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Leonel9,
We opened a $500 secured NFCU back in Nov as soon as I received my Chp 13 discharge. We just got a letter today that our deposit has been released to our savings account and they converted our secured cards to unsecured with a $2,000 limit, just 6 months out of BK. Hopefully we will start to see the big limits once we are 1 year post discharge. We keep this card under 10% utilization and have done a car and boat loan also in the past 6 months.
@chosen4th wrote:what kind of info on the deceased relative would i need to bring with me?
If you have a DD214 that would be great. You aren't required to prove eligibility though, unless a credit union employee asks for documentation (typically in areas of high amounts of fraud, or if there's a reason to believe you are not eligible).
@Anonymous wrote:I have a specific question in regards to a CLI on a credit card account with a BK 1-2 years old. Is the maximum line restricted to $1,000 only for initial starting lines or also for any CLI requests in-between 1-2 years?
For example, someone has a 1 year old BK and gets approved for the maximum $1,000. In 6 months, they apply for a CLI. Will the CLI request at 18 months post BK be denied due to already being at $1,000 or is there a chance for increase because the $1,000 restriction actually only applies to initial credit lines?
The CLI request should be denied if the card is at $1,000 and it is less than 24 months post-discharge. With that in mind, that's just the policy. There have been plenty of policy exceptions made, and I would bet something like that could be overlooked, but I don't have first hand experience with this.
I just wanted to say thank you for always trying to get us the "insider knowledge".
@RammaCredit wrote:Hi Leonel9,
Congrats on the new gig. I just joined NFCU and was wondering if they auto approve you for CC/LOC at time of membership acceptance? .
Will I have to apply and take another hard inquiry?
The inquiry at time of membership should be a soft inquiry. I have never seen a preapproval for a CLOC (which is a hard Equifax inquiry), but I have seen invitations to apply (hard Transunion inquiry) immediately after establishing membership.
In either case, if you are interested in both products, that's 2 inquiries.
@19eighty5 wrote:I recently joined Navy and have a low credit score and a few collections. Is there a certain threshold I need to clear before I have a good chance of being approved for a CC or CLOC?
Have a minimum credit score of 540, not a ton of hard inquiries and an "established" relationship with the credit union. Navy Federal's new "Custom Score" is a mystery to me, and it applies to all consumer credit except CLOCs. If I were to bet money, I would say that a longer employment history (years on job), fewer inquiries on your credit report, and presence of direct deposit and an IRA at Navy Federal may positively impact your "custom score."
@Anonymous wrote:When it comes to the CLOC, how often can you ask for a CLI? I've had mine going on 90 days about to get the third statement with it, I was wondering if I should request a CLI or wait? Is there a limit to the amount granted due to being post bankruptcy? I'm at 1 year from filing date, 7/11/18 will be one year from discharge date.
CLOCs are underwritten just like other personal loans. You can apply every day if you want, but applying too frequently will result in annoying loan officers. I personally would not apply for a higher limit after having the account for 90 days unless there has been a change in circumstances or you didn't apply for the max amount.
As far as bankruptcy goes, I am not aware of an official maximum limit. Policy does state that you must have re-established credit to be approved for an unsecured credit product that is not a credit card. Re-established credit means you have 3 tradelines with 6 months of payment history.
@princessminor wrote:Not sure If I'm late with my quesiton, but I see everyone recommend NFCU. My husband was in the reserves back in the day and received an honorable discharge. Will he be eligible do you know? Thanks in advance.
Your husband is a veteran, and so he is therefore eligible. You are too, as an immediate family member of a veteran. If you're near a branch, I would bring in his veterans ID and open up your account(s) in person. The veterans ID isn't required, but it certainly makes things easier in case there's doubt.
@tnvols wrote:Leonel9,
We opened a $500 secured NFCU back in Nov as soon as I received my Chp 13 discharge. We just got a letter today that our deposit has been released to our savings account and they converted our secured cards to unsecured with a $2,000 limit, just 6 months out of BK. Hopefully we will start to see the big limits once we are 1 year post discharge. We keep this card under 10% utilization and have done a car and boat loan also in the past 6 months.
Congratz on your card's graduation!
About 6-12 months ago, Navy Federal introduced a new process for assigning credit limits to new accounts. Unfortunately, I don't know too much about it, and how it relates to existing accounts. Hopefully someone with a similar experience can share. I can tell you that in my personal experience, I opened a secured credit card with a $5,000 limit. It also graduated after 6 months, and it remains at $5,000. This month is 1-year post discharge, and 6 months post-graduation, so we'll see if that makes a difference.
Thanks for all of your input Leonel, it's appreciated. I just wanted to comment that I applied for another NFCU card: CashRewards 2 days post 1 year mark of discharge and was declined due to Bankruptcy. I don't know if I should recon or just wait. I opened a secured card in Nov '17 that was unsecured about 2 weeks ago. It went from $500 to $2,000. This is another reason why I was thinking I would just wait and let things grow. I also applied for my Husband and he was given the same reason. He did get financed for our auto loan, which I think is a different UW department.