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NFCU Bus Credit loans, CC and line of credit?????

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Do you need to open a bus checking account to get their business products ? I just opened personal and opened a personal checking account that I really don't want. Just wanted the cc.

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Do you need to open a bus checking account to get their business products ? I just opened personal and opened a personal checking account that I really don't want. Just wanted the cc.

I doubt you have to open the checking for a CC or Auto. You might have to for the CLOC though.

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Do you need to open a bus checking account to get their business products ? I just opened personal and opened a personal checking account that I really don't want. Just wanted the cc.

I doubt you have to open the checking for a CC or Auto. You might have to for the CLOC though.

Being a CU, I'm sure it's necessary to have either a checking or savings of some sort with them to establish membership.

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Nfcu won't give my biz a checking account because I am in travel

What do you mean "in travel"? I have a biz account with them for a travel biz, that has travel in the name of the biz. It's an LLC with a sep tax ID. I've had it for a few years though, maybe they changed their rules recently??

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Nfcu won't give my biz a checking account because I am in travel

What do you mean "in travel"? I have a biz account with them for a travel biz, that has travel in the name of the biz. It's an LLC with a sep tax ID. I've had it for a few years though, maybe they changed their rules recently??
that is what they told me

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I opened my original account w NFCU on July 5.

 

They instantly approved me for a 15k CLOC & a 14K Visa..

 

I applied for a business checking & savings for my new software/ecommerce business (C Corporation) that is less than a month old.

 

On Monday I spoke with someone at the business support number who completed the new account/access number opening. He told me I had to wait until the overnight processing completed before I could apply for a CC/CLOC.

 

On Tuesday I called back and they said a business development officer would call me back within 24 business hours. Later that day I got a call from my business development officer who I spoke with for about 5 minutes and he emailed me a business credit app & personal financial statement Docs. I filled both out and sent them in. This morning I got an email saying he forwarded them to underwriting.

 

I asked for a 15k CLOC and 10k CC. I probably should have asked for more on the CC, but it says if you go over 25k the personal financial statement is "required" -- though I did send it in.

 

Waiting now....still no new inquiries. Been about an hour! Pretty nervous/excited.

 

The business development guy has his own email address @navyfederal.org so it definitely feels much more official now. Fingers crossed! My TU is clean except for a 6-year old paid collection & 3 late payments 28 months ago on a student loan. FAKO score is 722. Very low utilization. 2k on my 30k credit cards & the 15k CLOC with 0 balance.

 

Reported income was 24k/yr salary & 15k additional income from consulting.

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After re-reading my post, I see that I left out a timeline of events. I originally sent in my business membership application last week on Monday. They then emailed my the following monday, asking me to fill in the part that says "nature of your business" because I left it out.

 

So I immediately fixed that page of the app and emailed it back. Then I called a little later to confirm that they got the email and the rep I spoke to set up my checking/savings and told me to call back the next day for the business apps.

 

Today is Thursday and I sent in my business apps Tuesday morning and Yesterday mid-day my business rep sent my applications to underwriting.

 

About 20 minutes ago I got a ping that they pulled my TU reports.

 

Should be hearing something soon :D

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I emailed my business development specialist earlier a couple hours ago and mentioned that I noticed the credit report pull from TU and asked how long underwriting usually takes.

 

His reply:

 

 


Hello Mr. X,

Thank you for your message relating that you noted a credit report requested.

Today I received a message requesting "relationship section" needs completing. But, I entered all information and the system approved what I had entered. So, I do not know what is causing a delay. I have messaged various people in the Underwriting department but have not received a reply.

Being stymied with the current situation, it appears I must wait until Mondaymorning to call our chief credit officer to determine the reason for the delay.

Please accept my apology for whatever is slowing the process. Normally, we would have had a determination by now.

I will be back in touch when I am able to determine reasons.

 

 

I joined navy through the NL San Diego.

I wonder if that has something to do with the delay.

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Finally got an update this morning (Wednesday), but not from my business development specialist...I really wanted to email him all week, but on Friday he said he'd be in contact when there was some kind of news lol.

 

I logged in to my business account this morning and the business visa account showed up with my accounts.

 

It had the $10k limit that I asked for. But no CLOC account....yet.

 

I wonder if that's all I got or if the CLOC won't show up until they mail me a signature card. Nothing in my secure messages folder.

 

The business Visa APR is 12.40% with a $5000 cash advance limit.

 

Would love to get that CLOC though.... xD

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Denied for the CLOC. Didn't give a reason, but it did end up costing me 2 inquiries.

 

Second inquiry happened earlier today and I emailed my business development rep and he called me back about 10 minutes later.

He said that they didn't give him an approve/decline message for the CLOC so he ran my app again, which caused the second HP.

 

I asked him if he could do a CLI on the CC since I didn't get the CLOC but he said it would cost another inquiry so I said thanks but not today. He suggested we try again in 6 months or so.

 

Oh well!

 

I now have $34k exposure between my personal and business with Navy. Was hoping for more on the business side so I can keep my personal Utilization down since most of my expenses are for business anyways.

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I just emailed application and docs yesterday. I already have membership, 2 cc, cloc, and car loan for personal. Hopefully they are generous. I have $45k and $25k ccs so they must think I'm worthy of something. I will update when I find out. Btw ficos in high 700, no negs and almost 10 year AAOA. Also been in biz since 2011

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I just emailed application and docs yesterday. I already have membership, 2 cc, cloc, and car loan for personal. Hopefully they are generous. I have $45k and $25k ccs so they must think I'm worthy of something. I will update when I find out. Btw ficos in high 700, no negs and almost 10 year AAOA. Also been in biz since 2011

 

They have different requirements for the BIZ products. Almost to the point of not being business friendly type of thing.

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I think it comes down to UTL and DTI with them.

 

I applied using a spanking brand new LLC with $0 sales and got the $15K CLOC + $25K CC with the lowest rate.

 

I was completely honest about $0 revenue up front.

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Do they ask for income verification for the business CLOC and CC?

I believe as long at your total business exposure is less than $50K. They will not ask for verification. I have personal products with them and I am currently waiting to see if I am approved for business CLOC and a business CC.

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I was just approved for $15k CLOC & 25k credit card and Car loan as well in a brand new corporation. Love NFCU. does any of their products report anywhere?

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Are there any restrictions with regard to type of business entity, or date of formation?

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I was just approved for $15k CLOC & 25k credit card and Car loan as well in a brand new corporation. Love NFCU. does any of their products report anywhere?

Congratulations! l love NFCU!

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Do they ask for income verification for the business CLOC and CC?

I believe as long at your total business exposure is less than $50K. They will not ask for verification. I have personal products with them and I am currently waiting to see if I am approved for business CLOC and a business CC.

 

 

Any update on the approval?

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