topic Re: Question about Getting Back with NFCU in Bankruptcy

Question about Getting Back with NFCU

webhopper — Wed, 13 Jul 2022 16:22:59 GMT

Greetings! If this is posted somewhere else I apologize.

Here is the scenario:

I had NFCU in the past, I filed Chapter 13. I paid back 100% of all claims.

I had three open auto loans with NFCU, I kept two of the cars and surrendered the third (it had $8300 positive equity that they kept for themselves and did not turn over to me or the trustee).

I had one CC and the NavCheck LOC that was IIB on the Chapter 13.

I just ran myself through the PreQual and it is showing that I am pre-approved for the nRewards Secured card. This blows my mind because I thought I might've been still on the blacklist. Will a PreQual for the secured card show if you are blacklisted? I'm tempted to get the card because the CL can be increased by adding more to the shared savings and also it graduates. Also this may help me getting my foot back in the door. I actually love NFCU, they are amazing and my partner uses them for his banking and savings and my daughter uses them for her auto loan. I used them exclusively until I lost my job and after 4 months of no income, I felt like the BK was coming and so I moved our remaining funds away.

Any thoughts from anyone on this move?

Re: Question about Getting Back with NFCU

sihmud — Thu, 14 Jul 2022 01:57:50 GMT

@webhopper

Navy will NOT lend you any credit if they took a loss on you. you stated you paid back 100% of your debt with them but you also stated you surrendered a vehicle. i understand you had equity in the car but i would confirm if they got paid back 100% of the vehicle loan. these lenders send your vehicle to an auction that pays less than the vehicle value so for all you know they might have still ended up taking a loss. i recommend just applying. to my understanding Navy will not add an inquiry on your credit for secured products. my wife got a secured loan a few months ago and no hard inquiry. so nothing to lose here. as for banking, you can still bank with them the same way you used to except you cant use their OOPS (overdraft) feature. i IIB a navy federal credit card and still bank with them with a checkings and savings

Re: Question about Getting Back with NFCU

webhopper — Thu, 14 Jul 2022 03:11:47 GMT

@sihmud wrote:
@webhopper

Navy will NOT lend you any credit if they took a loss on you. you stated you paid back 100% of your debt with them but you also stated you surrendered a vehicle. i understand you had equity in the car but i would confirm if they got paid back 100% of the vehicle loan. these lenders send your vehicle to an auction that pays less than the vehicle value so for all you know they might have still ended up taking a loss. i recommend just applying. to my understanding Navy will not add an inquiry on your credit for secured products. my wife got a secured loan a few months ago and no hard inquiry. so nothing to lose here. as for banking, you can still bank with them the same way you used to except you cant use their OOPS (overdraft) feature. i IIB a navy federal credit card and still bank with them with a checkings and savings

With all due respect I know how it works when I state that I had positive equity.... The letter I got from NFCU stated that the truck sold for $13,500 (estimate) at auction and the loan was like $5000 and the letter stated that the positive equity was somewhere around $8000 and that this was owed to me by law. when I called them about the positive equity they stated they were holding it due to cross collateralization. Near the end of the plan I called again and they couldn't tell me where it went and they had to initiate an audit. I don't know if they lost money on me or not... or if somehow they

misplaced the $8000.

I did apply for a car loan with them and I got an error message with no HP and when I called and asked if I owed money and thats why the error message happened the CSR stated that they didn't have me down in their system as someone who didn't pay off their accounts. that's basically why I was asking. How do I find out if I'm blacklisted? I did have an extended fraud alert which I had removed after that. And I did update my contact info and address after that. And thanks for your advice about applying to just find out! I don't have a checking account with them anymore, I switched everything to chase because I needed a local bank.

Re: Question about Getting Back with NFCU

Carissa82 — Thu, 14 Jul 2022 13:50:20 GMT

I am in the middle of a 13. I just got the secured card, see my thread. They pulled TU for the card. I have already graduated to $600 from $200 and am up for review this month for another graduation based on the letter they sent me. I don't know if you will know about being blacklisted, I don't have experience with that.

