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Member
Posts: 9
Registered: ‎02-28-2013
0

Re: Navy Federal Credit Union

NFCU will work with you until you stop working with them..... and will again fif you re-establish yourself.... keep one CC and your mortgage out of BK....... it will help you bounce back faster

Established Contributor
Posts: 833
Registered: ‎10-04-2010
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Re: Navy Federal Credit Union

I don't know of a good way to keep a credit card out of a bankruptcy. You are required to list all your debts. Even if the CC has a zero balance, most companies will automatically close the account once they get wind of the fact that you are filing. I guess it is possible but just hard.

 

I agree that the road post BK is hard and it should absolutely be your last resort. I also wish I had found these boards before I filed. However I would recommend spending time here and reading a lot. You would learn so much and it would help your recovery quickly. You can get reward cards and a decent auto loan after BK. You can also qualify for a great interest rate on a mortgage while your BK is reporting. At least that has been my experience. However you just have to be really smart with how you handle your credit after you are discharged.

 

SoulMaster has a nice thread on life after BK that you can find easily inthe BK forum. Capital One almost always will give you a card after your BK is discharged. I started my rebuilding with them two months after discharge and now that little card has now become a World Mastercard with 1.5% rewards five years later. Form a relationship with your local credit union too. They gave me an awesome car loan and another rewards card with fairly decent limits.

 

Most importantly, learn from your BK. I remember when I filed, my lawyer told me that he frequently has individuals file BK again and again. I was determined never to be in that situation again. Credit is a great thing, when it is properly understood and managed.

 

Good luck!

 

 



BK in 2008---Barclay's Apple Financing Card ($10,000) --- Capital One Quicksilver ($13,000)--- Gold Delta Skymiles ($15,000) --- GEMB CareCredit ($5700) --- AUFCU ($10000)--- Walmart ($5000)--- Discover IT ($21,000)

Experian 737 Transunion 748-- May 2016
Established Contributor
Posts: 569
Registered: ‎04-26-2007
0

Re: Navy Federal Credit Union

Do not think they will offer you new a new credit card or LOC after filing CH 7 BK. First of all you can't reopen a closed account, secondly, you're high risk with low FICO scores & a PR on your credit report. Would you offer credit to you?

Your debt HAS been wiped out but if you decide to pay them money you'll only extend the DOLA thus delaying when the TL will drop off your report.

FICO scores on November 17, 2014 (prior to applying for and being approved my mortgage)

EX=738
EQ=735
TU=754

FICO scores on March 4, 2015 after being approved for mortgage and buying the home, the mortgage isn't yet reporting.
EX- 689 EQ- 739 TU- 739
Regular Contributor
Posts: 230
Registered: ‎04-08-2008
0

Re: Navy Federal Credit Union

 


HindSight_20_20 wrote:

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!

 

 


 

This goes for All credit unions. Banks are a little more forgving imo.

 

 

starting EQ FICO : 526 current EQ FICO : 640 starting TU FICO: 538 current TU FICO : 656

My wallet: Capital One cash rewards $1,300- ~ NFCU signature cash rewards $5,000- ~ NFCU nRewards $5,000- ~ NFCU LOC $1,000- ~ Target $200- ~ Kohl's $300- ~ Walmart $800- ~ Amazon $900- ~ Updated 6/2013

Discharged Ch7 Nov.16, 2012

New Member
Posts: 4
Registered: ‎01-18-2013
0

Re: Navy Federal Credit Union

Has anyone included Navy Federal in a Chapter 7 and Navy Federal gave you a really hard time, even if you didnt try to get a new membership..

 

Community Leader
Valued Contributor
Posts: 2,442
Registered: ‎11-29-2012
0

Re: Navy Federal Credit Union

Unless you try to get back in with them they can't give you a hard time. That would be a violation of the permanent Stay Order.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
New Member
Posts: 4
Registered: ‎01-18-2013
0

Re: Navy Federal Credit Union

Thanks I am a bit worried about them because my home is financed through them. I was advised by an attorney that if a had a car loan they could probably add what I owe them to the loan, but they can not add anything to my mortgage. I just don't want any surprises when it comes to my home.

Community Leader
Valued Contributor
Posts: 2,442
Registered: ‎11-29-2012
0

Re: Navy Federal Credit Union

[ Edited ]

If you had a car loan is not paid they can repossess it. If you have any cash in the bank they can snatch it. Other than that, I don't think they can do anything.


Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Valued Contributor
Posts: 1,063
Registered: ‎05-26-2010
0

Re: Navy Federal Credit Union

Unlike banks, credit unions generally have a corss-security clause which means that they may be able to take cash from your checking / savings, or withold a car title even after the car is paid for unless everything is paid and despite BK.  You probably need to review specifics with your attorney.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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New Member
Posts: 4
Registered: ‎01-18-2013
0

Re: Navy Federal Credit Union

I no longer use my Navy Federal accounts, however my husband does, my name is not on his accounts, can they snatch his money as well?

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