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nfcu cloc as joint owner


nfcu cloc as joint owner

are there any dp on requesting a cloc as a "joint owner?"

12/2018, I joined nfcu and was approved for the platinum visa, but denied my request for 15k cloc. fast forward 10 months later and my platinum is a healthy 25k. now every time I log in, I see "we've got you covered with our cloc" under my primary checking account.

07/2019, daughter got her first job and we signed her up for campus checking with direct deposit and savings. she is the primary and I am joint owner because at the time she was 17, she is now 18. I have noticed under my daughters campus checking there is the option to apply for the cloc.

my questions are:
who's credit report are they going to pull, hers/mine/both?
if both, a hp for each of us?
will the account report on both credit reports?
at some point, our plan is to have her remove me as a joint owner, will it also be completely removed from my credit report or just marked "closed?"

she has no credit I am aware of and has a healthy fear of credit cards. I have warned her of my previous mistakes. I thought this might be a way to passively start her credit aside from adding her as a AU on my oldest cc account (11 years). my ficos are 800+.

Garden Club Spadechasediscovercitibofanfcu
Message 1 of 4
Valued Contributor

Re: nfcu cloc as joint owner

As far as I know, joint owners of revolving accounts are pretty much a thing of the past. 


If she's in with NFCU, why not see if she can get a secured card? She can put up a few hundred dollar deposit, and their secured is a great product that will graduate. There would also be the added bonus of this fostering future financial responsibility in her and the sense of accomplishment when it graduates and she gets the deposit back . . which could then go into a CD or something to further promote healthy habits.

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU More Rewards Amex/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder Visa/Citi Costco Visa/CapitalOne SavorOne - $130,400 total revolving
5% Conventional Mortgage @ 3.25% July 2020
May 2020 - EQ/EX/TU Fico8: 689/688/679 INQ: 4/2/2 Util: 13.7% total, 4 accts reporting $0, 5 accts each under 30%
Message 2 of 4
Frequent Contributor

Re: nfcu cloc as joint owner


My DH applied for a CLOC which I am a secondary owner on. They HP’d his EQ only & approved him. Within 2 days, his CLOC also shows up in my app. NFCU hasn’t reported to the CRA’s yet, since it was just done on 10/04/19. I believe I also read that $15K was the max you are eligible for across ALL accounts. I have $3K on my checking, and DH has a $5K on his that is available to me, so I think I’m only eligible for $7K more. I can let you know how it reports when the time comes.

Message 3 of 4
Frequent Contributor

Re: nfcu cloc as joint owner

Following up - DH’s CLOC just reported to my CR’s.

Conclusion -
Navy CLOC must be applied for by main account holder. If approved, all co-owners will also have use of CLOC as well as have the account reported on their CR’s. No application is necessary for CO-owners or hard pulls. 👍

Message 4 of 4
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