topic Re: NFCU - Should I deposit heaps of cash before applying for credit? in Bankruptcy

NFCU - Should I deposit heaps of cash before applying for credit?

Anonymous — Wed, 15 Mar 2017 02:05:12 GMT

I'm almost 6 months past discharge and have joined NFCU. My score is 681. I have 6k in available credit.

3 questions:

Should I deposit a goodly amount of cash before applying for credit?

Should I wait a while before appying for credit?

What should I apply for? CC? CLOC? Anything else?

Re: NFCU - Should I deposit heaps of cash before applying for credit?

Anonymous — Wed, 15 Mar 2017 13:45:34 GMT

I was 6 months post-discharge on a Ch 7 biz bankruptcy and was getting pre-screened credit card offers from NFCU (joined 6 months prior and deposited a good chunk of cash in savings there.) I recently applied for a credit card (unsecured) and was flat declined even after requesting reconsideration. Their final answer was that "not sufficient time had passed since bankruptcy". All my scores are in the 700's.

Re: NFCU - Should I deposit heaps of cash before applying for credit?

Anonymous — Wed, 15 Mar 2017 15:12:11 GMT

I don't think depositing cash there would necessarily help. Plenty of people have applied for membership and then applied for a cc the same day and received huge starting limits. If you think you scores are going to increase significantly in a short period of time because a baddie is about to fall off I'd wait. Otherwise, I'd apply now as your 681 score is decent.

If you do apply for membership keep in mind that they will pull your credit report for each product you apply for. So, you will have a hard pull (most likely TU iirc) for membership, a hard pull (EQ) for the CLOC, and a third hard pull for the credit card. I applied for a membership and then applied for a credit card and CLOC shortly thereafter.

Re: NFCU - Should I deposit heaps of cash before applying for credit?

Anonymous — Wed, 15 Mar 2017 17:10:44 GMT

@Anonymous wrote:
I was 6 months post-discharge on a Ch 7 biz bankruptcy and was getting pre-screened credit card offers from NFCU (joined 6 months prior and deposited a good chunk of cash in savings there.) I recently applied for a credit card (unsecured) and was flat declined even after requesting reconsideration. Their final answer was that "not sufficient time had passed since bankruptcy". All my scores are in the 700's.

Crazy.. Any idea why your experience differs so much from other people on here?

How recent was this?

Re: NFCU - Should I deposit heaps of cash before applying for credit?

Anonymous — Wed, 15 Mar 2017 17:16:12 GMT

@Anonymous wrote:
I don't think depositing cash there would necessarily help. Plenty of people have applied for membership and then applied for a cc the same day and received huge starting limits. If you think you scores are going to increase significantly in a short period of time because a baddie is about to fall off I'd wait. Otherwise, I'd apply now as your 681 score is decent.

If you do apply for membership keep in mind that they will pull your credit report for each product you apply for. So, you will have a hard pull (most likely TU iirc) for membership, a hard pull (EQ) for the CLOC, and a third hard pull for the credit card. I applied for a membership and then applied for a credit card and CLOC shortly thereafter.

That's a lot of pulling. I don't know much about HP's, but it seems like there's not much I can do about them. I guess I should just act like I don't have any and apply?

Re: NFCU - Should I deposit heaps of cash before applying for credit?

Anonymous — Wed, 15 Mar 2017 18:22:24 GMT

No idea why they declined as I was not expecting that. It was just a few weeks ago, so real current. I asked for reconsideration 4 times, explained that my ch 7 was business and no personal debts where discharged or harmed. I still had good reporting history because I had reaffirmed my car loan (perfect payments). They just said "not sufficient time had passed". Very frustrating, since they did a HP when I opened the checking/savings accounts 6 months prior - why send me prescreened offers only to decline when they already knew when the ch 7 was? They also wouldn't tell me how long "sufficient time" was either.

@Anonymous wrote:

@Anonymous wrote:
I was 6 months post-discharge on a Ch 7 biz bankruptcy and was getting pre-screened credit card offers from NFCU (joined 6 months prior and deposited a good chunk of cash in savings there.) I recently applied for a credit card (unsecured) and was flat declined even after requesting reconsideration. Their final answer was that "not sufficient time had passed since bankruptcy". All my scores are in the 700's.
Crazy.. Any idea why your experience differs so much from other people on here?

How recent was this?

Re: NFCU - Should I deposit heaps of cash before applying for credit?

Anonymous — Wed, 15 Mar 2017 18:28:16 GMT

Interesting. Maybe they are tightening up?

You didn't burn them in your BK did you?

Re: NFCU - Should I deposit heaps of cash before applying for credit?

Anonymous — Wed, 15 Mar 2017 19:21:05 GMT

Nope, I didn't burn anyone with personal debts. Only Chase with commericals debts for my ex-husband's company.

Re: NFCU - Should I deposit heaps of cash before applying for credit?

Anonymous — Thu, 16 Mar 2017 19:44:25 GMT

I don't think they know what even they are doing. I never get any offers, but my husband almost a few times a week gets a mailing pre qualifation booklet from them in the mail for CCs. We DC in October, and aren't 6 months yet. They must not like me, since I haven't gotten anything, but they like him for some reason. We haven't applied for anything with them again. I did a little after BK and was denied, so I waited. I'm going to try and refi our cars with a local CU in May, so I'm trying to not let the urge get to me to apply for a CC till the car situation is over with.

Re: NFCU - Should I deposit heaps of cash before applying for credit?

pizza1 — Thu, 16 Mar 2017 19:51:01 GMT

No. You do not need to dump a bunch of cash hoping for a better outcome of approval. It won't matter....you'll either be approved or you won't.

Navy has been wonderful too me....They were my 3rd CC 2 months post BK7...Ive been with them over 3 yrs now....October will be 4 yrs. Ive got 2-cc's, car loan, $15K PLOC, checking/savings.

Of course I had to prove myself over that time frame, I didn't get all that right away. I just recently got my 2nd cc with them.