Re: Question about Getting Back with NFCU

Carissa82 — Thu, 14 Jul 2022 13:52:28 GMT

I should add I was pre-approved for the secured card on the website and called anyway to find out what agency to unfreeze before I applied. They told me that everyone is pre-approved for the secured card but not everyone gets it, it seems that means nothing. The only way to know is to apply.

Re: Question about Getting Back with NFCU

blindambition — Thu, 14 Jul 2022 14:04:08 GMT

Cross collateralization is common with a CU in general. Navy will not lend or extend any credit, unless they're made whole on a loss from you. If there's a loss, your flagged in their system. Hence the lack of an inquiry.

They will tell you if you're flagged, they can also direct you to the loss department, if anything is owed. Once everything is kosher, the flag can be removed.

Re: Question about Getting Back with NFCU

Brian_Earl_Spilner — Thu, 14 Jul 2022 14:05:59 GMT

Their pre-approvals are inaccurate. The easiest way to tell is to open a checking account. There'll be a banner at the top if they won't lend to you. If everything is paid back, you can talk to the bk department and can apply for credit once its been removed. Its been a while so I don't know if that's still the case, but it was in the past.

Re: Question about Getting Back with NFCU

webhopper — Thu, 14 Jul 2022 14:15:53 GMT

Ok thanks! I will likely do this but I am thinking after reading your post and the one before I may try to get the secured nRewards and if it works then great and if not then I will pursue this after some time has passed. Hopefully they do what they say they are going to and audit my accounts. I needed a 3rd credit card and I wanted to SD my USAA secured Visa that I got shortly after filing (I don't want to close it because its my oldest revolving Tradeline at this point and is 4 years old). After doing some research here on the forums and hearing about some Wells Fargo approvals with a BK showing and because I have a 15 year relationship with Wells Fargo, I decided to apply for the Wells Fargo Active Cash card. I had a Wells Fargo credit card in the mid 2000s, I had a brokerage account with them prior to losing my job in 2017 which I used as my savings account, and it had about 30k in it which of course I drained to keep the survival bills paid (food, shelter, transportation) while looking for a new job. Approved for the Wells Fargo Active Cash card with a 10k Limit!

Re: Question about Getting Back with NFCU

webhopper — Thu, 14 Jul 2022 14:18:17 GMT

@blindambition wrote:
Cross collateralization is common with a CU in general. Navy will not lend or extend any credit, unless they're made whole on a loss from you. If there's a loss, your flagged in their system. Hence the lack of an inquiry.
They will tell you if you're flagged, they can also direct you to the loss department, if anything is owed. Once everything is kosher, the flag can be removed.

Ok thank you, the CSR I spoke with didn't see any flags on the account when I called and I didn't get redirected to the loss department... I am going to follow up with this and just apply for the nRewards and maybe an E-Checking account. If I can get it then great, because this will make it easier to transfer funds back and forth with my future husband because he uses NFCU but he doesn't believe in Venmo LOL He is so old school even though he is younger than me!

Re: Question about Getting Back with NFCU

sihmud — Thu, 14 Jul 2022 22:18:45 GMT

@webhopper

yea I'd definitely check on that 8k especially if you paid all your other accounts off. They might have auction and some other fees but no where near 8k! Also let me know what the outcome is. I was thinking of paying them back as well after my BK only owed them about 5k but if they still don't lend to you then I'm better off keeping my money

Re: Question about Getting Back with NFCU

webhopper — Fri, 15 Jul 2022 04:23:35 GMT

@sihmud wrote:
@webhopper
yea I'd definitely check on that 8k especially if you paid all your other accounts off. They might have auction and some other fees but no where near 8k! Also let me know what the outcome is. I was thinking of paying them back as well after my BK only owed them about 5k but if they still don't lend to you then I'm better off keeping my money

Pretty sure I am black listed because I did as someone suggested here and tried to open a checking account.... no dice. I'm gonna just put the past in the past and move forward! I got approved for a new PenFed PCR Visa and a new WF Active Cash, along with a new auto loan so I am gonna sock drawer my USAA card and my Paypal card for while and just garden. That will be 3 new accounts to age simultaneously. Thanks for chiming in! They listed recovery and auction fees on the letter and I think it was around $600-$800

Re: Question about Getting Back with NFCU

webhopper — Fri, 15 Jul 2022 13:22:15 GMT

So, here is an update!

