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05-17-2017 10:26 AM
I just filed for BK today and my hearing is set for June 20th. Yay!! I am burning Navy Federal in the process. I wanted to know if anyone out there has personally burned NFCU and got back in their good graces after paying them off. I want to know if this will be the end all for my relationship with them or if they'll give me a second chance to prove my love for them.
Thanks for any and all input!! You guys rock!
05-17-2017 07:05 PM
Hi there - it is my understanding that NFCU is BK friendly to those who repay balances owed at the time of BK. However, I am uncertain of a timeframe. Good luck to you on your rebuild
05-17-2017 10:22 PM
The timeframe shouldn't make a difference -- either the loss is paid or unpaid. Once paid, the standard underwriting guidelines apply, which includge (generally) being unable to get an unsecured credit card within a year of discharge.
05-19-2017 11:44 PM
05-20-2017 02:11 AM
Thanks leonel. Should I wait until after my 341 meeting or after discharge before paying NFCU back?
ABSOLUTELY wait until AFTER the BK is discharged.
Secondly, consult with your attorney as to when (how much time has past post BK) it would be okay to "pay" Navy.
Remember, you are in bankruptcy. You shouldn't appear to become flush with Cash all of a sudden and out of no where.
05-24-2017 12:00 PM
05-24-2017 12:30 PM
I am considering whether I want to pay NFCU to get back in with them or not. I burned them in a sense that there was unpaid overdraft fees under $500 discharged, however, I don't agree with the overdraft fees. The overdraft fees resulted from a 'temp. credit reversal' from a debit dispute. They claim they sent a letter requesting more information, I did not receive that letter. I was out of state for a few months caring for my sick father and moved when I returned home. When I got home my account was closed with a $0.00 balance. It was not negative. My regular checking is with Chase anyway so when I saw NFCU closed my account I was over it all. When i received a copy of the bankruptcy forms, I saw Navy Federal listed. I had just read how BK friendly they are and can't help but sulk. I am 112 days post discharge, have no collections, the late pays are on student loans that are pending removal (most recent reported 3 yrs ago), and my FICO 8 score is now 679 (was 574 on 2/1/17). Wish the banks used the FICO 9 scores (currently 739). After 3 car and CC payments appear on my credit file, I believe I could have received an approval. I did send them a letter explaining the circumstances and waiting to hear back. I am hopeful but doubtful that they see my situation and realize how quickly they could make the $476 back by simply extending credit to me in the future...but again, doubtful. Will update if my letter worked.
NFCU is very strict on not extending unsecured credit to someone who has caused a loss.
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