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Navy Fed after Chapter 7 discharge: how soon?

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Navy Fed after Chapter 7 discharge: how soon?

Hi

I received a chapter 7 discharge on 10/04.

Prior to the dc, I was approved for a 1K cl on a Cap One Quicksilver One card, which is an awesome card, by the way!

And quick side note: a few people mentioned that I might have jeopardized my bk by getting credit before the discharge, but I consulted a few lawyers and all of them said that would not happen and that it only applies to a chapter 13. So, with a chapter 7, according to one attorney, I could apply for credit one minute after filing and it wouldn't affect my discharge. Just wanted to mention that, in case anyone else ever faces that situation. 

Anyway, got 3 store cards with the shopping cart trick, so no hp and none are on the credit report yet. I have low balances on 2 of them and 0 on another.

Cap One already reported (about 1 month after approval), and they should report again today or tomorrow. I am at 30% of my cl and paid on time.

I got in with NFCU last month and am DYING to submit a cc app. I really just want to see if they are even in the realm of possibility for me, since I hear so many good things about them.

So, should I apply this week? I'm checking my credit report to make sure Cap One reports the 2nd month's statement before I apply, but if the odds look bad, I won't waste the inquiry. I have about 4 hp so far.

Lastly, on the "my offers" tab, it has the secured card. This makes me think I may be denied for an unsecured, but I'm tempted to try anyway. I don't know when/how they determine your offers, but my hp on the initial app was before discharge.

My scores: TU: 684, EQ: 678 EX: 595

Experian is way low, but I noticed NFCU didn't pull from them anyway.

Thoughts?

Thanks for all your wisdom and advice! I love this forum!

 

UPDATE: About 3 minutes after posting this question, my email notifications popped up. NFCU had sent an email with a promo code for the ncash rewards card. Is this a generic promotion or targeted?

Before Ch 7 BK 06/2016: EQ: 565 TU 577 EX: 554
After Ch7 DC 10/04/16: EQ: 678 TU: 681 EX: 595

Scores as of Nov 2017: EQ: 654 TU: 690 EX: 633
Currently carrying: Cap One Quicksilver One-$2K, Cap One Platinum-$2K, Merrick-$1600, PayPal Credit-$2500, VS-$450, Boscov's-$1K, JCrew-$450, Wayfair-$2K
Goals Dec. 2018: FICO 720 and NFCU unsecured cc, 8K in savings
7 REPLIES 7
Established Member

Re: Navy Fed after Chapter 7 discharge: how soon?

Hi! Navy Fed will offer the secure card in most instances if you are denied for the unsecured card...If you dont mind the inquiry go ahead and pull the trigger. Let us know what happens.

Discharged 11/7/16 Scores: 544 EQ 547 TU 541 EX
351 Cap One Secured; 300 Credit One; 17600 Auto Loan/GoFinancial
Message 2 of 8
Frequent Contributor

Re: Navy Fed after Chapter 7 discharge: how soon?

NAVY approved one month after discharge.
BK Discharged 06/02/2016 SCORES AROUND 475

Current scores:
EXP-667
EQ-654
TU-653
Message 3 of 8
Super Contributor

Re: Navy Fed after Chapter 7 discharge: how soon?


@Scoregoinup wrote:

Hi! Navy Fed will offer the secure card in most instances if you are denied for the unsecured card...If you dont mind the inquiry go ahead and pull the trigger. Let us know what happens.


It used to be like this, not anymore though..

 

Always apply for unsecured, if denied attempt to recon.. Last resort opt for secured Smiley Happy

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
740 EQ FICO 06/2018
750 TU FICO 06/2018
741 EX FICO 06/2018
$24k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 4 of 8
Member

Re: Navy Fed after Chapter 7 discharge: how soon?

Well, I was denied. The app spent a day in the review process, and yesterday afternoon I got the notice of denial. I would have been pleasantly surprised if I had been approved, but I figure since I already have the inquiry on my credit report now, I should try to recon. My question now is how to go about it. Should I email and ask for them to take another look, or call? And if they still deny me, I guess ask for a secured card?

I tried recon with Chase a couple of times, unsuccessfully. It was awkward because I wasn't quite sure how to ask and what reasons to give for asking, etc. In this case, rebuilding my credit and hoping to establish a relationship with NFCU is my reason for applying and for wanting them to give me another look. If anyone has any suggestions for the call or email (and which method of communication is better here), I'd love to know your thoughts.

Thanks!

I am looking forward to seeing this process through and owning a home of my own in a few years, so this site has given me a lot of encouragement.

