02-28-2013 01:21 AM
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
02-28-2013 12:49 PM
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.
03-05-2013 08:00 AM
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.
03-05-2013 07:32 PM
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.
03-06-2013 11:19 AM
03-06-2013 11:52 AM
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.
03-06-2013 02:34 PM - edited 03-06-2013 02:35 PM
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.
03-07-2013 03:45 AM
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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.