My question is this: Ive heard so much on these boards and other places about how credit unions are the way to go. And ive always been a believer in them as well. Ive been with my current CU for 3 years and have never had a loan with them so they were never included in my ch7. Additionally i maintain around $1000 in savings and have never come close to a zero balance in checking. I went to see about a possible refi on my car and the loan officer informed me that they couldnt do a loan of ANY kind until 5years post BK. Is that the norm and to be expected? Or is this more of an odd case and I should shop for a different CU? NFCU is out since they were IIB all over one shady CSR. Im also in Alabama so im nowhere close to a Penfed that im aware of.
Thanks for any input.
I opened an account with Delta Community Credit Union and was told that I had to wait 3 years post bankruptcy for any unsecured loan and 18 months for a auto loan. I then opened an account with MembersFirst Credit Union and was able to get a personal loan of $500 and re-fi my auto loan immediately with only being 11 months post bankruptcy. I think its just the institution.
It definitely varies by institution. Don't be discouraged based on the experience with your credit union. You will have to do some research on BK Friendly CU's because they are definitely out there. Some only require 2 years post BK.some even less depending on overall score. I know Digital Federal Credit Union and Alliant Credit Union are bk friendly. They both pull Equifax. State Department Federal Credit Union is also bk friendly but I think it is 3 years post BK filing. There are some others that are bk friendly too. You would have to do your research.