Reply
Frequent Contributor
mt2va
Posts: 480
Registered: ‎03-20-2009

Is it possible to get credit from NFCU in the future

Long story but I've had some major financial/credit issues which I am getting resolved. 

 

Does anyone have experience with NFCU working with them in the future even if they've had lates/etc with them in the past?? When I tried to apply for a CC it said I was decline because I had caused them a loss.  I'm unsure about this because I have a used car loan with them that is currently in good standing.  (I had 2 30 day lates but that was over a year ago)  I have a LOC that I have made payment arrangements on.  (they froze it so I wouldn't be charged any more interest and it's in good standing)  And I have Visa & MC with them.  Both of which are current on payments.  (I've had a 30 day late on each in the past year)  They closed my 2 CC without telling me and they state they won't re-open them that I have to re-apply which I did and was decline.  Now obviously I'm not going to try again until I get my finances/credit in a better place, but does the fact that they are saying I caused them a loss going to keep them from ever giving me credit again? 

 

I've just applied for a USAA Secured credit card so I can work on rebuilding my credit.  (yet again...)



Gardening since: 4/16/14
Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
7/13: EQ 517 (FICO)/TU 546 (FAKO)/EX 581 (FAKO)
Current (4/14): EQ 580 (FICO)/TU 611 (FICO)/ EX 603 (FICO)



Contributor
tboy1977
Posts: 221
Registered: ‎07-11-2012

Re: Is it possible to get credit from NFCU in the future

Recon or apply for the secured CC.  You get ALL the benefits of the nRewards MC just with a deposit.  No AF, no crap or drama.  Rates can be 8%APR

Starting scores: EQ 420, EX 421, TU 405 (Jan 2011)
Bk Ch 7 Discharged Mar 2011
Current scores: EQ 456, EX 534, TU 411 (Aug 2012) FICO (8/2012 -- EQ 564, EX 584 (from BofA) TU 551)
Goal scores: EQ 700+, EX 700+, TU 700+

Credit accounts: 30% APR auto loan (Jan 2012), Secured [CapOne (3K), PNC (1300), NFCU (1K), Coke (2500)] and Target (200)
Community Leader
Valued Contributor
HoldingOntoHope
Posts: 1,057
Registered: ‎09-29-2009

Re: Is it possible to get credit from NFCU in the future

My understanding with NFCU is that if you "cause them a loss" then they will not extend further credit again. Although you are under an arrangement and paying it I strongly suspect that they are referring to your line of credit. Hence, their closing your credit cards to new charges. It seems they are very generous but very unforgiving if you cross them also.

 

If that is in fact the case then just focus on USAA. They can be a great source of credit although they are a lot slower than NFCU with generous limits. And of course be sure not to cross them up. You can turn around any financial situation with enough time and positive history going forward.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


Take the FICO Fitness Challenge

Valued Contributor
rootpooty
Posts: 1,685
Registered: ‎10-28-2011

Re: Is it possible to get credit from NFCU in the future

I doubt anytime soon being you caused them 4 30 day lates in the past year. what was there reasoning for freezing your LOC?

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 3k | BOFA 123 3k |
Chase Freedom 1.5k | Amazon 1800 | Walmart 1450 | Buckle 300

On the prowl for Chase Sapphire Preferred!
Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012

Re: Is it possible to get credit from NFCU in the future

I hear nfcu is unforgiving.  My guess is that once you clear your current obligations with them, you will be fine.

               LIMITS IN CARD DESCRIPTIONS
Frequent Contributor
mt2va
Posts: 480
Registered: ‎03-20-2009

Re: Is it possible to get credit from NFCU in the future

Ironically USAA MC (my 1st ever CC) was included in my bankruptcy about 16 years ago.  But of course this is a secured CC.  I plan to move forward with that and making sure my other loans (car loan & student loan) are paid on time.  I'm just surprised about NFCU since they were the first to extend me credit in many many years and most say how generous they are.  I'm hoping once I clear up my obligations with them (CC & LOC) and continue to keep my car loan current (they actually recently re-fi me for lower payments so they can't dislike me too much :-) ) they may be willing to consider me again. 



Gardening since: 4/16/14
Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
7/13: EQ 517 (FICO)/TU 546 (FAKO)/EX 581 (FAKO)
Current (4/14): EQ 580 (FICO)/TU 611 (FICO)/ EX 603 (FICO)



Regular Contributor
HindSight_20_20
Posts: 177
Registered: ‎06-03-2009

Re: Is it possible to get credit from NFCU in the future


Crashem wrote:

I hear nfcu is unforgiving.  My guess is that once you clear your current obligations with them, you will be fine.


+1

Agreed, NFCU is 'still' a great CU, all they ask you to do is pay what you owe (don't settle the debt) but pay it in full - let the dust settle, and start again.  The good news for you (as far as I can tell) is that your CC was 'closed' and not 'charged off' - this is something you may be able to negotiate re-opening once you've satisfied your obligations.

 

In regards to NFCU - I've been with NFCU for some time now and have had 'charged off CC's' as well as 'charged off LOC's' yeah (4) accts charged off all together! 

 

One of the things I love about this CU is the willingness to work with those who actually 'want to PIF'.  I paid (not settled even though they offered) all but one my charge offs, and after talking with several CSR and LO's throughout my ordeal I have no doubt that I will be able to re-establish once things are all clear. (still paying on my checking LOC) it was pretty big.  :smileywink:

________________________________________________________________________________________________
I’ve found that I can "charge" WHATEVER I want…. Just not all at THE SAME TIME!*Last CC App 07/2010*
Regular Contributor
McArthur
Posts: 249
Registered: ‎12-24-2012

Re: Is it possible to get credit from NFCU in the future

If you have caused Navy Federal a loss they will never -- ever -- forgive until you have made them whole.  Once you've done that, they will be all lovey-dovey again with just a little bit of time.

 

USAA does the same.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+