Will NFCU ever forgive me??

Anonymous · ‎01-06-2018

This is shameful, and extremely regrettable, but it's the truth. I have a Charge off from NFCU for $5K credit card from almost 7 years ago. It is scheduled to roll off in July of 2018. I'm currently in the mortgage process. Hope to close end of February 2017. After closing, I want to pay them what I owe them.

My question is...will I ever get back in with approvals from NFCU after I pay this old charge off? How long will it take? etc?

Thanks!

Peace!

mysterythemoon · ‎01-06-2018

How important is NFCU to you? Considering it'll fall off very soon.

Started on July 4th, 2016 with 400's FAKO scores, no FICO, a dozen baddies and no credit of any kind.

As of March 2018, Before The Fall:
AmEx Blue Cash Everyday: $12,600
Chase Sapphire Preferred: $10,000
Bank Of America BankAmericard: $6,000
Capital One Quicksilver One: $5,500
Citi Diamond Preferred: $5,400
NFCU Cash Rewards Visa Signature: $5,100
NFCU Go Rewards MasterCard World: $5,000
Wells Fargo Propel: $3,500
Barclay's Uber Visa: $2,500
AmEx Starwood Preferred Guest: $2,000
Citi Double Cash: $1,500
AmEx Hilton Honors: $1,000
Discover It: $600
Capital One Platinum: $500

TOTAL 2018 CREDIT LINE: $61,200

JUNE 2023 UPDATE
2020: COVID toppled me. All old accounts went into default. Business lost. Car repossessed.
2021: Cap1 let me back in (one secured/two not). Secured Mission Lane. AU on AMEX Gold, Citi Premier and Chase Sapphire. Car loan approved without cosigner for $20,000. All current.
Currently: No lawsuits. Thinking most SOL have expired on CC debt. Fingers crossed my math and memory are correct.

CURRENT SITUATION:
Mission Lane Secured: $3,400 (SL $400 -- unasked for CLI)
Capital One Secured: $300
Capital One QS1: $300
Capital One Savor: $1,000
Chase Sapphire Preferred: $10,000 (AU)
AMEX Gold: No Preset Limit (AU)
Citi Premier: $8,500 (AU)

SPRING 2026
ALL BADDIES DROP

Anonymous · ‎01-06-2018

It's fairly important to me simply because I am a Navy Vet. My son is also a member. I once had a good relationship with them. They are an awesome organization. And, that charged off account was once my largest cc credit limit.

I'd like to be square with the world.

Other than those several reasons, not very important I suppose!

Why do you ask?

Anonymous · ‎01-06-2018

It's fairly important to me simply because I am a Navy Vet. My son is also a member. I once had a good relationship with them. They are an awesome organization. And, that charged off account was once my largest cc credit limit.

I'd like to be square with the world.

Other than those several reasons, not very important I suppose!

Why do you ask?

Do you think there are other organizations that I can get the same benefits from? Just curious.

Anonymous · ‎01-06-2018

If you decide to pay the charge-off, then the "alert" will be updated to show that the charge-off was paid. Although it may drop off your credit report, Navy Federal's systems generally will keep this restriction until the account is paid.

Whether you shuoldpay it or not is a personal decision. Many would argue that it is not worth giving $5k to a bank or credit union.

mysterythemoon · ‎01-06-2018

My argument was that waiting until the charge off drops off your credit report is the way to go becuase if you pay it off now it could potentially stay on your credit report for seven more years (since the payment on a debt technically does start the seven year rule over again).

My broader thought was much what another poster said. Is the relationship with Navy worth 5k to you? Could you get the same perks and relationship from, say, PenFed?

Whether you feel you're morally responsable is your call. Just know the debt was written off on their corporate taxes YEARS ago.

Started on July 4th, 2016 with 400's FAKO scores, no FICO, a dozen baddies and no credit of any kind.

As of March 2018, Before The Fall:
AmEx Blue Cash Everyday: $12,600
Chase Sapphire Preferred: $10,000
Bank Of America BankAmericard: $6,000
Capital One Quicksilver One: $5,500
Citi Diamond Preferred: $5,400
NFCU Cash Rewards Visa Signature: $5,100
NFCU Go Rewards MasterCard World: $5,000
Wells Fargo Propel: $3,500
Barclay's Uber Visa: $2,500
AmEx Starwood Preferred Guest: $2,000
Citi Double Cash: $1,500
AmEx Hilton Honors: $1,000
Discover It: $600
Capital One Platinum: $500

TOTAL 2018 CREDIT LINE: $61,200

JUNE 2023 UPDATE
2020: COVID toppled me. All old accounts went into default. Business lost. Car repossessed.
2021: Cap1 let me back in (one secured/two not). Secured Mission Lane. AU on AMEX Gold, Citi Premier and Chase Sapphire. Car loan approved without cosigner for $20,000. All current.
Currently: No lawsuits. Thinking most SOL have expired on CC debt. Fingers crossed my math and memory are correct.

CURRENT SITUATION:
Mission Lane Secured: $3,400 (SL $400 -- unasked for CLI)
Capital One Secured: $300
Capital One QS1: $300
Capital One Savor: $1,000
Chase Sapphire Preferred: $10,000 (AU)
AMEX Gold: No Preset Limit (AU)
Citi Premier: $8,500 (AU)

SPRING 2026
ALL BADDIES DROP

ItsCASHual · ‎01-06-2018

@mysterythemoon wrote:
My argument was that waiting until the charge off drops off your credit report is the way to go becuase if you pay it off now it could potentially stay on your credit report for seven more years (since the payment on a debt technically does start the seven year rule over again).

My broader thought was much what another poster said. Is the relationship with Navy worth 5k to you? Could you get the same perks and relationship from, say, PenFed?

Whether you feel you're morally responsable is your call. Just know the debt was written off on their corporate taxes YEARS ago.

I'm confused....I thought DOFD (being nearly 7 yrs ago according to post) is date that is solid as far as reporting on CR for 7 yrs period. My understanding is that only if you make a payment or agreement and then default on the payment plan or negotiated agreement could the time period be potentially reset??

FICO 8

Anonymous · ‎01-06-2018

@Anonymous wrote:
If you decide to pay the charge-off, then the "alert" will be updated to show that the charge-off was paid. Although it may drop off your credit report, Navy Federal's systems generally will keep this restriction until the account is paid.

Whether you shuoldpay it or not is a personal decision. Many would argue that it is not worth giving $5k to a bank or credit union.

leonel9:

I'm talking about waiting until around June 2018 and pay in full directly to NFCU. By that time my mortgage will have closed, it will have been removed from all 3 CRAs, and after PIF I can begin to build a relationship again with NFCU. My question is, how long will it take before they trust that I will again pay as agreed?

Thanks!

Peace!

Anonymous · ‎01-06-2018

I'm not sure if I can get the same things from PenFed or not. I have no experience with PenFed. I do have experience with NFCU.

Thanks!

Peace!

Anonymous · ‎01-06-2018

You could let it fall off all reports and after verification then you could privately pay them. It's up to you my friend.