topic Re: NFCU questions in Bankruptcy

NFCU questions

empressj — Sun, 15 Jan 2017 15:01:10 GMT

Hello,

I'm recently discharged and applied with NFCU and have questions.

I decided not to app with CO or Credit One (they judged me so I'm done with them) as I burned both in bk. I'm hoping NFCU will accept us and help us grow. If not I'll give PenFed a shot. We already have Affinity Credit Union but I just want one more account with a diff CU.

For those of your who have NFCU, did you apply for an unsecured loan or CC with NFCU after being DC? How soon did you app for CC? What are the chances they will approve someone right out the gate? I was just going to have some of my savings going into this account to build a positive banking reslationship and hope they offer me something down the line.

I'm kind of nervous coming out of bk. I plan to follow Soul Mastrers plan but must tweak it some.

I've heard some people app for CO right out the gate but I'm really afraid for hard pulls bc my score is low (it made me cringe - increased 20 pts since DC but still poor rating). We need another car so I'm hoping to rebuild and look into getting another car in a few months so I don't want bunch of hard pulls.

Sorry for rambling but hoping to get some insight...thanks!

Re: NFCU questions

Guyatthebeach — Sun, 15 Jan 2017 16:27:31 GMT

@empressj wrote:
Hello,

I'm recently discharged and applied with NFCU and have questions.

I decided not to app with CO or Credit One (they judged me so I'm done with them) as I burned both in bk. I'm hoping NFCU will accept us and help us grow. If not I'll give PenFed a shot. We already have Affinity Credit Union but I just want one more account with a diff CU.

For those of your who have NFCU, did you apply for an unsecured loan or CC with NFCU after being DC? How soon did you app for CC? What are the chances they will approve someone right out the gate? I was just going to have some of my savings going into this account to build a positive banking reslationship and hope they offer me something down the line.

I'm kind of nervous coming out of bk. I plan to follow Soul Mastrers plan but must tweak it some.

I've heard some people app for CO right out the gate but I'm really afraid for hard pulls bc my score is low (it made me cringe - increased 20 pts since DC but still poor rating). We need another car so I'm hoping to rebuild and look into getting another car in a few months so I don't want bunch of hard pulls.

Sorry for rambling but hoping to get some insight...thanks!

You can apply right after bankruptcy. There are some that get approved right off the bat for unsecured credit cards, other have to take the secured card. I still think a secured card with NFCU is the way to go over CreditOne or the other preditory credit cards out there.

Re: NFCU questions

empressj — Sun, 15 Jan 2017 17:08:23 GMT

Thank you! Ok so another question: since I recently submitted my application should I wait for everything to be processed to app for cc? I'm just nervous about having senseless hard pulls. Oh and what's CLOC? is that similar to cc? Or a different type of credit extended?

Oh, I've learned my lesson with CreditOne. They were in the process of trying to judge me but filed just before.

Re: NFCU questions

enjoimorenow — Sun, 15 Jan 2017 18:45:29 GMT

CLOC is a line of credit... it's not really a credit card, but is sort of similar. Basically if you needed cash, or overdrafted your account, you could pull money from your line of credit but it would start accruing intrest right away until you paid it back. This is different from a credit card in that you can pay your balance in full and avoid interest charges. A line of credit is typically used in more of an emergency situation for this reason.

Regarding CapOne... you should try the prequal page. It won't be a hard pull and you can see if anything comes up.

If nothing does, there's really no harm in trying to apply anyways. If CapOne has blacklisted you they won't do a hard pull and it won't have an effect on your credit report.

Myself and many others have burned CapOne in BK and got back in right away, so there's really nothing to worry about. If they aren't ready to let you back in they won't even pull your credit, so really no harm no foul in trying to apply.

Re: NFCU questions

empressj — Sun, 15 Jan 2017 19:05:48 GMT

Decided to give it shot and got the "Thank you for your interest message". So I guess that's a No...

I'll wait and see what nfcu says about my application for an account and go from there 😐

Re: NFCU questions

empressj — Sun, 15 Jan 2017 19:06:36 GMT

Thank you for explanation! 😊

Re: NFCU questions

empressj — Sun, 15 Jan 2017 19:07:06 GMT

I didn't even get a secured card offer 😂

Re: NFCU questions

enjoimorenow — Sun, 15 Jan 2017 19:11:15 GMT

call them and ask for reconsideration, explain your situation and tell them you are looking to rebuild your credit, and would be willing to start with a secured card to help build a relationship and see what they say.

