topic Re: NFCU - Back in their Good Graces? in Personal Finance

NFCU - Back in their Good Graces?

Anonymous — Thu, 14 May 2020 20:05:36 GMT

Hey All -

So I was a member back in 2010, had just about every product and unfortunately went thru a divorce in 2015 resulting in a Ch 13. Although NFCU didn't incur a loss (they were paid back from the wage earner plan) I was apparently blacklisted. My credit accounts were frozen and closed by creditor and I was reduced to simply a savings account. Attempting to add a checking account would result in a message to the effect that since my other accounts were not managed correctly they could not open the checking account. I ended up closing my membership entirely in 2017.

Fast forward to April 2020 - thought I'd call in an see if I could become a member again. Was instantly approved for savings and checking and my old member ID was reassigned to me. All seemed well until.... I attempted to apply for a CLOC and it said I was not eligble. Attempted to apply for a CC - the application went thru but credit was never checked (Credit karma didn't alert me) and ended up with a near instant auto decline. Upon calling for recon, I was transferred to their BK department where I was informed I had a charge off of $4.12 which resulted in them taking a loss and as such I was not eligble for any credit product. They were surprised I was approved for checking and savings. I ended up asking if I could simply pay the small balance and they said no, it was written off and they could not accept payment for such an old balance.

I escalated via their social team and was informed that they cannot request I make a payment and I could voluntarily make the payment but there's no guarantees it would remove the remarks on my account. I figured it was less than $5 so I'd roll the dice. Payment was taken down, it posted 2 days later and on the 4th business day I received some offers.

Figured I'd try for a CC product - this time I saw the TransUnion inquiry but declined. I called and asked why and she said I needed to wait for a letter. She suggested I try to a CLOC - was instant appoved but only for $500. The rep then said I could attempt to refinance to take advantage of a special offer and "may" even be able to use the same pull. Well the same pull didn't happen, but I was approved for their auto loan.. not the best rate 4.99% at 72 mo.

So my question is... am I truly off the black list.. a little surprised at the low low CLOC and the denial of the CC but yet approved for an auto loan. Seems strange to me.

TU score - 704, EQ: 688

Thanks for any and all comments.

Re: NFCU - Back in their Good Graces?

Brian_Earl_Spilner — Thu, 14 May 2020 20:39:39 GMT

Navy is only approving CLOCs at $500 because too many people were using them like a credit card. It can go higher in time. The card application was probably too soon. Navy is pretty forgiving once you make them whole again, from what I've seen.

Re: NFCU - Back in their Good Graces?

M_Smart007 — Thu, 14 May 2020 22:42:55 GMT

Congratulations on getting back in with Navy!

Re: NFCU - Back in their Good Graces?

M_Smart007 — Thu, 14 May 2020 22:43:42 GMT

@Anonymous ..And Welcome to the forums

Re: NFCU - Back in their Good Graces?

AllZero — Fri, 15 May 2020 00:25:06 GMT

Congratulations on your success!

Re: NFCU - Back in their Good Graces?

Anonymous — Fri, 15 May 2020 13:24:47 GMT

Congrats!

Re: NFCU - Back in their Good Graces?

Adkins — Fri, 15 May 2020 14:06:05 GMT

I think you're back in Navy's good graces, but they need to some time to get to know you again. If you really want a CC, did you try for the secured version? It does eventually graduate, so could give you a faster way into another CC or you could just give them more time.

Re: NFCU - Back in their Good Graces?

Anonymous — Fri, 15 May 2020 17:02:26 GMT

Thanks to everyone for taking the time to provide their comments

Secondly, to answer the question about the secured card.. yes, I applied and it was declined too. Puzzled on that one since it would have had $200 backing it from my savings share. When calling, I was told "An internal scoring system has declined your request for a secured card" and that to expect a letter in the next 7-10 business days... hopefully it'll arrive in the mail today or early next week.

Strange that a checking, savings, CLOC and Auto Loan was approved but no unsecured CC or secured CC.

Re: NFCU - Back in their Good Graces?

M_Smart007 — Fri, 15 May 2020 18:04:01 GMT

@Anonymous wrote:
Thanks to everyone for taking the time to provide their comments

Secondly, to answer the question about the secured card.. yes, I applied and it was declined too. Puzzled on that one since it would have had $200 backing it from my savings share. When calling, I was told "An internal scoring system has declined your request for a secured card" and that to expect a letter in the next 7-10 business days... hopefully it'll arrive in the mail today or early next week.

Strange that a checking, savings, CLOC and Auto Loan was approved but no unsecured CC or secured CC.

They use EQ for loans and TU for credit cards, do you have anything negative on your TU report?

You might pull that bureau and check it with a fine tooth comb?

https://www.annualcreditreport.com/index.action

If my good friend @AllZero, would be so kind as to post some links to credit monitoring for TU

Re: NFCU - Back in their Good Graces?

AllZero — Fri, 15 May 2020 18:11:05 GMT

@M_Smart007 . 👍

UNOFFICIAL LIST of credit cards and which score they provide

3 Bureau FICO 8 scores and reports for $1 at Experian or CreditCheckTotal (part of Experian). Cancel in 7 days or less to avoid the reoccurring charge.

Free credit reports (disregard the VantageScore 3.0 score) at:
creditkarma.com for weekly TU and EQ
wallethub.com for daily TU

Re: NFCU - Back in their Good Graces?

M_Smart007 — Fri, 15 May 2020 18:12:33 GMT

@AllZero 👍

Re: NFCU - Back in their Good Graces?

Anonymous — Fri, 15 May 2020 18:41:18 GMT

My reports are all clean minus the discharged CH13 I was referencing. I have 14 inquiries so that's a bit high but everything else seems good. I've recently paid off in full 3 cards (about 9K) in debt paid off in full. I have about 3K of remaining CC debt.

Not sure why even a secured was denied... anyone ever seen this occur? I guess I thought a secured was a sure thing since your own money is being used as collateral.

Thx

Re: NFCU - Back in their Good Graces?

Anonymous — Fri, 15 May 2020 22:05:04 GMT

Update!

Approved - apparently the reason for this mess was because the loss they incurred (the $4.12) was associated with a CC. Even though that fee was paid last month apparently something wasn't updated. Regardless, was approved. =)

Now my next question...with such a small limit.. what's the best way to treat this card?

Is it:

A) Keep it under 30% utilization at all times and pay off throughout a given month, multiple times if needed.

B) Keep it under 100% utilization and let the statement cut and pay in full at that time

C) Something else?

Thanks

Re: NFCU - Back in their Good Graces?

AllZero — Sat, 16 May 2020 00:35:39 GMT

@Anonymous wrote:
Update!

Approved - apparently the reason for this mess was because the loss they incurred (the $4.12) was associated with a CC. Even though that fee was paid last month apparently something wasn't updated. Regardless, was approved. =)

Now my next question...with such a small limit.. what's the best way to treat this card?

Is it:

A) Keep it under 30% utilization at all times and pay off throughout a given month, multiple times if needed.
B) Keep it under 100% utilization and let the statement cut and pay in full at that time
C) Something else?

Thanks

@Anonymous Congratulations on your approval!

C) Use the card as much as needed up to 100%. Pay off as much as needed to have available credit. If you are concerned about FICO points, try to be 29% or under for reported utilization.