NFCU Denial - Incorrect? How to Dispute

[Anonymous]

NFCU Secured Card $500 was closed during my BK (by the bank, not by me) with a balance of $445.

The security deposit was kept and ‘used to pay the secured debt’ and a refund check was issued to me for the difference of my secured deposit. 

I called NFCU on multiple occasions and inquired if I applied, would I be denied. They kept insisting they ‘always encourage their NFCU members to rebuild after BK, so yes, please apply.’ I applied to a NFCU credit builder loan and they denied me. I was told there would be instructions for how to appeal the decision in the letter.

When I received the letter, it stated, ‘ You caused NFCU a loss’. Absolutely no instructions, number or contact information in which to make an appeal.

Technically, I did not. I did not list NFCU in my BK. When they were notified I was in BK, they chose to close my NFCU secured card and held my security funds until it was discharged, and they used the secured funds to pay off the balance owed, so in my mind, I owe them nothing and did NOT cause them a loss?

Thoughts/suggestions on how I can handle this?

[Brian_Earl_Spilner]

Call them and recon

[Anonymous]

You can provide your BK paperwork as back up so they can correct the information. 
Good Luck!

[Anonymous]

Navy does not take phone call recons.  You need to log into your account and send a secure message and attach your proof to that message.  And 9/10 times you will get their canned response back that they are standing behind their initial decision.  They are very hard to swing, and you probably wont be able to.  If they are going to approve you, it would have happened already.  They are not so flexible anymore.

[Anonymous]

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@Anonymous wrote:

Navy does not take phone call recons.  You need to log into your account and send a secure message and attach your proof to that message.  And 9/10 times you will get their canned response back that they are standing behind their initial decision.  They are very hard to swing, and you probably wont be able to.  If they are going to approve you, it would have happened already.  They are not so flexible anymore.

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How is NFCU on credit cards, personal loans, auto loans in general after bankruptcy?  I was thinking about signing up to possibly get a motorcycle loan.  I wonder what they would do post bankruptcy on that?  I'm 2 years post bankruptcy.  Any ideas on their timelines after bankruptcy?  I also couldn't find if they do mobile home loans at all.  My local federal credit union does.

[bshockley1981]

I have been with them 2 yrs post bk7. I finally was approved for the secured card last week. I thought what the heck and applied for a cloc. Was approved for 2k. I’m happy so far!

[Anonymous]

I absolutely Love NFCU. I applied for their Cash Rewards Visa 1 year post discharge and was approved for a $1000 CL. At my 2 year post discharge they gave a $3000 CLI. They are not my primary bank and I dont have a direct deposit with them yet. I have 0 complaints.

Take care!

[Anonymous]

Navy has told me on several ocaisions when I called for credit, that you need to be post BK 12 months with no more bad credit since.  That was supposedly their guidelines for the last two years.  Now people on here will say they are getting CC and auto approvals straight out of BK or with open 13s.  I'd take that with a grain of salt, and know that Navy will hard pull you for everything no matter if they just did or not.  They had this reputation of being so BK friendly, and very giving of big limits.  Yeah not anymore.  When the back door opened up from the SD navy league ( my idea), they took on thousands of new members and their lending went way up.  I bet they had to tighten their belt after they closed down that loophole.  This is insider info I got from my friend in the know.  Since then, its been far harder to get approved for anything post BK unless its 12 months.

On the flip side, Penfed has been very generous lately.  They require good scores, but will lend to you even if you are in an open 13 without a problem.  Just need those next gen scores to be 690 or better.  Then you are good for whatever you want based on income.

[Anonymous]

I did submit the discharge and information to NFCU requesting an appeal of the decision but not holding my breath. 

I do have PenFed account. My scores just tanked 57 points across the board since my auto loan from Bk just now updated to bankruptcy status with a $0 balance so I will need to wait until my scores are up to do more. They are sitting in the 480s now.

12 more days and I have seeded my savings long enough to do a credit rebuilder loan with PenFed. I will still be doing that. That will put 3 accounts reporting after BK... Capital One Platinum, Capital One Auto Loan and PenFed Credit Rebuilder Loan. 

[sports1965]

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@Anonymous wrote:

Navy has told me on several ocaisions when I called for credit, that you need to be post BK 12 months with no more bad credit since.  That was supposedly their guidelines for the last two years.  Now people on here will say they are getting CC and auto approvals straight out of BK or with open 13s.  I'd take that with a grain of salt, and know that Navy will hard pull you for everything no matter if they just did or not.  They had this reputation of being so BK friendly, and very giving of big limits.  Yeah not anymore.  When the back door opened up from the SD navy league ( my idea), they took on thousands of new members and their lending went way up.  I bet they had to tighten their belt after they closed down that loophole.  This is insider info I got from my friend in the know.  Since then, its been far harder to get approved for anything post BK unless its 12 months.

On the flip side, Penfed has been very generous lately.  They require good scores, but will lend to you even if you are in an open 13 without a problem.  Just need those next gen scores to be 690 or better.  Then you are good for whatever you want based on income.

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They gave me a secured CC with an 6 month old open BK13!