Re: Question about Getting Back with NFCU

webhopper — Fri, 15 Jul 2022 14:02:03 GMT

@sihmud

I read an old post on someone who had a card IIB and they called and asked about it, found out how much and that they called and spoke with the BK department to verify the payment was made and that the debt was paid and then they removed the banner and the person was able to get a secured card. I feel so weird about calling them, but I am going to do so and find out if they have the payments in their system. The last round of checks from the trustee went out on 5/20 in which all of the accounts where claims were filed were paid off completely and I got the discharge in June. Trustee may have even overpaid because I got a refund check from Amex for $695.

Re: Question about Getting Back with NFCU

webhopper — Fri, 15 Jul 2022 14:37:31 GMT

@sihmud wrote:
@webhopper
yea I'd definitely check on that 8k especially if you paid all your other accounts off. They might have auction and some other fees but no where near 8k! Also let me know what the outcome is. I was thinking of paying them back as well after my BK only owed them about 5k but if they still don't lend to you then I'm better off keeping my money

Ok, so I did call and speak with their Bankruptcy department... Because of Covid and everything that has happened in the last 3 years they are swamped! She stated that they will have to do an account review to match their claims with the payments made by the trustee for the account to verify that each account was made whole and that this process would take some time. I told her that would be great and no worries, becuase I wasn't in a hurry, I was basically just calling to verify that they had received the payments and that the account balances were fully paid. I feel so weird about calling because of the feelings of failure of having to file in the first place but the rep that I spoke with was so nice and they are understanding that things happen. I was afraid of calling because I was halfway expecting rudeness because afterall I did file bankruptcy, but they were super nice to me.

Re: Question about Getting Back with NFCU

sihmud — Fri, 15 Jul 2022 15:32:10 GMT

@webhopper

NEVER feel bad or embarrassed about your decisions or misfortunes. and you paid them back so even more of a reason to not feel like that when you call them. You handled your situation the way you should have, you confronted it, repaired it and moved on. Don't be so hard on your self

Re: Question about Getting Back with NFCU

webhopper — Fri, 15 Jul 2022 16:18:42 GMT

@sihmud wrote:
@webhopper

NEVER feel bad or embarrassed about your decisions or misfortunes. and you paid them back so even more of a reason to not feel like that when you call them. You handled your situation the way you should have, you confronted it, repaired it and moved on. Don't be so hard on your self

That's kind of you, losing my job out of the blue and not having income while trying to support a family was one of the most traumatic experiences of my life. I think its going to take a while for me to not feel some kind of way about it! I have been in survival mode for 5 years and I haven't really processed it all.

Re: Question about Getting Back with NFCU

TRC_WA — Fri, 15 Jul 2022 17:48:38 GMT

@webhopper wrote:
So, here is an update!

Congrats.

Reading this thread got me to thinking... can I join NFCU? My dad who is deceased is a veteran... and I just joined over the phone.

Re: Question about Getting Back with NFCU

webhopper — Fri, 15 Jul 2022 17:56:46 GMT

@TRC_WA wrote:
@webhopper wrote:
So, here is an update!

Congrats.

Reading this thread got me to thinking... can I join NFCU? My dad who is deceased is a veteran... and I just joined over the phone.

woah!!! congrats on becoming a member. NFCU is really a great credit union. I have nothing but respect for them, they are always so kind and courteous and helpful.

Re: Question about Getting Back with NFCU

TRC_WA — Fri, 15 Jul 2022 17:59:26 GMT

@webhopper wrote:
woah!!! congrats on becoming a member. NFCU is really a great credit union. I have nothing but respect for them, they are always so kind and courteous and helpful.

Thanks! Not wanting to hijack your thread with questions I just posted my own thread over in the general credit topics. I've also heard nothing but great things and am super excited!

Re: Question about Getting Back with NFCU

webhopper — Fri, 15 Jul 2022 19:07:39 GMT

@TRC_WA wrote:

No worries, hijack away!