NFCU not bankruptcy friendly any more?

[C_DUBYA]

Im so confused.  I read all over that NFCU is bankruptcy friendly for CC.  I applied and was denied.  The only reason listed was Bankruptcy.  I then reconed via secure message and they confirmed again they looked but couldnt due to bankruptcy.

I dont get it what am I missing?

[Anonymous]

NFCU's credit card policy is to decline unsecured applications submitted less than 1 year prior to discharge. Secured cards are generally approved, though.

Edit: I see the discharge was in September 2017. While some have posted approval prior to the 1-year mark, this is an exception to policy. Unsecured card issuers like Capital One, Merrick Bank, Credit One, Ollo, etc. may approve prior to the 1-year mark.

[Anonymous]

I'm sorry to hear about the denial.

I would think it probably won't be an issue after you give it a bit more time and get those scores up a tad as well as create some history with some new accounts. Have you established any accounts since your discharge?

I would suggest going for a secured card at Navy while you wait and get your foot in the door. They are very generous about unsecuring it quickly and it would allow you to show them some history with their product.

As far as waiting a year, I got my first card with them in September of 2016 and a CLOC at the same time. I was 10 months post discharge but had 9 months of history on two cards and several other new accounts that were under 90 days old.

You'll get there, it just may take a little bit of building and you'll be amazed at how different your opportunities are after 6 months post discharge. Congrats on getting the BK behind you and I hope you have a great week ahead!

[C_DUBYA]

Thanks.  I am only 2 months post discharge that seems to be it.  Yes Ive opened two unsecured cards and a secured discover card.  

Ill wait my year for NFCU. Thanks again

[Anonymous]

I just came across this post. I totally agree with with OP.

I read so many wonderful things about NFCU soI joined them 3 mts post discharge C7. I did apply for a CC and was denied due to BK. So instead of trying for the secured, I waited 3 more months and re-applied. I was given the same reason (I didn't know they prefer 1yr post). So this time I applied for the Secured over the phone and was told it was denied and i'd get a letter with the reason. I was dumbfounded. So when I got the letter, it stated as the main reason: REQUEST EXCEEDS MAXIMUM UNSECURED LOAN LIMIT

What did this mean? I have no idea and so I called to find out. Well the CSR never told me what it meant or how/why they gave me this reason. She put me on hold and came back and said she can resubmit the information and if approved, I'd get the card and info in 7-10 days. Well low and behold, it was approved but the way it went was a bit concerning. So I will definitly continue at working on rebuilding my profile and replationship with NFCU for now.

[tnvols]

NFCU was our first app the day after recieving our Chp 13 DC paperwork.  Denied for unsecured, but approved the next day for secured.  Cap One did give us two $500 unsecured the same day though.  The $1,000 deposit to NFCU will only be locked up for 7-12 months then we should see some great credit lines in the future on unsecured cards with them.  We also app'ed yesterday(now 6 weeks post DC)  with NFCU to refi our 1 year old car and was approved for 60 mos at 3.74%.  We are beginning to build that relationship with NFCU that comes with lots of benefits once you prove yourself.  Best of luck on your rebuild.

[Anonymous]

Yes NFCU is no longer BK friendly.  They changed their policies around the time they started letting vets in.  The general public got what they wanted in terms of looser membership guidilines, but now has to pay the cost for it by tighter lending guidlines.  The more people that join and start racking up debt, the more NFCU will lose in the long run unless they get more strict. 

I dont understand this BK restriction though.  People with fresh discharges likely have no debt and tons of available income.  And not only that, they cannot file again for many years.  But its all by the numbers in finance.  

Personally I was DC'd from 13 back at the end of summer.  I have apped with NAVY 3 times since.  I have TONS of perfect credit now and my scores are almost 700s across the board.  Yet they still wont touch me.

[tnvols]

Seems they have a one year rule of thumb with exceptions, but one year is about the time you need to open some fresh tradelines elsewhere and establish some positive credit prior to going unsecured with NFCU.  NFCU is also very tuned in to DTI and income as it applies to their internal credit scoring system.  Secured is the way to go if you really want to start getting established with them.

[Anonymous]

Same experience here. I have been denied 4 times since BK 13 DC in March of this year. The last one was just a week ago. My TU is now clean, but when I app’d this week somehow they didn’t do a new HP (unusual for them) the simply denied me, I’m guessing using my report from my 3rd attempt less than 30 days ago.

I have a bunch of open trade lines and just got in with RBFCU @ 25k and lowest interest they offer....so I’m not sure I even need NFCU anymore.

[Anonymous]

I'm probably sounding like a broken record to some, but Navy Federal generally denies unsecured card requests for BKs discharged less than 1 year prior to application. The exception is for secured cards, but the debt-to-income guidelines still apply.