Is NFCU BK sensitive?

[Anonymous]

looking to join a 2nd credit union to compliment PenFed.  RBFCU is apparently BK sensitive because they declined us for a card.  I believe I qualify for NFCU thru family but before I take a HP, interested to see how they feel about DC BK13?  My TU score recently bumped up to 673 (via discover scorecard).  I have 6 TU inquiries.  

Will i I take multiple HPs to join and apply for credit?  I would really like a low interest card (already have Penfed PCR for cash back) & a PLOC as my son is starting college and I will have to help with tuition soon.  Advice appreciated!

****update***

Apped for Plat card and was denied, reason unknown.  Sent recon message but may have to wait for official denial letter.  

[enjoimorenow]

While they will work with you after a BK, they are somewhat sensitive in my experience.  I was unable to get an unsecured card with TU score of 640 a couple of months back, so I had to open a secured card.  I know it will graduate with time, so I'm not overly worried about it.

I was also denied an auto loan with NFCU last month while PenFed approved me so ymmv, but in my experience NFCU hasn't been the most accepting of my BK (though it is barely 8 months post discharge and I think they prefer for you to be one year post discharge).

As I said, your experience may differ as we all have different credit profiles, but I still think it is worth it to get into NFCU and start building a relationship with them.

Lastly, I would probably say that a PLOC is about the worst way you can possibly pay for college as it will be extremely expensive and high interest.  You should be able to get student loans, and you son can most likely get student loans from the government very easily by filling out his FAFSA.

[Anonymous]

Thanks!  My son only qualified for $5,500 annually on his FASFA, I believe because between DH and I our income is $250k.  I tried to cosign a discover student loan but they declined me due to BK, so in the midst of a recon.  I won't have to float the tuition payment long but will need the option for cash.  I guess I need to look into another option somehow.  

[kobe2012]

I was approved by navy 7months post bk7 ..only for $500 though ... it was increased to $6200 after 8 months .. also got a CLOC for $5000 at 12 month post discharged ... scores were low 600's at the time but I think navy used their internal score

[Anonymous]

Actually appears that Navy offers student loans!  I'm now a member and appd for CashRewards....got the dreaded 24HR message.  Should I offer to send POI in thru secured message to boost my chances since i have a DCBK13?  Hopefully that's approved, if so will have my son join and app for Student loan with me as consigner

[jacetx]

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@Anonymous wrote:

looking to join a 2nd credit union to compliment PenFed.  RBFCU is apparently BK sensitive because they declined us for a card.  I believe I qualify for NFCU thru family but before I take a HP, interested to see how they feel about DC BK13?  My TU score recently bumped up to 673 (via discover scorecard).  I have 6 TU inquiries.  

Will i I take multiple HPs to join and apply for credit?  I would really like a low interest card (already have Penfed PCR for cash back) & a PLOC as my son is starting college and I will have to help with tuition soon.  Advice appreciated!

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RBFCU was not BK sensitive when I applied and was approved for $1k but I had established some credit after my BK was discharged. If your signature is correct and your BK was discharged in March most banks will not extend credit until you show some kind of payment history post BK. Some even require you to wait 5-7 years before they will even consider your application. NFCU is a hard pull for membership and another for any credit product.

[Scupra]

NFCU is pretty amazing for us BK'ers I hope your app comes out approved, fingers crossed for ya!

[Anonymous]

Got a big fat verbal denial....though unsure of the reason.  Verbal because I called to switch the app to Plat card VS CashRewards.  Because I'm impatient I sent a very nice message with request for recon, even offering to send POI.  Not holding my breath though.  Was a bit surprised considering PenFed gave me a card first and it seems Navy is a bit less reserved.  Not sure what got me the denial because I have to wait for the letter...guess it could be all my new accounts since March VS the BK.

[Anonymous]

Reviving this thread... it's been a little over 3 mo since I app'd for Navy. I decided not to go secured route and considering re-apping. I now have 8 mo's post BK13 discharge of history under my belt.

Does anyone have data points around approvals within a year post BK or should I wait until a year is up?

[sjt]

I read that Navy has recently implemented a new policy regarding BK. They want a 1 year gap from the file or discharge date. Not sure if this applies to secured products.