So, I posted a few days ago that I was told NFCU no longer blacklists for bankruptcy. After spending an inquiry, this does not seem to be the case. Actually, it's not the case. Declined. Reason being that I caused NFCU a loss. I expected it, but it would have been nice.
Anyway, this brings me to my next question. As we all know, if you make them whole, they're pretty good about forgetting the past. I filed for bankruptcy and included my cash rewards Visa from Navy. Ended up discharging around $5,300. Is it worth paying the $5300 to get back in their good graces, or is that too much to pay? The primary reason for the bankruptcy was medical bills from my triplets birth. I ran up credit cards just paying bills to survive while sending the hospital payments every month that weren't getting us anywhere. Now that the medical bills are gone, I have quite a bit more income to do things with, including pay off Navy but only if its worth doing.
I could use that $5300 to save for a house in a few years, or I could max out my CD secured credit card from USAA or any number of other credit rebuilding measures... Is Navy really worth that much to get back in with them?
Part of me thinks that yes, they are, while another part of me thinks $5000 is a whole lot of money for what might be a thnks, but no thanks.
Forgot to post in my original... I've got checking and savings accounts at Chase and USAA, as well as a secured AMEX from USAA currently. Neither of them were included in the bankruptcy, although I know Chase will tell me to pound sand if I apply for anything beyond my checking account. USAA doesn't seem to be very friendly with prior bankruptcies, either from what I've read. Haven't ever applied for anything with them except the amex, but I do have the primary savings account with them, as well as our cars and renters inurance policy
It's unfortunate that this is the situation. But I'm not sure I'd pay that to get back in. Maybe I'd think about it if there was a reason that I wanted to run several accounts through them, but even then, I'm not sure I'd do this. There are other options out there.
I kinda figured this would be the response, but I wanted to ask anyway. To give better insight...
Bk chapter 7 just got discharged less than a month ago. My USAA credit card is the only new credit I've gotten in the time since discharge. Student loans survived bankruptcy, of course, but they already had good payment history.. USAA just started reporting on all three in the past week. I know its really soon to be apping with anyon, let alone NFCU, but I just wanted to see what happened. What happened is I got the 1 business day review, and then declined. As expected.
Credit score are currently EQ-573, TU-524, and EX 579, per myfico ultimate. Not good, but 100+ points higher than when I first filed for the bk. Also, about 120 points lower than before i managed to screw my credit royally. In hindsight, I think I would habe been better off filing much earlier, and not taking a bunch of credit cards with me. It really did nothing to help my situation, othr than to prolong the inevitable. Had I filed when it first became an issue, Navy was paid off, and this probably wouldn't be an issue. Although I probably wouldn't feel that I gave it everything I could to prevent bankruptcy, so.. I guess theres good with the bad. But now, I burned Navy for $5300 on an account with a $10,000 limit. All I have with them now is my original opening savings account with $5.00 in it. If I'm blacklisted forever, and the consensus is that I shouldn't pay it to get back in, should I just close that account and be done with them?
To add to the details, besides Navy and the medical bills, I also nurnt several other companies... I surrendered my car and my wifes car after about six months, thinking the extra $1000 a month would help. So Ally Financial and a local credit union probably have me blacklisted for the $40,000 balance on my wifes, and the $21,000 on mine. We both have older, paid for minivans now, so car credit isn't a major concern, but it'll probably suck when the time comes..
As far as credit cards, Capital One x 3 cards (2 mine, 1 wifes) Wife got a new Capital One card the day after discharge. I'm still blacklisted apparently Haven't applied, but I did the pre-qual and they didn't have anything. Also, Barclay x 2, Walmart store card, Kohls store card, and Old Navy store card. (The store cards were all paid off, but still had to be included. Barlay had several thousand combined.) Also a Firestone credit card, which has $31 on it. I tried to pay the payment and pay it off after the filing date, but they sent me a check back.
At this point, if the USAA card will grow with me, I'm fine with that. I know it won't unsecure, but I figure if I max out the deposit allowance of $5000, they should be decent if I ask for an unsecured card at some point, right?
Still contemplating this. It's been 8 months, my fico 8 scores are eq647, tu644 and ex 652. I've had a pretty good rebuild so far, same USAA secured card, also discover secured which is 6 months old, and a 5/3 secured MasterCard. Beyond that, a couple of store cards, and a car lease for my wife and a car loan for myself.
I've been throwing some extra cash at the nfcu savings account and I'm almost to the point of having the money in that account to pay them back if I decide to do so. If not, I've got $5,000 just sitting there that they've said nothing about.
I'm sure discover will graduate and grow. Capital one still has me blacklisted. Barclays still has me blacklisted. And nfcu obviously still does too. I kind of want to repay them because they were always good to me. They gave me a shot when I was young and building credit and i guess I kinda feel obligated. I don't feel the same obligation to capital one, or Barclays or the hospitals and doctors that led me to filing for bk.
I've been throwing some extra cash at the nfcu savings account and I'm almost to the point of having the money in that account to pay them back if I decide to do so. If not, I've got $5,000 just sitting there that they've said nothing about.
I'm sure discover will graduate and grow. Capital one still has me blacklisted. Barclays still has me blacklisted. And nfcu obviously still does too. I kind of want to repay them because they were always good to me. They gave me a shot when I was young and building credit and i guess I kinda feel obligated. I don't feel the same obligation to capital one, or Barclays or the hospitals and doctors that led me to filing for bk.
Jason, if you can pay NFCU, I recommend you do so. And, I have learned through experience, do not close down the membership. You spoke of buying a house in the future and NFCU has great mortgage rates. You need to think about that, too. I don't know about USAA mortgage rates, but don't close that account either. Good luck to you.
