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The Agony! The Ectasy! Finally Approved for NFCU CLOC! But...

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Thanks to this board, I got in with NFCU just over one year ago. I was told to be patient, and my measly  $1,700 Cash Rewards approval became $5,000 less than six months later. Two months ago, I was approved for a $7,000 Platinum card. Through all of this, I have been denied 3-4 times for a CLOC. Never a counteroffer. I never understood why. Never a problem with any of my accounts--I cherish those puppies! A few months ago, I even switched my direct deposit, making Navy Federal my primary account. Was still denied! Yesterday, I decided to call and try for a CLOC

I was asked how much I wanted and I said I didn't know (!), "10,000?" Guy says apply for what you want but I wouldn't apply for more than I expect to use. So I panicked and changed it to $5,000.

 

Instant approval. 

Now, I 'm kicking myself wishing I'd asked for $10k. Should I call on Monday and ask for increase? What would my argument be?

Truthfully, I have little intention of using the CLOC. But the utilization buffer would be a big help. And you never know!

Any suggestions?

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Use it for $100 and then pay it off right away. Do that once every 6 months or so. It will update a last payment date on the credit files.

 

i have had the NFCU CLOC for about 2 years with $15,000. I have never needed it, but it reports on my credit files. It is a nice backup.

 

My only complaint is that we cannot just transfer money online from the CLOC to the checking account. The only way to use it is to manually write one of the CLOC checks and deposit it. Unless I am missing something, that is the only way I have seen it work.

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7 hours ago, RocketGoBoom said:

Use it for $100 and then pay it off right away. Do that once every 6 months or so. It will update a last payment date on the credit files.

 

i have had the NFCU CLOC for about 2 years with $15,000. I have never needed it, but it reports on my credit files. It is a nice backup.

 

My only complaint is that we cannot just transfer money online from the CLOC to the checking account. The only way to use it is to manually write one of the CLOC checks and deposit it. Unless I am missing something, that is the only way I have seen it work.

Memberlicious 

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Thanks to this board, I got in with NFCU just over one year ago. I was told to be patient, and my measly  $1,700 Cash Rewards approval became $5,000 less than six months later. Two months ago, I was approved for a $7,000 Platinum card. Through all of this, I have been denied 3-4 times for a CLOC. Never a counteroffer. I never understood why. Never a problem with any of my accounts--I cherish those puppies! A few months ago, I even switched my direct deposit, making Navy Federal my primary account. Was still denied! Yesterday, I decided to call and try for a CLOC

I was asked how much I wanted and I said I didn't know (!), "10,000?" Guy says apply for what you want but I wouldn't apply for more than I expect to use. So I panicked and changed it to $5,000.
 
Instant approval. 

Now, I 'm kicking myself wishing I'd asked for $10k. Should I call on Monday and ask for increase? What would my argument be?

Truthfully, I have little intention of using the CLOC. But the utilization buffer would be a big help. And you never know!

Any suggestions?
I suggest to always call nfcu after they approve you and ask if you can get a higher initial limit using your original credit inquiry. Make sure to mention that you want the initial pull used and not a new pull. Remember to mention that you are good with this initial limit in case they can't approve a higher limit. Good luck.

Sent from my SM-N950U using Tapatalk

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Okayyy...

So I called to ask to have limit raised but was told that I couldn't do it until after I'd signed documents for THIS approval--they are in the mail. At that point, I'd have to do a whole new application for a higher amount and they would *try* to not do a new credit pull since it was within 30 days. 

 

Does that make sense?

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You don't need to write the checks to access the account.  Just use your debit card, and if the amount of the charge is more than your checking balance, it will draw from the NavChek automatically.  You could also do an ACH transfer from your NFCU checking to another bank and it would do the same thing.

 

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Okayyy...

So I called to ask to have limit raised but was told that I couldn't do it until after I'd signed documents for THIS approval--they are in the mail. At that point, I'd have to do a whole new application for a higher amount and they would *try* to not do a new credit pull since it was within 30 days. 
 
Does that make sense?
That makes sense. If you had called right away they may have reevaluated. Co grats either way.

Sent from my SM-N950U using Tapatalk

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