Navy Federal CU & Bankruptcy

[Tazman81]

So, NFCU won't let me back in just by reapplying, but what do you all think about the below link?

http://ficoforums.myfico.com/t5/Credit-Cards/Navy-Fed-Will-Merge-604M-USA-Fed/td-p/736162

It says NFCU will be acquiring USAFed, and I can get an account with USAFed, but would there be any benefit to doing so?  What is everyone's thoughts?  Based on my above information (and NFCU loosing money from me), do you think if I get back in with a checking and savings account via USAFed, then NFCU will be more likely to loan to me again in the future?  Maybe once the acqusition is done, I get a secured loan through NFCU to start rebuilding my relationship with them?  Any thoughts on this?  Why am I feining to get back with NFCU and AMEX so badly?   I feel like an addict. 

[scrubs]

Please understand you will not get back with navy, period!!!! If you bankrupted on them they will not let you back in. If you go thur with usa fed. cu you will get in but it is only temp. Because when they start going thur usa accounts or you applied for any type of navy products you will be denied and you account will be frozen.

last year when chase brought out wamu that what happen and many wamu cc was taken away. i think that will happen with navy. only prople who as a clean record with navy will be grand father in.

as for amer express you must pay off your old account and wait until your bk fall off before you can get another account with them.

[Anonymous]

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@Tazman81 wrote:

So, NFCU won't let me back in just by reapplying, but what do you all think about the below link?

http://ficoforums.myfico.com/t5/Credit-Cards/Navy-Fed-Will-Merge-604M-USA-Fed/td-p/736162

It says NFCU will be acquiring USAFed, and I can get an account with USAFed, but would there be any benefit to doing so?  What is everyone's thoughts?  Based on my above information (and NFCU loosing money from me), do you think if I get back in with a checking and savings account via USAFed, then NFCU will be more likely to loan to me again in the future?  Maybe once the acqusition is done, I get a secured loan through NFCU to start rebuilding my relationship with them?  Any thoughts on this?  Why am I feining to get back with NFCU and AMEX so badly?   I feel like an addict. 

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Go for it, Taze!

Those that say you have no chance of success are just speculating.  You never know whether it will work or not until you try and it will only cost you an INQ. 

[Tazman81]

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@scrubs wrote:

Please understand you will not get back with navy, period!!!! If you bankrupted on them they will not let you back in. If you go thur with usa fed. cu you will get in but it is only temp. Because when they start going thur usa accounts or you applied for any type of navy products you will be denied and you account will be frozen.

last year when chase brought out wamu that what happen and many wamu cc was taken away. i think that will happen with navy. only prople who as a clean record with navy will be grand father in.

as for amer express you must pay off your old account and wait until your bk fall off before you can get another account with them.

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Do you have a link or personal experience in regard to your above comment.  I've been looking and it looks like Chase was closing out the subprime cards from WaMu, so basically closing an entire product line.  I was trying to find something to say that after Chase acquired WaMu, they closed a person's account who had previously done chase wrong, but I cannot find anything to this affect.  And it doesn't have to be chase/wamu, it can be any other acquisitions, but I was trying to find specifics regarding someone's actions, not necessarily the company closing an entire product line that they don't see as being profitable.

[Anonymous]

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@scrubs wrote:

Please understand you will not get back with navy, period!!!! If you bankrupted on them they will not let you back in. If you go thur with usa fed. cu you will get in but it is only temp. Because when they start going thur usa accounts or you applied for any type of navy products you will be denied and you account will be frozen.

last year when chase brought out wamu that what happen and many wamu cc was taken away. i think that will happen with navy. only prople who as a clean record with navy will be grand father in.

as for amer express you must pay off your old account and wait until your bk fall off before you can get another account with them.

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That is only your opinion.  Unless you are the CEO of NFCU, you have no justification for stating that as fact.

And just for the record, I have seen individuals get back in with NavyFed.  Granted, it was not often and each was handled on a case-by-case basis, but it shows that your claims of "never, period" are bogus.

