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Valued Contributor
Scupra
Posts: 1,152
Registered: ‎07-12-2012

Re: NFCU auto loan question..


hrguy wrote:

Post Bankruptcy, if the two were before it won't matter to NFCU since they do not use auto-enhanced scores for auto loans.

 

Now on the other hand, those two if before the BK will help your score when a dealer runs it.  

 

For example: NFCU turned me down 3 months post-bk with a 600 score an told me, 6 months post-bk auto history.  Now, the same day I went to Toyota, and they pulled 650 auto-enhanced score, because I had 3 perfect paid auto loans before bankruptcy.  Walked away with 0% on a 2013 Toyota and my BK was barely 3 months old - they didn't even flinch or ask about it, it was like the BK wasn't even there.  Good luck :smileyhappy:


Thanks you again for all this great information! Congrats on that approval, its great! I want to go used for around $10k-$13k so I wont be getting any great special intro rates like that!! Hopefully I can find a decent lender but if not now I know to refi with NFCU soon after :smileyhappy:   Now lets just hope and cross our fingers that they still unsecure cards!

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
691 EQ FICO 06/2014
684 TU FICO 06/2014
682 EX FICO 04/2014
$7k NFCU Flagship Sig - $8.5k NFCU cashRewards Sig - $15k NavChek - $2k Cap1 Quicksilver - $3k Barclays Arrival +
Established Member
hrguy
Posts: 50
Registered: ‎11-06-2012

Re: NFCU auto loan question..

Yea lets hope so, I'll find out in August. Word is, if it does not automatically unsecure itself at the 13th month it won't. However some get new cards with Navy and then ask them to graduate it and they do.

But don't be discouraged, there is always an exception to all rules and you could be it. They may just give you that auto loan first, and id say if you have the inquiries to burn and it won't bother you - give em a try at the 6 month mark of discharge or whenever you think you will want the car, but at 6 months or more will give them a history on you with the secured card, plus your scores look good and they will only keep rising with time. Wishing you luck.
Filed BK 7: 2/28/2012 | Discharged: 7/24/2012
POST BK APPROVALS:
NFCU nRewards Secured Visa: $1000 7/12| Apple FCU Secured Visa: $1000 9/12
Toyota Finance Lease: 0% | 0.0008 MF 10/12
Barclay Apple Finance Visa: $2200 1/13
NFCU cashRewards Visa: $2500 3/13

Valued Contributor
Scupra
Posts: 1,152
Registered: ‎07-12-2012

Re: NFCU auto loan question..


hrguy wrote:
Yea lets hope so, I'll find out in August. Word is, if it does not automatically unsecure itself at the 13th month it won't. However some get new cards with Navy and then ask them to graduate it and they do.

But don't be discouraged, there is always an exception to all rules and you could be it. They may just give you that auto loan first, and id say if you have the inquiries to burn and it won't bother you - give em a try at the 6 month mark of discharge or whenever you think you will want the car, but at 6 months or more will give them a history on you with the secured card, plus your scores look good and they will only keep rising with time. Wishing you luck.

Haha, you let me know what happens with yours! Mine will be one year in October. I am going to wait at least a year. The current car is paid off and I just paid to get some repairs done so there is no rush to get out of it. It looks like you waited about 6 months post discharge to app for the Barclays? Congrats on the approval. That is my next planned app, wasn't sure to wait 6 months or 1 year post discharge. Did you get an instant approval or have to recon? Best of luck to you as well!  

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
691 EQ FICO 06/2014
684 TU FICO 06/2014
682 EX FICO 04/2014
$7k NFCU Flagship Sig - $8.5k NFCU cashRewards Sig - $15k NavChek - $2k Cap1 Quicksilver - $3k Barclays Arrival +
Established Member
hrguy
Posts: 50
Registered: ‎11-06-2012

Re: NFCU auto loan question..

Thanks Scupra.

 

With the secured Navy card, it is at the 13th month they unsecure, so if you got in October, you should know when your November statement cuts.  If it does not unsecure, seeing your score now and assuming it keeps going up, apply for another card - which I am sure you will get.  Once you get that one, then just send them a secure message in the website, and ask them to unsecure it based on the fact that you qualified for a new unsecured card - you would think it would only make sense right?  I know this has worked for a lot of people.  Others just wake up one day and log in, and their card is unsecured and the deposit is back in their savings account.

