Last Week At Navy Federal (NFCU). Any questions?

[Anonymous]

So I have one week left at NFCU before I move on to another job I recently accepted. Does anyone have any burning questions about Navy Federal I could try to research/answer before I no longer have access to back office employees? Just throwing it out there.

[Anonymous]

If I burned Navy Fed on CC, what are my chances of getting a car loan? Once I receive my discharge?

[rbentley]

I opened NFCU account and got approved for GoRewards Visa on February 12, 2018.  My 91 days will be up on May 14th.  Next AR is first week of May.  If I apply for a CLI on May 14th will Navy do a HP or will I still get by with a SP?  I have had three Statements.  How often can you apply for a CLI with reasonable expectation that it will be granted?

[Anonymous]

I am going to file Chapter 7 and I'm about to burn several places including the ones with the best secured cards which I know will help me rebuild my credit. I have never had any dealings with NFCU and it looks like they have a good secured card. Is it likely I could get one soon after my bankruptcy is discharged? Does it graduate to unsecured at any point?

[Anonymous]

Hi OP.

Congrats for new job!

My questions: is that true for the new CC account opened recently (end of 2017, early 2018, hard to get CLI for 91/3 rules? "New NAVY" wants to see 6 months history before CLI? Most of us on this forum dont waste HP for denied CLI. Hehe. Thanks OP.

[Anonymous]

Congrats on the new gig, leonel.

This will not affect me as I have no access to NFCU. However, a lot of new BKers try for their cards and some have recently been getting denied due to recent BK and told it was a new policy - Navy wants (I think) 1 year of history for BKers? Is it possible to get this straight so we can update our thread? 

Thanks and best wishes! 

[Anonymous]

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@Anonymous wrote:
If I burned Navy Fed on CC, what are my chances of getting a car loan? Once I receive my discharge?

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If you owe Navy Federal for a charged-off account of any type (checking, credit card, loan, etc.) NFCU will not approve new credit, unless the charge-off is voluntarily paid. This includes secured products and does not matter if you obtained a discharge or not. Sorry.

The discharge just prevents you from having to pay the debt, but it doesn't prevent NFCU from NOT lending to those who have caused losses.

[Anonymous]

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@Anonymous wrote:
I am going to file Chapter 7 and I'm about to burn several places including the ones with the best secured cards which I know will help me rebuild my credit. I have never had any dealings with NFCU and it looks like they have a good secured card. Is it likely I could get one soon after my bankruptcy is discharged? Does it graduate to unsecured at any point?

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If you don't include NFCU in your bankruptcy, the secured card is a great choice in my personal opinion. Just make sure the discharge  is reflected on your Transunion credit report, as you will not get approved until it does. This may be day 1 after discharge, but it is likely more likel to be around day 7 after discharge. The card is reviewd after 12 statement to go unsecured, but many have received a graduation around the 6 month mark.

[Anonymous]

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@Anonymous wrote:

Congrats on the new gig, leonel.

This will not affect me as I have no access to NFCU. However, a lot of new BKers try for their cards and some have recently been getting denied due to recent BK and told it was a new policy - Navy wants (I think) 1 year of history for BKers? Is it possible to get this straight so we can update our thread? 

Thanks and best wishes! 

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For unsecured cards, policy is that a borrower must have at least 1 year post-discharge before they grant an approval. So it really looks like this, :

Months after discharge

0-11: Only secured card approval

12-23: Max unsecured credit limit is $1,000

24+: Reviewed as usual

[Anonymous]

Sorry for the delay in replying -- lots of craziness lateley. As far as  the CLI questions go, I'll research these. I can add right off the bat that a member must be a cardholder for 90 days before being granted a CLI. I'll follow-up on the soft vs. hard inquiry, as I don't know the answer. I do know that the credit card system  tells MSRs if the CLI will result in a hard inquiry, so there's that...