Before Ch 7 BK 06/2016: EQ: 565 TU 577 EX: 554
After Ch7 DC 10/04/16: EQ: 678 TU: 681 EX: 595

Scores as of Nov 2017: EQ: 654 TU: 690 EX: 633
Currently carrying: Cap One Quicksilver One-$2K, Cap One Platinum-$2K, Merrick-$1600, PayPal Credit-$2500, VS-$450, Boscov's-$1K, JCrew-$450, Wayfair-$2K
Goals Dec. 2018: FICO 720 and NFCU unsecured cc, 8K in savings
Message 5 of 8
Valued Contributor

Re: Navy Fed after Chapter 7 discharge: how soon?


@200years wrote:

Well, I was denied. The app spent a day in the review process, and yesterday afternoon I got the notice of denial. I would have been pleasantly surprised if I had been approved, but I figure since I already have the inquiry on my credit report now, I should try to recon. My question now is how to go about it. Should I email and ask for them to take another look, or call? And if they still deny me, I guess ask for a secured card?

I tried recon with Chase a couple of times, unsuccessfully. It was awkward because I wasn't quite sure how to ask and what reasons to give for asking, etc. In this case, rebuilding my credit and hoping to establish a relationship with NFCU is my reason for applying and for wanting them to give me another look. If anyone has any suggestions for the call or email (and which method of communication is better here), I'd love to know your thoughts.

Thanks!

I am looking forward to seeing this process through and owning a home of my own in a few years, so this site has given me a lot of encouragement.


I was approved 2 months after disch but in each case, CC & Auto Loan, I sent a message immediately after my app's.  I explained my situation, cause for BK, prior to BK credit history, employment length, etc.   

NFCU Visa 25k | Cap1 QS 11K | Cap1 QS 10.5K | Barclay Apple Rwds 9k | Amex AU 20k | Citi AU 10k | Delta Amex 5k | CFNA FS 3200 | VS 1200 | Car Loan 10/14 |
Message 6 of 8
Member

Re: Navy Fed after Chapter 7 discharge: how soon?

Thanks for the reply. I just sent a message with a (probably too long) explanation of why I filed bk and my employment, etc. I hope they'll give me a chance! I'll update if/when I get an answer.

 

UPDATE: That was fast! They declined my reconsideration request Smiley Sad Obviously, the reason was that my bankruptcy was too recent. Oh well! Gave it my best shot. They did say I could apply for a secured NFCU card, but right now I'd rather not have another hit on my credit report, when I really don't need it anyhow. I just want to start rebuilding, so I guess I'll just wait 6 months or so and continue to get a good payment history showing on my cap one and the 2 store cards I currently have. I'm really just grateful I'm in with Navy Fed and that Capital One has given me another chance, too. I'm determined to do everything right from here on, no matter what. I have seen enough success on here to know what to do and how to do it, and I know it will pay off in time, so now I just gotta practice some patience! But, anyway, I do thank you all for your advice and experience!

 

Before Ch 7 BK 06/2016: EQ: 565 TU 577 EX: 554
After Ch7 DC 10/04/16: EQ: 678 TU: 681 EX: 595

Scores as of Nov 2017: EQ: 654 TU: 690 EX: 633
Currently carrying: Cap One Quicksilver One-$2K, Cap One Platinum-$2K, Merrick-$1600, PayPal Credit-$2500, VS-$450, Boscov's-$1K, JCrew-$450, Wayfair-$2K
Goals Dec. 2018: FICO 720 and NFCU unsecured cc, 8K in savings
Message 7 of 8
Established Contributor

Re: Navy Fed after Chapter 7 discharge: how soon?

.

First off, NAVY is a Great Choice!

 

There are lots of resources on this site, and easily accessible.


My favorite tool is the "Search Function" box on the upper right hand side. It allowed me to do lots of research and planning ahead of time. As a result, all of my subsequent actions were prepared in advance, to include a Reconsideration Letter.

 

SoulMaster's Bk7 thread to 700 in 24 months or less is a master primer on rebuilding, as is specific threads on Navy FCU. They and other's address many issues in depth with specific testimonials from individuals documenting their own process. Also, Baller's Pen Fed thread chronicles events there since earlier this summer, to include the Recon process.


Spending some time on threads specific to what you want to achieve will provide many answers in advance of one encountering obstacles or challenges.


It all helped me tremendously!


Best Wishes !!!

 

 

HOW TO: From BK7 discharge to 700 in 24 months or less!
http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/m-p...


Official Credit Unions Guide
http://ficoforums.myfico.com/t5/Credit-Card-Applications/Official-Credit-Unions-Guide/td-p/4768788


Pentagon Federal Credit Union Data Share
http://ficoforums.myfico.com/t5/Credit-Card-Applications/Pentagon-Federal-Credit-Union-Data-Share/m-...

 

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05/03/16 Fico 8 Scores: EQ 546, TU 501, EX 548
09/01/16 Fico 8 Scores: EQ 662, TU 628, EX 657
10/04/16 Fico 8 Scores: EQ 692, TU 665, EX 686
01/15/17 Fico 8 Scores: EQ 706, TU 670, EX 687 * all Yellow / Good
Message 8 of 8
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