 

Barclay is hit or miss.  You can try now, you may just get it, the good thing is on recon they can override a denial and if they refuse to, the analyst will tell you what to do and when to reapply.  In my case, I got approved at the 3 months mark for a 500 NFL rewards card - I decided to push my luck and recon for a higher limit and the analyst snatched it back.  She was nice enough to say, they are only doing it to see if my current pattern lasts longer, she remarked I was doing good and to keep on the same path, she said generally they like to see 6 months post-BK history, and since I only had three - she said wait 3 more months and reapply back, if all was the same I would get it.  So two weeks ago, I decided to do the Apple Card and it was instant approval just like she said it would be.  They are inquiry/new account sensitive and only pull TU, so just a word of warning.  All their cards are not BK friendly, I would say the ones I see recent BK'ers get is the Finance Visa for Apple, NFL Rewards, Priceline, Travelocity and Rewards Mastercard for Average Credit (there will be two listed, one will say good credit the other will say Average Credit so pick the right one).  They will generally approve with a TU score of 590 or higher.  If you do not have a fraud alert - it should be instant denial or approval, if denied I would not be afraid to call and recon because most analysts will override it after asking some questions or at least tell you what your weak points are (too many inquiries, too many new accounts...etc) and when it would be best to apply again.  No general rule for Barclay's, as I have seen people get them 1 week post discharge, but after 6 months it should be a definate approval.

 

If you have less than 3 inquiries on TU in the last 6 months, and no fraud alert - I would say give Barclay a try now.  Report back if you do.:smileyhappy: 

Filed BK 7: 2/28/2012 | Discharged: 7/24/2012
POST BK APPROVALS:
NFCU nRewards Secured Visa: $1000 7/12| Apple FCU Secured Visa: $1000 9/12
Toyota Finance Lease: 0% | 0.0008 MF 10/12
Barclay Apple Finance Visa: $2200 1/13
NFCU cashRewards Visa: $2500 3/13

Valued Contributor
Scupra
Posts: 1,152
Registered: ‎07-12-2012

Re: NFCU auto loan question..


hrguy wrote:

Thanks Scupra.

 

With the secured Navy card, it is at the 13th month they unsecure, so if you got in October, you should know when your November statement cuts.  If it does not unsecure, seeing your score now and assuming it keeps going up, apply for another card - which I am sure you will get.  Once you get that one, then just send them a secure message in the website, and ask them to unsecure it based on the fact that you qualified for a new unsecured card - you would think it would only make sense right?  I know this has worked for a lot of people.  Others just wake up one day and log in, and their card is unsecured and the deposit is back in their savings account.

 

Barclay is hit or miss.  You can try now, you may just get it, the good thing is on recon they can override a denial and if they refuse to, the analyst will tell you what to do and when to reapply.  In my case, I got approved at the 3 months mark for a 500 NFL rewards card - I decided to push my luck and recon for a higher limit and the analyst snatched it back.  She was nice enough to say, they are only doing it to see if my current pattern lasts longer, she remarked I was doing good and to keep on the same path, she said generally they like to see 6 months post-BK history, and since I only had three - she said wait 3 more months and reapply back, if all was the same I would get it.  So two weeks ago, I decided to do the Apple Card and it was instant approval just like she said it would be.  They are inquiry/new account sensitive and only pull TU, so just a word of warning.  All their cards are not BK friendly, I would say the ones I see recent BK'ers get is the Finance Visa for Apple, NFL Rewards, Priceline, Travelocity and Rewards Mastercard for Average Credit (there will be two listed, one will say good credit the other will say Average Credit so pick the right one).  They will generally approve with a TU score of 590 or higher.  If you do not have a fraud alert - it should be instant denial or approval, if denied I would not be afraid to call and recon because most analysts will override it after asking some questions or at least tell you what your weak points are (too many inquiries, too many new accounts...etc) and when it would be best to apply again.  No general rule for Barclay's, as I have seen people get them 1 week post discharge, but after 6 months it should be a definate approval.

 

If you have less than 3 inquiries on TU in the last 6 months, and no fraud alert - I would say give Barclay a try now.  Report back if you do.:smileyhappy: 


Just wanted to say thank you for the guidance and advice! Right now I have 2 inquiries in the past six months and 5 inquires in the past year. NFCU pulled once to join another for the secured nRewards, called me to say my report did not show discharged, and then again when I sent them the discharge paperwork (also one on EQ for a total of 4 inquires across TU and EQ). Definitley HP happy like I have heard from others! I only have three total on EQ though, EQ seems to be my better report. I think I will wait until six months post discharge for the Barclay's. Hopefully that will go good. I have been itching so bad to apply for an unsecured NFCU card though. I keep seeing approvals fresh out of BK and lower scores than what I currently have. Finally got a score bump on my TU taking me from 607 to 621, very happy about that. Really wish there was a fast forward button on rebuilding. Thanks again and GL through rebuilding, keep us posted.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
691 EQ FICO 06/2014
684 TU FICO 06/2014
682 EX FICO 04/2014
$7k NFCU Flagship Sig - $8.5k NFCU cashRewards Sig - $15k NavChek - $2k Cap1 Quicksilver - $3k Barclays Arrival +

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