Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
ShebaDiva,
Yeah unfortunately with NFCU if you've included any of there products in a BK you'll have to pay everything you owe in order to be considered for membership again. And once you are back in you'll have to prove credit worthiness if you'd like to apply for CC's or Loans. But it can be done - and has been done so keep your head up and pay them if a re-newed relationship with them is at the top of your priority list.
Best of circumstances to you!
I’ve found that I can "charge" WHATEVER I want…. Just not all at THE SAME TIME!*Last CC App 07/2010*
I agree, they are great and worth trying tomaintain a relationship...
I suspect that they are using a cross-security clause to say you still owe a debt. Generally CUs have this, banks don't. I've seen posts here where a poster had a car and unsecured debt with a CU, poad off the car and couldn't get the car title without paying the other debt. Same could possobly apply here to your home.
After Chapter 7 is a long road to recovery. It will be a couple of years before you can get approved for a credit card again. You can't just wipe out all of your debt and then get your credit cards back. You will be punished for filing. My BK 7 is 9 yrs, 5 mos old and I am still having issues. You'll be able to get an auto loan with high interest but no prime credit cards for like 8-9 years. You can probably get approved with First Premier or Credit One for a credit card but they will charge enormous interest and you get a credit limit of $200-300 and the fees usually take up most of your limit and you will need to pay them immediately so that the high utilization doesn't crash your score. I waited 3 years after my Ch 13 to apply for a card with Orchard Bank as their terms were reasonable. Orchard Bank no longer offers credit cards because they were bought out by Capital One and the transition is still ongoing.
Filing bankruptcy should be your last resort and if you can afford monthly payments to the trustee, you should file a 13 as it looks more favorable to lenders as it shows you paid off some of what you owed and if you complete the plan successfully, it is deleted off your credit report in 7 years vs 10 years with a Ch 7.
Every time a lender pulls your credit, that Chapter 7 will show up for the next 10 years. And you'll have deposits, high interest, or a denial.
2012 was my year as the 7 year old Ch 13 was deleted off my reports and I just am now able to get tier 1 lease financing, a great interest rate on a mortgage, and prime credit cards with decent limits. I lived on cash only for 8 years after bankruptcy and I highly recommend it so you learn how to stay within your means. If you need an auto loan, get it but I would leave credit cards alone unless you are applying for a secured card. You aren't going to get the cards that offer cash back or points for travel for a long time. The discharge just means your debts are forgiven...not your credit. You have to revive your good payment history, etc. on your own and it takes time and hard work.
Just telling you how bankruptcy really is, with no sugar coating. There are always exceptions but chances are slim. My reports will be bankruptcy free Aug 2013, and then I can apply for a AMEX and know it will be instant approval. I just got my Chase Freedom in the mail a couple of days ago and it took 3 weeks to approve because of the 9.4 yr old Chapter 7 bankruptcy (so yes, if you are wondering...I filed both a 7 and a 13 two years apart from each other and the 7 is the oldest and has hurt me the worst). My credit scores of 700+ helped, but like I said, the lender also sees the Ch 7 and it leaves a sour taste in their mouth...the older the bankruptcy is and the more trade lines you have in good standing after the discharge, the easier it is to sweeten the taste of it to lenders.
Best of luck to you. Unless you need a car loan, I would chill out and focus on paying your bills and saving money while you wait for the inquiries to drop off because applying for credit right now will lead to denials and more inquiries which will drop your score more and lower your chances of getting new credit. This post is based on real life experience, so I hope you take it seriously. If you don't, then it will be an even longer road to recovery.
Last App: 4/5/13 Gardening until July 2014
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