topic Re: Navy Fed removed my secure card in Bankruptcy

Navy Fed removed my secure card

Anonymous — Sun, 18 Oct 2020 00:52:50 GMT

Good evening all. I haven't been on in a very long time. I applied for and was approved for a navy fed secure card after a fall from credit grace.

I was planning on rebuliding after ruining my credit again. I gained first premier, mission lane, and navy fed secured card. Had navy fed for maybe 2 mo. Ended up filling bankruptcy 10/8/20. 341 meeting scheduled for mid november. Logged on my Navy account and saw that they removed my secure card. My question is can anything be done about it? Will first premier and mission lane close my account as well? I've always enjoyed this site. It helped me with my rebuild last time. Unfortunately due to some mistakes on my part and some not i'm back looking to rebuild again. Thanks in advance. P.S. i forgot to add first premier, mission lane and navy fed were not included in BK. All had zero balances.

Re: Navy Fed removed my secure card

DebtStinks — Sun, 18 Oct 2020 02:55:09 GMT

Even if these cards were not "included in bankruptcy" all creditors should have access to PACER (and other sources like credit bureaus, etc) to be informed of your BK filing. Most creditors, when receiving this information, close your account. The good news is since you didn't cause NFCU a loss, you should be able to get back in with them...in most cases, as long as your security deposit isn't a large amount, you'll get that back directly from the creditor(s). In some cases, they (the creditor) will be forced to turn it over to the bankruptcy trustee.

You can read on and find how some people have credit cards that have "survived" a BK filing, especially when having a $0 balance at time of filing, but they're still a creditor when you filed.

Nevertheless, best of luck in your rebuild!

Re: Navy Fed removed my secure card

Anonymous — Wed, 21 Oct 2020 21:54:10 GMT

Thanks for the reply. I had forgot I posted lol. I talk to the BK dept. for Navy Federal. the rep stated because I filed BK they were included even though I didn't include them. Just routine, but as soon as it's discharged I can reapply for any one of their card. Haven't heard anything from First Premier or Mission Lane as of yet. Hopefully they survive the BK. If not then I'll reaaply with them as well after dicharge.

Re: Navy Fed removed my secure card

coreyb80 — Thu, 22 Oct 2020 13:42:55 GMT

@Anonymous wrote:
Thanks for the reply. I had forgot I posted lol. I talk to the BK dept. for Navy Federal. the rep stated because I filed BK they were included even though I didn't include them. Just routine, but as soon as it's discharged I can reapply for any one of their card. Haven't heard anything from First Premier or Mission Lane as of yet. Hopefully they survive the BK. If not then I'll reaaply with them as well after dicharge.

If you can I would advise avoiding FP as they're a fee harvester card. Mission Lane and a NFCU secured card would be great starting points.

Re: Navy Fed removed my secure card

Anonymous — Thu, 22 Oct 2020 16:28:54 GMT

Hello. Yeah I agree with you on FP. I dealt with years ago the first time rebuild. Didn't think i would be back in this position again but life happens and I admit last time I was still irresponsible. The only reason I took FP this time around was they were the first to offer or approve me. I was new to Navy Fed and wasn't would approve with my report was the way it was. If they don't close the I will keep them until the year mark then close. Right now they are the oldest positive account(7 mos) I have. Thanks for the heads up though

Re: Navy Fed removed my secure card

2b2rich — Sat, 24 Oct 2020 21:06:07 GMT

It's probably a little more complicated than just being included by you or not. I remember having to list every bit of cash I had, no matter how small, including utility deposits, one of which was only $40. The trustee wants to see all of your assets, especially cash. So, let's say (hypothetically) that you have $500 being held in a NFCU savings account on that secured card. Once you filed BK, that $500 doesn't look as safe to NF anymore and in their yes, you could max out your card, and depending on your personal BK situation, they may not be able to use the $500 in savings to cover it.

Re: Navy Fed removed my secure card

Anonymous — Sun, 25 Oct 2020 16:57:55 GMT

@2b2rich I called them they pretty told me it was standard procedure with BK and that when I get my discharge they would release my deposit and could reapply for any one of their credit products