Anyone deal with Navy Federal credit Union?

[bsal]

Hey friends I have a question; 2013-2014 was a trying year for me with navy fed I have a 20k credit card with them and I got behind and stopped paying for awhile so the closed the account but the balance is still reporting (18k). I have been making my monthly payments and in about two months I plan to pay the whole thing off, but I'm a bit worried cause once I pay this already closed account off isn't that going to drop my credit score considerably? Since it's already reporting closed ? . The only thing I will have reporting is my mortgage I haven't applied for any other credit cards cause I been focus on trying to get debt free my current scores are 616, 603, and 600 will my scores drop ? And how does that work still paying off a credit card that's already reporting closed, how can I get this to work in my favor?

Any expert advice is welcome

[Anonymous]

Has it been "Charged Off"?

[bsal]

Hey donny10 thanks for responding, no it doesn't say charge off it just reports as close with a balance but I'm still making payments

[Anonymous]

How are they reporting the lates? any 120's? How many months did you skip on the payments? Trying to figure this out.

[bsal]

Hey donny your help will be much appreciated

Between 2014 and 2015 I have had 10 missed payments five 30 day latest, two 90 day latest , and three 60 day lates. I have had this card since 2009

[bsal]

I'm afraid that I have messed up my relationship with navy fed and they have been so good to me. I want to get right with them

[Anonymous]

Have you communicated with them? Asking if they would consider re-opening the account? I'm not sure why your scores would go down if you paid it off? Your UTI will decrease.  It would be a whole lot worse if it were to become charged off. 30 days lates start having less effect on your scores as time passes. The 60's and 90's will hurt for quite sometime. You may want to get them to re-open the account and work on GW'ing them for the lates later.

[Anonymous]

Good news:  It's not Charged Off.  You're making payments.  Worst offense is 90 days late.

Bad News:  90 days late appear on your report.  60+ lates sting. Bad. But not NEARLY as bad as Charge Offs. Those just plain suck for 7 years straight.

IMO:  Keep paying and don't stop till its zero balance. THEN...  Get another credit card (shop around, use the forums).  Build a positive history. Goodwill NFCU to consider deleting 90, 60, whatever they agree to delete.   Continuing to pay and get to zero balance WILL be getting it right with them. 

[elim]

That card is showing near "maxed out".  Pay the card and your scores will increase.

Congrats on making the decision to become debt free.  I'm doing the same thing on a smaller scale and am focusing solely on funding accounts in the next couple of years.

[bsal]

I will call and ask and get you an update on what they told me