[Anonymous]

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@Anonymous wrote:

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@scrubs wrote:

Please understand you will not get back with navy, period!!!! If you bankrupted on them they will not let you back in. If you go thur with usa fed. cu you will get in but it is only temp. Because when they start going thur usa accounts or you applied for any type of navy products you will be denied and you account will be frozen.

last year when chase brought out wamu that what happen and many wamu cc was taken away. i think that will happen with navy. only prople who as a clean record with navy will be grand father in.

as for amer express you must pay off your old account and wait until your bk fall off before you can get another account with them.

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That is only your opinion.  Unless you are the CEO of NFCU, you have no justification for stating that as fact.

And just for the record, I have seen individuals get back in with NavyFed.  Granted, it was not often and each was handled on a case-by-case basis, but it shows that your claims of "never, period" are bogus.

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Umm Not to sound negative, but the person burned NFCU for over $40,000. yes Bk is legal, yes as a lender you have to expect that, but I think $40,000 yeah NFCU is probably not going to be forgiving.

As a shareholder I would question if someone thought re-establishing a loan relationship after a 40K loss makes sense.

The OP needs to direct rebuilding efforts elsewhere.

[Anonymous]

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@Tazman81 wrote:
 

It says NFCU will be acquiring USAFed, and I can get an account with USAFed, but would there be any benefit to doing so?  What is everyone's thoughts?  Based on my above information (and NFCU loosing money from me), do you think if I get back in with a checking and savings account via USAFed, then NFCU will be more likely to loan to me again in the future?  Maybe once the acqusition is done, I get a secured loan through NFCU to start rebuilding my relationship with them?  Any thoughts on this?  Why am I feining to get back with NFCU and AMEX so badly?   I feel like an addict. 

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NFCU's policy is once a member always a member. If they are not accepting you now, I doubt they will change fundamentally, and yes you will probably be denied after they absorb the new CU.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@scrubs wrote:

Please understand you will not get back with navy, period!!!! If you bankrupted on them they will not let you back in. If you go thur with usa fed. cu you will get in but it is only temp. Because when they start going thur usa accounts or you applied for any type of navy products you will be denied and you account will be frozen.

last year when chase brought out wamu that what happen and many wamu cc was taken away. i think that will happen with navy. only prople who as a clean record with navy will be grand father in.

as for amer express you must pay off your old account and wait until your bk fall off before you can get another account with them.

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That is only your opinion.  Unless you are the CEO of NFCU, you have no justification for stating that as fact.

And just for the record, I have seen individuals get back in with NavyFed.  Granted, it was not often and each was handled on a case-by-case basis, but it shows that your claims of "never, period" are bogus.

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Umm Not to sound negative, but the person burned NFCU for over $40,000. yes Bk is legal, yes as a lender you have to expect that, but I think $40,000 yeah NFCU is probably not going to be forgiving.

As a shareholder I would question if someone thought re-establishing a loan relationship after a 40K loss makes sense.

The OP needs to direct rebuilding efforts elsewhere.

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With AmEx you can probably safely claim "never"  unless one has slipped through the cracks somehow, but with Navy Federal you can never say never.  As unlikely as Navy Federal is to knowingly readmit someone who has filed bankruptcy on $40k worth of Navy Federal debt, much depends on individual circumstances.  I, personally, have exerted command influence that resulted in individuals under my command being given a second chance.  While the circumstances may have been extenuating, the fact is that you can never say never with NFCU.

While I can see OP being able to successfully re-establish membership with NFCU via the USA Fed backdoor and even maintaining that membership for the duration, I personally believe NFCU will not approve any credit applications that individual may ever submit.  I may be wrong, but OP certainly has nothing to lose except a little time and effort.  A lot may also depend on how NFCU maintains their "blacklist" database and how they apply it in the credit decision process. 

