topic Re: Credit Unions post bankruptcy info in Bankruptcy

Credit Unions post bankruptcy info

WildestDreams — Wed, 26 Apr 2023 21:45:00 GMT

I thought it might be helpful to provide some data points/research findings from talking to different credit unions post bankruptcy as I have not been able to find much info from the last few years.

I read on various threads that NFCU, DCU, Dover, Penfed, BECU, Alliant and Patelco are all friendly pending they were not included in the bankruptcy. I have been looking for a auto loan (refiance to be specific) and inquired about credit cards as well.

NFCU - For auto loans they claim they have no rules - rep told me to wait 12 months and strongly reccomended either the secured card or SSL as it 'enhances your internal profile'. A 2 nd rep said the same thing but added TU FICO scores are important and should be 650+. For credit cards they said generaly its at least 1 year

DCU - Usually 2 years post discharge for both, they will consider auto loan after 1 year with 700+ FICO. I 'pre-qualify' for auto loans, per them their pre qualify doesn't look for bankruptcies.

Dover - At least 1 year for both loans and credit card. I was pre approved for an auto refiance, then actually approved for a auto refinance, sent in all sorts of paperwork, they started the title process then pulled the offer.

Penfed - Burned them

BECU - They would not give me any info/insight/idea at all for either.

Alliant - They said they have restrctions when in comes to post bankruptcy but would not disclose anything for auto loans or credit cards. Suggested just giving an application a try

Patelco - They said they will not consider loan until 3 years post discharge, credit cards after 2

Specific to auto loan - Consumers Credit Union claims they will consider anyone with a discharged or closed bankruptcy and a FICO over 620 - They would not tell me which FICO and their rate estimates are pretty high.

Not sure this will help anyone, if anyone has been told other info recently i'd love to hear and I am still looking for auto refinance options, open to suggestions also ...Did I miss any of other friendly CUs?

*** Edit to add the following

Teachers FCU - No time frame, will consider anyone post BK

HVCU (Hudson Valley Credi Union) - No time frame, will consider anyone post BK

Service CU - Will consider 2 years post discharge with loan history after BK - credit cards help but they want to see loans

Re: Credit Unions post bankruptcy info

Lurker22 — Thu, 30 Mar 2023 11:08:18 GMT

@WildestDreams wrote:
I thought it might be helpful to provide some data points/research findings from talking to different credit unions post bankruptcy as I have not been able to find much info from the last few years.

I read on various threads that NFCU, DCU, Dover, Penfed, BECU, Alliant and Patelco are all friendly pending they were not included in the bankruptcy. I have been looking for a auto loan (refiance to be specific) and inquired about credit cards as well.

NFCU - For auto loans they claim they have no rules - rep told me to wait 12 months and strongly reccomended either the secured card or SSL as it 'enhances your internal profile'. A 2 nd rep said the same thing but added TU FICO scores are important and should be 650+. For credit cards they said generaly its at least 1 year

FYI - I was able to open a secured card with NFCU during my 13, they had zero issue with it

I wasn't a member of NFCU when I filed but somehow they became aware of it and added the BK banner when I logged in (when I called to ask about this because they weren't a party to the case, they stated I'd most likely never be able to get credit from them.....)

Card graduated on schedule and 5 months before my discharge, shortly after discharge I was approved for a healthy CLI - so at least in my case I didn't need to wait a year

Re: Credit Unions post bankruptcy info

WildestDreams — Thu, 30 Mar 2023 12:01:46 GMT

Thanks! Seems like they really do value the relatioship and it factors into decicisions. The secured card or SSL enhances your internal profile makes a lot of sense in that context .. i'm trying to decide between the two

Re: Credit Unions post bankruptcy info

madmann26 — Thu, 30 Mar 2023 12:11:32 GMT

I refinanced with PenFed as soon as the new auto loan hit my credit reports. 0 issues with the process.

Re: Credit Unions post bankruptcy info

WildestDreams — Thu, 30 Mar 2023 13:03:34 GMT

@madmann26 wrote:
I refinanced with PenFed as soon as the new auto loan hit my credit reports. 0 issues with the process.

Still sad I burned them, maybe they will forgive me one day

Re: Credit Unions post bankruptcy info

Lurker22 — Thu, 30 Mar 2023 15:38:29 GMT

@WildestDreams wrote:
@madmann26 wrote:
I refinanced with PenFed as soon as the new auto loan hit my credit reports. 0 issues with the process.
Still sad I burned them, maybe they will forgive me one day

sadly only if you pay back their "loss"

I'd love to get back in with the Delta Community CU (because their rates kill NFCU's) but I burned them for around $5K - when I verified the amount the person I was speaking to in their BK department was questioning why I'd ever consider paying that much back to them (my response was who knows, one day it might make sense)

But with that said - look for other CU's

Delta Community is a large CU - membership is fairly easy if you're in one of the airline's hub cities

There's also Wings Financial CU - but again you need to be in the airline's hub cities too

Re: Credit Unions post bankruptcy info

TRC_WA — Thu, 30 Mar 2023 18:08:53 GMT

I burned BECU for $8k and they are one of the best CU's in the country. Don't much care though... I'm in the door with NFCU and won't be filing again.

I get warm and fuzzy inside every time I go to a local BECU ATM to access my NFCU accounts.

Re: Credit Unions post bankruptcy info

WildestDreams — Thu, 30 Mar 2023 20:05:05 GMT

Luckily I am in with NFCU - As much as i want to refinance asap I should probably just go with their secured card or SSL loan and wait it out.

Re: Credit Unions post bankruptcy info

Lurker22 — Fri, 31 Mar 2023 11:28:14 GMT

@WildestDreams wrote:
Luckily I am in with NFCU - As much as i want to refinance asap I should probably just go with their secured card or SSL loan and wait it out.

probably a great idea - as mentioned they really do take into consideration your relationship with them in their internal scoring

Re: Credit Unions post bankruptcy info

masscredit — Fri, 31 Mar 2023 21:15:38 GMT

I burned NFCU and PENFED, sad to lose my relationship with them. I should probably close my checking accounts at some point.

@TRC_WA I just looked up BECU. What did you like about them? I wonder if they are BK friendly.

Re: Credit Unions post bankruptcy info

TRC_WA — Sat, 01 Apr 2023 20:07:52 GMT

@masscredit

Yes they are BK friendly. They are in Washington state and I believe you have to be a resident. Very nice credit union... but I'm not paying them back $8k when I'm in the door with NFCU.

Re: Credit Unions post bankruptcy info

StartingOver2023 — Fri, 04 Aug 2023 17:50:05 GMT

What is the process to join PenFed? Should one establish bank accounts before filing, or after?

Re: Credit Unions post bankruptcy info

Nailqueen — Thu, 14 Dec 2023 04:39:12 GMT

Just open a savings account