topic Re: NFCU post Chp 7 BK in Bankruptcy

NFCU cap one credit cards please help chp 7

SSH0126 — Thu, 23 Jun 2016 17:28:33 GMT

Can we keep the credit cards that we have and continue to pay on them with a chapter 7 even after it is discharged? Navy Federal and Capital One and Military Star..

Can you reaffirm credit cards?

We have low 400 credit scores now if we can not get secured cards now(which I see advice given) how will we be able to do that post BK?

Re: NFCU cap one credit cards please help chp 7

Scupra — Thu, 23 Jun 2016 17:37:35 GMT

@SSH0126 wrote:

Can we keep the credit cards that we have and continue to pay on them with a chapter 7 even after it is discharged? Navy Federal and Capital One and Military Star..
Can you reaffirm credit cards?
We have low 400 credit scores now if we can not get secured cards now(which I see advice given) how will we be able to do that post BK?

Unfortunately you can't pay on cards through the BK. Now, after you are discharged if you decided to pay a lender for some reason, that is up to you. Cap1 is known for letting people back in right after d/c so don't count them out.

Re: NFCU cap one credit cards please help chp 7

SSH0126 — Thu, 23 Jun 2016 17:42:56 GMT

So basically we would have to get brand new credit cards?

We cant even get secured ones(due to collections and high UTI and some lates) now how are we supposed to get secured after a discharge?

Re: NFCU cap one credit cards please help chp 7

SSH0126 — Thu, 23 Jun 2016 17:44:12 GMT

For people that had decent scores before I see if could be easier but for people like us with low 400 credit scores already how will this look credit score wise?

CHap7-2

SSH0126 — Thu, 23 Jun 2016 17:45:21 GMT

If someone had a chapter 7 bK 10 years ago and try to file can they be approved for it?

Re: CHap7-2

Anonymous — Thu, 23 Jun 2016 18:24:21 GMT

Yes. You have to wait 8 years. Even before the 8 years are up you may be able to avail yourself of some form of bk protection.

Re: CHap7-2

SSH0126 — Thu, 23 Jun 2016 18:30:54 GMT

Thanks. I am 10 out. married now. I am trying to figure out what to do about my credit cards..someone advised that we can not reaffirm those..so it sounds like we would have to give them up. our scores are low 400's now due to collections high uti and some lates.and spouse can not get even a secured card at this point. wondering if we would drop into the 300s with a chap 7 bk

Re: NFCU cap one credit cards please help chp 7

SSH0126 — Thu, 23 Jun 2016 18:49:14 GMT

Scupra,

Did you have credit cards with navy federal before your BK and if so how long after were you able to get them back?

Did you file chapter 7 or 13?

Re: NFCU cap one credit cards please help chp 7

Anonymous — Thu, 23 Jun 2016 19:01:52 GMT

Hi There!

I think I saw quite a few posts and hopefully I can help. First thing, in a ch7 all of your debt (secured and unsecured) has to be listed - you cannot give preferential treatment to any lender. What will happen, is once you file, your creditors will see it on your reports and take AA. This means your CC companies will close your accounts, you may have your auto or mortgage lender refuse to take online payments, they will stop sending you bills for your house and car so if you plan to keep them, make arrangements to pay them during your stay.

I think you are jumping the gun a lot here. First, you need to assess your situation - make a comprehensive spreadsheet of all of your bills, all of your income and determine if you are positive, break even or negative each month. You must determine if you or your spouse is willing to take a second job or work overtime to comepensate for any negative cash flow.

If there is nothing you can do to improve your financial situation, talk to a bankruptcy attorney or two, see what they say and understand their fees. You need to worry about getting out from this debt right now, not worry about getting more credit cards. Taking out more debt to try and pay debt is a bad situation (you said you can't even get secured cards now, so that means you are trying???).

Many of us have been through this, but we are not attorneys and it's always best to consult them for expert advice in your state and county.

Re: NFCU cap one credit cards please help chp 7

SSH0126 — Thu, 23 Jun 2016 19:17:14 GMT

thanks for your response but eventually we will need to build and being prepared and informed is part of that process so as far as everything I am aware of those options.

Re: CHap7-2

Scupra — Thu, 23 Jun 2016 21:59:04 GMT

@SSH0126 wrote:
Thanks. I am 10 out. married now. I am trying to figure out what to do about my credit cards..someone advised that we can not reaffirm those..so it sounds like we would have to give them up. our scores are low 400's now due to collections high uti and some lates.and spouse can not get even a secured card at this point. wondering if we would drop into the 300s with a chap 7 bk

From the little we know it sounds like BK is the choice for you. Your score may drop, it may go up.. Main point of concern should be you and your families well being. Scores can be improved, us humans can only handle so much though.

Owe VA debt(unsecured)

SSH0126 — Thu, 23 Jun 2016 22:25:14 GMT

I owe a VA overpayment for a school benefit. I am still eligible for the benefit. its for school kinda like a gi bill

If I file chapter 7 and include this debt..I not sure that anyone knows but will they take it away from me?

Can it even be included in the first place it is 1900.00

Re: NFCU cap one credit cards please help chp 7

gdale6 — Fri, 24 Jun 2016 01:05:39 GMT

Multi threads have been merged into one

Re: CHap7-2

SSH0126 — Fri, 24 Jun 2016 01:21:58 GMT

True but the fact of the matter is that that number(credit score) means more to people and creditors than the person/family thus why I am trying to figure this out if that makes sense.

Re: NFCU cap one credit cards please help chp 7

Anonymous — Fri, 24 Jun 2016 10:52:41 GMT

Look into an open sky secured card this may be a good deal for you

Re: NFCU cap one credit cards please help chp 7

jmclaughlin1982 — Fri, 24 Jun 2016 14:35:50 GMT

Credit union, credit union, credit union. They're awesome. They have something called a "credit builder loan." Basically they "loan" you an amount of money ( I took out $1000) which is deposited into a savings account. That money is blocked and you can't touch it. At the end of your payments (I chose 12 months) you get your $1000. Great option for those of us who don't have a thousand dollars sitting around to put into a secured loan.
I also put $1000 into a traditional secured loan. Same idea, but I'm using my own money. Finally, I HIGHLY recommend Capital One secured. They have a $29, $59, $99 card. Basically you apply and they tell you how much you have to put down. I got a $99 card with a $200 limit. I put an additional $200 in for $400 limit! And I burned Cap 1 on 3 cards I. BK.

Re: NFCU cap one credit cards please help chp 7

SSH0126 — Fri, 24 Jun 2016 16:35:42 GMT

and what was your score when you did the credit builder loan?

Re: NFCU cap one credit cards please help chp 7

SSH0126 — Fri, 24 Jun 2016 16:36:20 GMT

and what was your score when you did the credit builder loan?

NFCU post Chp 7 BK

SSH0126 — Fri, 24 Jun 2016 22:34:33 GMT

Currently have a NFCU checkings savings and secured credit card have actually had it for a long time with high uti..since they seem to be one of the better instiutions to work with and are forgiving..how likely will it be for them to consider us after a chapter 7 bk? since I dont think we are allowed to pay them in full before filining..its a small amount..

Same thing with capital one..I personally have two cards with them..i pay the mins but they are over the limit..how likely would it be for them to work with me post BK(reading the pinned steps)

Re: NFCU post Chp 7 BK

Scupra — Fri, 24 Jun 2016 22:57:23 GMT

Are you able to close the card and use the initial deposit to pay the balance off?