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Banking Suggestions After BK?

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Banking Suggestions After BK?

I'm not sure if this is the right section to ask, but here goes. A little history first;

 

Filed BK 8/17

BK Discharged 11/17

 

Included in the BK, among other creditors, was a Navy Federal CC and personal loan.

 

NF CC - $17k

NF PL - $10k

 

Navy Federal says "they will allow credit again if I repay all the filed amount back".

 

I am now only making $25k-$30k a year before taxes, I don't foresee being able to repay that just yet.

 

$27k / 36 months = $750 / mo payments

 

Current FICO's 680~

 

 

Cards after BK:

 

Capital One

Ollo

First Progress

Capital Bank

Discover

 

2 of these are secured (right out of BK discharge).

 

With living expenses in California, I just can't handle that much at this moment. Now to the real question, which banks would be best post BK? Navy federal was, and is still my main bank but since they will not allow any credit at the time being, I would like to establish myself with another bank for future credit (auto / mortgage). I currently have an account with Chase as well, but everything I see says they are not BK friendly or helpful when you have a low score. I am sad I lost NF as a lending source, as their rates were amazing as well as easy to get, but life is about learning the hard way sometimes.

 

Message 1 of 9
8 REPLIES 8
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Valued Contributor

Re: Banking Suggestions After BK?

Decent banks that are BK friendly within a 18 months or less:

 

Cap One

Merrick

Discover

Synchrony

Barclays

 

in that order.

 

I would not even think about paying any old debt unless it is a friend or relative or you win the lottery.

 

GL!

 

Rebuild started in 2014  -  $100k+ unsecured credit in 2017  -  $250k+ unsecured credit in 2019.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

10% Rotating - Discover                    5%-20% - Amazon & Lowes                3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl         4% Dining & Entertain - Savor            3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything Else - Flagship          1% Cancer Charity - Fifth Third          0% Finance Promos - Venture & QuickSilver





    
Message 2 of 9
Community Leader
Super Contributor

Re: Banking Suggestions After BK?

agreed....

Thats the reason you filed BK in the first place. I would NEVER pay back any creditor just to get back in with them again.

I would forget NFCU. I would not pay them back. You would have to pay back the entire $27k to them, AND its also no gaurantee they will issue you a cc again. Also, you have to jump thru BIG hoops to get credit again with them....not worth it.

Some banks and CU's will tell you that just to get their money back, and NFCU has been fined in past big money for unethical collection practices etc..

My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 3 of 9
Established Contributor

Re: Banking Suggestions After BK?

Agreed....forget about getting back in with NFCU. There are plenty of options out there! I burned Navy too and have moved on.


BK7 Filed 12/16, Discharged 3/17 *** Current Revolving CL Total $114.5k *** PIF/AZEO
6/19 FICO SCORES:
On My Radar Cards: Nothing ATM
Future Goal Cards: US Bank Cash +, Citi Double Cash, Discover It, BoA Cash Rewards, USAA Cashback Rewards Plus Amex
Message 4 of 9
Senior Contributor

Re: Banking Suggestions After BK?

Welcome. What state are in in? Here in Fl I got in with Suntrust and BB&T. Check/ Sav with ST.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 5 of 9
New Member

Re: Banking Suggestions After BK?

I'm located in California. I did forget to mention that I do have a few cards since the BK to rebuild, but mainly looking for a good Checking / Savings to get.

 

Cards after BK:

 

Capital One

Ollo

First Progress

Capital Bank

Discover

 

2 of these are secured (right out of BK discharge).

Message 6 of 9
Valued Contributor

Re: Banking Suggestions After BK?

dtkz87,

 

Since NavyFederal was included in your bankruptcy, I would just stop banking there and move on. If you are willing to give up ever going to a branch, you should look at CapitalOne or Discover. My brother banks at CapitalOne and a local credit union by his job, and absolutely love banking with CapitalOne.  

 

I would look around and find a bankruptcy friendly credit union and/or bank that is in your area. I lucked out and found a local credit union that has been better to my than Navy Federal.

 

BTW, great job so far on your rebuild. Please let us know what bank or CU you go with.

 

Guyatthebeach

 

 

Message 7 of 9
New Member

Re: Banking Suggestions After BK?

Thanks for the suggestions. I am currently looking around, the convenience of a branch is nice but I honestly don’t believe that is a deal breaker.

I will update with my choices!
Message 8 of 9
New Contributor

Re: Banking Suggestions After BK?

discover has a link for pre qualify, this site reads very friendly to it and I had great luck 2 months post bk

Message 9 of 9
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