Re: NFCU questions

empressj — Sun, 15 Jan 2017 19:39:01 GMT

Thanks, they are closed today so I'll call tomorrow

Re: NFCU questions

empressj — Mon, 16 Jan 2017 18:30:18 GMT

Called today and they weren't helpful, basically stated the credit inquiry could be a hard pull. That deterred me from submitting a request for reconsideration. They said they process could take up to 3 weeks and j would be noticed by mail.

I'm kind of bummed....not sure how some people call and get the recon results immediately.

Re: NFCU questions

Guyatthebeach — Tue, 17 Jan 2017 02:02:12 GMT

@empressj wrote:
Called today and they weren't helpful, basically stated the credit inquiry could be a hard pull. That deterred me from submitting a request for reconsideration. They said they process could take up to 3 weeks and j would be noticed by mail.

I'm kind of bummed....not sure how some people call and get the recon results immediately.

If it were me, I would recom and plead my case. If it works, great. If it doesn't get the secured card, and just continue your rebuilding process.

Just remember, you have a long roads ahead of you. There will be a few bumps.

Re: NFCU questions

CreditExpressNJ — Tue, 17 Jan 2017 02:38:05 GMT

@empressj wrote:
Called today and they weren't helpful, basically stated the credit inquiry could be a hard pull. That deterred me from submitting a request for reconsideration. They said they process could take up to 3 weeks and j would be noticed by mail.

I'm kind of bummed....not sure how some people call and get the recon results immediately.

When you say they told you this are you referring to the recon with Cap1 or this is what NFCU told you?

Re: NFCU questions

empressj — Tue, 17 Jan 2017 03:48:11 GMT

Hi, I'm referring to Cap1.... thanks!

Re: NFCU questions

empressj — Tue, 17 Jan 2017 03:51:22 GMT

Thanks, I'm thinking that maybe the best option too

Re: NFCU questions

Anonymous — Tue, 17 Jan 2017 05:45:00 GMT

I waited 2 months after discharge to apply for an NFCU card & they approved for $500. I got my first cli this month bumping me up to $7500. I also applied for the CLOC this past October (almost 7 mos post discharge) & they approved for $5000.

Be patience with them, they may not grant you any credit right now but in time they will.

Re: NFCU questions

Anonymous — Tue, 17 Jan 2017 07:45:29 GMT

I'm a newbie who just went through the same thing. I am 2 months out from BK7 discharge and was immediately approved for Cap1 with a 2K limit. I applied to a few CU's including NFCU, Alliant, and SDFCU. Hearing about the great success everyone has with NFCU I app'ed but was denied. Recon'ed and they said they are standing by their initial decision. Not sure if I want to go the secured card route so thinking of app'ing for discover and BOA (burned). If I get denied I'm hoping they counter with a semi-secured card. I'm really not feeling all of NFCU's hard pulls. I got a pull for membership and for the denial. I was also told I'd get another HP for the secured card even if I had applied on the same day. Luckily SDFCU is a SP for secured.

Re: NFCU questions

empressj — Tue, 17 Jan 2017 13:10:24 GMT

Thanks! I just hard to come to terms because this was a creditor I had an excellent payment history with but had to add them in bk. Less that 2k.

Re: NFCU questions

empressj — Tue, 17 Jan 2017 13:10:50 GMT

Congratulations! Best wishes to you

Re: NFCU questions

empressj — Tue, 17 Jan 2017 14:10:33 GMT

Ok so I contact NFCU today and my application is on hold as they cannot verify my membership with SD Navy League. They were not helpful in pointing me in the right direction for me to donate/pay a membership fee.

Any assistance is greatly appreciated.

Re: NFCU questions

CreditExpressNJ — Tue, 17 Jan 2017 15:00:28 GMT

@empressj wrote:
Ok so I contact NFCU today and my application is on hold as they cannot verify my membership with SD Navy League. They were not helpful in pointing me in the right direction for me to donate/pay a membership fee.

Any assistance is greatly appreciated.

If you joined through SD Navy League you should have a welcome email that includes your actual payment information and everything that is if you did it online... If you havent already just go redo the membership for Navy League and pay for it online...