topic Re: NFCU post BK 7 in Bankruptcy

NFCU post BK 7

Anonymous — Wed, 25 Jul 2018 20:08:39 GMT

Hey everyone, i filed for chapter 7 last october, discharged in feb due to car loan paperwork being lost. I am working on rebuilding, and just got accepted into NFCU. I am trying to resist the urge to AP for a CC from them, for fear of denial. I burned alot of banks in the BK like sync, discover, cap 1, chase, and citi so i am really struggling to find new love. Heres what i got since, looking for advice on improvement/when i should try to AP for NFCU CC?

Post BK i got to keep AU on Cathrines card 2400

My wifes chase AU stuck last report aug 17 for an account closed in the BK, reports 0 and good standing 3500, AU on wifes Kohls card 1000 prob the oldest at around 6 yrs newbies, Gordmans 250, victoria secret (shopping trick) 200, self lender 500 2 yr CD, Credit one 650 ollo 800 newest

just joined NFCU yesterday trying to do it right. Plan on closing C1 later this year, and trying for cap 1 after a solid yr since late payment later this year. Thanks for advice!

PS CK says scores 645-670

Re: NFCU post BK 7

Anonymous — Fri, 27 Jul 2018 03:55:24 GMT

NFCU's BK policy as of April 2018 is this:

Unsecured Credit Cards by time since discharge:

0-12 months: No approval.

12-24 months: Max credit limit of $1,000

24+ months: Reviewed same as those without BK

Unsecured Loans by time since discharge:

0-6 months: No approval.

6+ months: Must have re-established credit by having 3+ tradelines on CBR with at least 6 months of history since discharge

Secured cards are not subject to these rules, though there is a hard inquiry and you must show an ability to repay (no high DTIs). You must also not have caused NFCU any losses. Many have reported secured card graduations at the 6 month mark.

Given that your BK is less than a year old, I would expect a decline for an unsecured card. You could always try it -- if you reapply for a secured card your credit probably won't be pulled again.

When I worked there I would suggest people do the secured card trick to rebuild credit:

- Savings Secured loan for $1,000

- Pay down 90% of it

- Use money that is released as collateral for a secured credit card

Re: NFCU post BK 7

Anonymous — Thu, 26 Jul 2018 14:43:58 GMT

I actually got a car loan (immediate approval) at 5 months post discharge from them.

BUT (and I just posted about this) I just now got a card for 1k which baffled me! (my college aged son, who also got the same offer from them, got one for 13k, crazy!)

How can they go by discharge date if BK falls off report before the discharge date? So, if my BK falls off in Dec of 2018 but my discharge date is 3-17, why (how) would it be 12-24 months from dishcarge?

The reason I question that is I was also told the mortgage rules (for qualifying for conventional again) is 24 months from discharge...and I always thought it was 24 months from file date. Anyone know which is correct?

Re: NFCU post BK 7

Anonymous — Fri, 27 Jul 2018 03:54:48 GMT

@Anonymous wrote:
How can they go by discharge date if BK falls off report before the discharge date?

I don't follow this question. What I can say is that I've seen plenty of credit reports where the discharge date is blank. Just a guess, but I believe that's why people are being granted credit earlier than they "should." Loan officers are probably just looking at the filing date and noting that the BK is discharged.

@Anonymous wrote:
So, if my BK falls off in Dec of 2018 but my discharge date is 3-17, why (how) would it be 12-24 months from dishcarge?

I'm a bit confused by this too. A chapter 7 bankruptcy stays on your credit report for 10 years. A Chapter 13 stays for 7 years.

@Anonymous wrote:
The reason I question that is I was also told the mortgage rules (for qualifying for conventional again) is 24 months from discharge...and I always thought it was 24 months from file date. Anyone know which is correct?

The mortgage seasoning period for a conventional (Freddie Mac/Fannie Mae) mortgage where the borrower has a chapter 7 bankruptcy is 4 years post-discharge or dismissal. This can be reduced to 2 years with certain extenuating cirumstances.

For government loans (VA/FHA), the CH7 seasoning period is 2 years, which may be reduced to 1 year in certain cirumstances.

Both of these timeframes assume the lender does not have a longer seasoning requirement.

Re: NFCU post BK 7

shadanat — Fri, 27 Jul 2018 19:41:38 GMT

I apped for an unsecured card two months after discharge and was denied. In the denial letter they recommended a secured card which I got. At the 5 month mark, the card was unsecured and went from $900 credit limit to a $2,000 credit limit.

Re: NFCU post BK 7

Guyatthebeach — Fri, 27 Jul 2018 20:10:55 GMT

I would wait at least a year before applying for anything unsecured with Navy Federal as they updated their lending practices from what I have heard. I would get a secured loan for $1000 for 12 month term to add a positive trade line to your CR and a secured credit card. Once it graduates, you're good.

Guyatthebeach

Re: NFCU post BK 7

Anonymous — Tue, 08 Jan 2019 05:10:28 GMT

Thanks for the info, what other insider tips can you tell us? I was a victim of a 100M ponzi scheme and had to CH7. At the time my flagship was 60k and had a personal loan of 30k.

Re: NFCU post BK 7

Anonymous — Tue, 13 Aug 2019 14:22:54 GMT

Was your gradutation 5 months of having the card or 5 statements?

Re: NFCU post BK 7

shadanat — Tue, 13 Aug 2019 14:57:03 GMT

It was on the 5th statement

Re: NFCU post BK 7

sports1965 — Thu, 15 Aug 2019 22:48:36 GMT

So will NFCU approve me for an unsecured CC wIth an open BK13?

I already have a CC with them ( was a secured CC That graduaded last month from $200 to $2000

Re: NFCU post BK 7

AllZero — Thu, 15 Aug 2019 23:52:33 GMT

@sports1965 wrote:
So will NFCU approve me for an unsecured CC wIth an open BK13?
I already have a CC with them ( was a secured CC That graduaded last month from $200 to $2000

Congratulations on your graduation. I think you're good to go for another unsecured card as long as its been 3 statements and 91 days. How long did it take to graduate?

Re: NFCU post BK 7

sports1965 — Fri, 16 Aug 2019 00:11:21 GMT

@AllZero wrote:
@sports1965 wrote:
So will NFCU approve me for an unsecured CC wIth an open BK13?
I already have a CC with them ( was a secured CC That graduaded last month from $200 to $2000

Congratulations on your graduation. I think you're good to go for another unsecured card as long as its been 3 statements and 91 days. How long did it take to graduate?

I think it graduaded at 6 months!

Re: NFCU post BK 7

AllZero — Fri, 16 Aug 2019 02:14:12 GMT

That's pretty good. As long as your credit report is optimized and your utilization is prime, I think you stand a good chance for a 2nd card. Good luck.