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08-08-2012 10:56 AM
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...)
08-08-2012 11:41 AM
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
08-08-2012 12:58 PM
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.
08-08-2012 11:45 PM
I doubt anytime soon being you caused them 4 30 day lates in the past year. what was there reasoning for freezing your LOC?
08-09-2012 01:59 PM
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.
01-24-2013 09:56 AM
I hear nfcu is unforgiving. My guess is that once you clear your current obligations with them, you will be fine.
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.
01-24-2013 06:11 PM
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.