[Anonymous]

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@Anonymous wrote:

With AmEx you can probably safely claim "never"  unless one has slipped through the cracks somehow, but with Navy Federal you can never say never.  As unlikely as Navy Federal is to knowingly readmit someone who has filed bankruptcy on $40k worth of Navy Federal debt, much depends on individual circumstances.  I, personally, have exerted command influence that resulted in individuals under my command being given a second chance.  While the circumstances may have been extenuating, the fact is that you can never say never with NFCU.

While I can see OP being able to successfully re-establish membership with NFCU via the USA Fed backdoor and even maintaining that membership for the duration, I personally believe NFCU will not approve any credit applications that individual may ever submit.  I may be wrong, but OP certainly has nothing to lose except a little time and effort.  A lot may also depend on how NFCU maintains their "blacklist" database and how they apply it in the credit decision process. 

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Umm, Ok:

1- An independent civilian company allowed you to exert "Command Influence" -WOW!!!

I doubt it involved a 40K loss.

And also, if the person being benefitted was active duty and was going to remain that way for any length of time, yeah I can see NFCU kinda saying Sure we will do this after all we know who we can call if there is a problem.

For a person not in the military I do not think that option exists.

2- I am sure NFCU will have that database for a long time. I can see the OP establishing a savings account, but I doubt any lending. My MAYCO to Kaufmans to Macys black list still holds.

What does the OP have to lose, nothing! Just false hope and wasted effort.

But what is the cost of  a stanp and paper?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

With AmEx you can probably safely claim "never"  unless one has slipped through the cracks somehow, but with Navy Federal you can never say never.  As unlikely as Navy Federal is to knowingly readmit someone who has filed bankruptcy on $40k worth of Navy Federal debt, much depends on individual circumstances.  I, personally, have exerted command influence that resulted in individuals under my command being given a second chance.  While the circumstances may have been extenuating, the fact is that you can never say never with NFCU.

While I can see OP being able to successfully re-establish membership with NFCU via the USA Fed backdoor and even maintaining that membership for the duration, I personally believe NFCU will not approve any credit applications that individual may ever submit.  I may be wrong, but OP certainly has nothing to lose except a little time and effort.  A lot may also depend on how NFCU maintains their "blacklist" database and how they apply it in the credit decision process. 

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Umm, Ok:

1- An independent civilian company allowed you to exert "Command Influence" -WOW!!!

I doubt it involved a 40K loss.

And also, if the person being benefitted was active duty and was going to remain that way for any length of time, yeah I can see NFCU kinda saying Sure we will do this after all we know who we can call if there is a problem.

For a person not in the military I do not think that option exists.

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I guess to some it may not be clear exactly what relationship entities such as NFCU, USAA and, to a lesser extent, PenFed have with the individual service branches.  All executive level positions in both NFCU and USAA are held by retired military officers -- most of them graduates of the various service academies.  As such, there is a strong political type nexus between those executives -- and their organization -- and their active duty peers.  All other things being equal, you as, say, an E-9 are never going to receive anywhere near the same type of consideration with USAA that even an O-4 will receive. 

The CO of a 5,000+ member strong regiment has extraordinary influence as does a ship's captain.  First of all, it would be unwise to create anything other than goodwill with an individual who can influence 5,000+ of your potential / actual customers.  Secondly, any branch of any financial entity -- to include NFCU -- that has a presence on a U.S. military installation is there only by the grace of the base commander -- no exceptions.  Any base commander can summarily and unilaterally decide that your financial institution's on-base branch gets shut down and replaced with a fuel depot.  Now, that bubbly, slurping sound you hear is NFCU's branch manager seriously sucking up to the base commander so that the very unlikely possibility of that CO telling NFCU to GTF out remains just that.

In those instances I have seen NFCU take their hit like a man and allow SNM to re-enter into their good graces, there have been at least two that I recall that were over $40k -- one of those far, far exceeded $40k  It all depends on the individual circumstances.  You can never say never.

Also, since DOD regulations prohibit commanders from involvement in debt collection / bad debt issues, it would be exceptionally unlikely NFCU's decision was related in knowing who they can call should there be any future problems.