts at NFCU yet to make a payment yet even if I could've make a payment already with the NFCU agent. Just worried about the reporting balance while I have an international trip and definitely would like to leverage the current balance. Imagine!

Thoughts? Most likely probability?

[yam1rts]

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@800Project wrote:

Hi Gang,

Here is the thing. My NFCU personal checking statement closng is always on the 9th of each month. 

I got aproved for a CLOC (checking line of credit) this week, the 22nd and signed the agreement at 10:05pm US east time.

- I called NFCU and one agent with an NFCU said it reported at midnight based on hisown CLOC experiece as it's the last week of each month.

- Called again for assurance and another agent told me on the 9th because my personal checking line of credit closes on the 9th.

- Ended up calling one last time today and another diferent agent confirmed "closes the last week of every month" but that he didn't feel comfortable confirming if it'd be on the 29th of this month or if it submitted the 22nd of this month because this week is a full week.

I used part of my CLOC and am trying to figure the "most likely" closing date as my CLOC is so brand new it still does not appear in my list of accounts at NFCU yet to make a payment yet even if I could've make a payment already with the NFCU agent. Just worried about the reporting balance while I have an international trip and definitely would like to leverage the current balance. Imagine!

Thoughts? Most likely probability?

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Sorry I don’t have an answer to your question but I was curious how my NFCU checking and savings also close on the 9th. I wonder if that’s default across all members.

[ptatohed]

Why is this in Credit Cards?  

[800Project]

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@ptatohed wrote:

Why is this in Credit Cards?  

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A CLOC is a revolving credit line, just like your credit cards, hence, best relevance on my careful selection prior to posting.

Any experienced thoughts would be appreciated, GANG. ChatGPT and Perplexity is saying to keep utilization below 10% Between the 27th and the 2nd of October, but nothing should beat human experience. 

[ptatohed]

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@800Project wrote:

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@ptatohed wrote:

Why is this in Credit Cards?  

---

A CLOC is a revolving credit line, just like your credit cards, hence, best relevance on my careful selection prior to posting.

Any experienced thoughts would be appreciated, GANG. ChatGPT and Perplexity is saying to keep utilization below 10% Between the 27th and the 2nd of October, but nothing should beat human experience. 

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I think this would typically be placed in Personal Finance.  

[ocheosa]

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@800Project wrote:

Hi Gang,

Here is the thing. My NFCU personal checking statement closng is always on the 9th of each month. 

I got aproved for a CLOC (checking line of credit) this week, the 22nd and signed the agreement at 10:05pm US east time.

- I called NFCU and one agent with an NFCU said it reported at midnight based on hisown CLOC experiece as it's the last week of each month.

- Called again for assurance and another agent told me on the 9th because my personal checking line of credit closes on the 9th.

- Ended up calling one last time today and another diferent agent confirmed "closes the last week of every month" but that he didn't feel comfortable confirming if it'd be on the 29th of this month or if it submitted the 22nd of this month because this week is a full week.

I used part of my CLOC and am trying to figure the "most likely" closing date as my CLOC is so brand new it still does not appear in my list of accounts at NFCU yet to make a payment yet even if I could've make a payment already with the NFCU agent. Just worried about the reporting balance while I have an international trip and definitely would like to leverage the current balance. Imagine!

Thoughts? Most likely probability?

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@800Project , I've never actually used my CLOC but it looks like they report on the last business day of the month. The last 3 reports I pulled, the account updated on May 30, July 31, Aug 29. I would guess this month will be on the 30th. Given the CLOC is included on the banking statement (mine closes on the 16th), the real question is do they report the balance due on the statement or the balance due on the actual reporting date?

[800Project]

"The last 3 reports I pulled, the account updated on May 30, July 31, Aug 29"

Great gem right here..thx for this one. My CC got opened this week, I used quite a bit and then ended up paying within 24hrs or so, but made around $2k in total transactions and was worried about the utilization reporting, which they might end up reporting fast. Talked w/ multiple NFCU line of credit dpt representatives and most told me CLOC closes end of the last week of the month, which required further definition as it can be this week or the next hehe.  Two other agents told me on personal checking closing date but overall consensus from the department confirmed end of the last week..so settled at 90% + probability in my anxious brain haha.

I think I got a litte lucky as I forgot to ask first, but ChatGPT also has it around the 28th to the 30th,as you also pointed @ocheosa . Nevertheless, CLOC should improve NFCU relationship (+internal nfcu scores) which I think is the reason to get the CLOC w/ them or keep it with or without use for years. Cheers brother

[Guyatthebeach]

@800Project,

Mine closes on or around the 27th of the month and reports to all three CB's usually two days afterwards.  I take out a 100 every couple of years to keep the account active.

Guyatthebeach