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PAYING NAVY FEDERAL

sihmud
New Contributor

PAYING NAVY FEDERAL

I recently included navy federal credit card in a CPT 7 BK. balance was 5,300. I am considering paying off the debt after discharge because I believe they are a good CU with good lending products and would hate to lose out on their products. has anyone ever paid off Navy fed after discharge and was approved for a card after? id like to see what my chances of approval are before I go and pay a discharged debt to them.

11 REPLIES 11
CH-7-Mission-Accomplished
Valued Contributor

Re: PAYING NAVY FEDERAL AFTER DISCHARGE


@sihmud wrote:

I recently included navy federal credit card in a CPT 7 BK. balance was 5,300. I am considering paying off the debt after discharge because I believe they are a good CU with good lending products and would hate to lose out on their products. has anyone ever paid off Navy fed after discharge and was approved for a card after? id like to see what my chances of approval are before I go and pay a discharged debt to them.


Once you pay them back in full, they will lend to you right away.   It is as if they never had an issue with you.   I did not burn Navy, but if I had, and the amount was like the $5K you owe, I would pay them back to get in with them.

Message 2 of 12
sihmud
New Contributor

Re: PAYING NAVY FEDERAL AFTER DISCHARGE


@CH-7-Mission-Accomplished wrote:

@sihmud wrote:

I recently included navy federal credit card in a CPT 7 BK. balance was 5,300. I am considering paying off the debt after discharge because I believe they are a good CU with good lending products and would hate to lose out on their products. has anyone ever paid off Navy fed after discharge and was approved for a card after? id like to see what my chances of approval are before I go and pay a discharged debt to them.


Once you pay them back in full, they will lend to you right away.   It is as if they never had an issue with you.   I did not burn Navy, but if I had, and the amount was like the $5K you owe, I would pay them back to get in with them.


i totally agree. I know i will end up paying them back I guess I just wanted some reassurance that they will lend to me again. I've read and heard that you have to wait about a year after paying them but your saying right away?

Message 3 of 12
CH-7-Mission-Accomplished
Valued Contributor

Re: PAYING NAVY FEDERAL AFTER DISCHARGE


@sihmud wrote:

@CH-7-Mission-Accomplished wrote:

@sihmud wrote:

I recently included navy federal credit card in a CPT 7 BK. balance was 5,300. I am considering paying off the debt after discharge because I believe they are a good CU with good lending products and would hate to lose out on their products. has anyone ever paid off Navy fed after discharge and was approved for a card after? id like to see what my chances of approval are before I go and pay a discharged debt to them.


Once you pay them back in full, they will lend to you right away.   It is as if they never had an issue with you.   I did not burn Navy, but if I had, and the amount was like the $5K you owe, I would pay them back to get in with them.


i totally agree. I know i will end up paying them back I guess I just wanted some reassurance that they will lend to me again. I've read and heard that you have to wait about a year after paying them but your saying right away?


I can't honestly recall the timeframe, but I remember reading many posts of people paying Navy back and having no trouble getting credit from them.   I mean you might have to start with the secured card, but once it graduates it can grow to $50K.    That's where my Navy Visa is at, $50K.   I also got the $15K CLOC the same day, though I've been reading that they have chopped those CLOC starting limits way back.   Because Navy gives out enormous credit limits, most people that IIB them are into them for like 30K, 40K, 50K or more, and there's just no way they can ever repay that unless they win the PowerBall.

Message 4 of 12
Anonymous514
Established Contributor

Re: PAYING NAVY FEDERAL AFTER DISCHARGE

I burned them for 13,000$. I don't think they mean so much to me that I would pay them back that ever. However once I graduate college and am making money to just throw at places I probably might Smiley Happy



Message 5 of 12
jmw1
Frequent Contributor

Re: PAYING NAVY FEDERAL AFTER DISCHARGE


@Anonymous514 wrote:

I burned them for 13,000$. I don't think they mean so much to me that I would pay them back that ever. However once I graduate college and am making money to just throw at places I probably might Smiley Happy


I would never pay them back that much money. You would never come close to recoup the "investment" vs using another bank/CU for your lending products. The most I would repay is $500 and even that is iffy. There are too many other potential creditors out there to choose from. 

 

If you are suddenly independently wealthy years later and feel a moral obligation to pay a giant credit union rather than provide extra for your family, then that's 100% fine. But don't delude yourself into thinking you will ever recoup repaying $1k or $5k or $13k vs another financial institution's lending product. Not a chance.

 

Message 6 of 12
Anonymous514
Established Contributor

Re: PAYING NAVY FEDERAL AFTER DISCHARGE

💁🏼‍♂️ 



Message 7 of 12
citymunky
Valued Member

Re: PAYING NAVY FEDERAL AFTER DISCHARGE

I had to include in my CH13 that was discharge about 3 years ago. I have to include my Auto loan, but I have no idea how much I "own" them, for them to start leading to me again.

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Message 8 of 12
sihmud
New Contributor

Re: PAYING NAVY FEDERAL AFTER DISCHARGE

hey @citymunky citymunk, i noticed you had a proper credit card. are they BK friendly? have a chp7 that just discharged this month.

Message 9 of 12
sihmud
New Contributor

Re: PAYING NAVY FEDERAL AFTER DISCHARGE

@Anonymous514 hey, i noticed you had an express department store card. i shop there a lot and would like to get you input if they are bk friendly? i have a chp 7 and was discharged this month. i had an express card that charged off about 5 years ago.

Message 10 of 12
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