Pre-approved for Secured after burning NFCU

[moncsicsi]

Hi All,

I burned NFCU badly ($26K), but my name is on a mortgage with them that wasn't included in the BK (discharged August 2021) and has no missed payments. I did the pre-qualify for a CC and I'm approved for a secured card. I'm still hesitant to go through with the application though, because I saw so many posts here saying that no going back with NFCU once they've been burned. Anyone has been in similar situation?

[dragontears]

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@moncsicsi wrote:

Hi All,

I burned NFCU badly ($26K), but my name is on a mortgage with them that wasn't included in the BK (discharged August 2021) and has no missed payments. I did the pre-qualify for a CC and I'm approved for a secured card. I'm still hesitant to go through with the application though, because I saw so many posts here saying that no going back with NFCU once they've been burned. Anyone has been in similar situation?

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Navy's "preapproval" is worth about as much as the paper it is printed on...

Credit unions in general will not "forgive" unless you pay them back and you burned them for a sizable amount less than a year ago so I am 99.99999% sure you will get a HP and a denial if you apply. 

Also, your mortgage with them can not be altered by them at this point (other than them selling it which I don't recall hearing about Navy selling their mortgages on the market) but it is not an avenue to get back into their good graces without making them whole.

Please note, I am not trying to imply that you should pay any debt that was discharged,  that is a personal decision you must make. 

[Anonymous]

Have you considered Pen Fed? they are excellent and give CC's with a BK on your report. Providing that you have not included them in the past BK.  With so many lenders out there it is best to move on to one that was not in your BK why go to through the worries and problems?

I was never in the military so I never qualified for a NFCU card. Do I miss not having one? no, not at all LOL

Thanks

Mark

[SUPERSQUID]

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@dragontears wrote:

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@moncsicsi wrote:

Hi All,

I burned NFCU badly ($26K), but my name is on a mortgage with them that wasn't included in the BK (discharged August 2021) and has no missed payments. I did the pre-qualify for a CC and I'm approved for a secured card. I'm still hesitant to go through with the application though, because I saw so many posts here saying that no going back with NFCU once they've been burned. Anyone has been in similar situation?

---

Navy's "preapproval" is worth about as much as the paper it is printed on...

Credit unions in general will not "forgive" unless you pay them back and you burned them for a sizable amount less than a year ago so I am 99.99999% sure you will get a HP and a denial if you apply. 

Also, your mortgage with them can not be altered by them at this point (other than them selling it which I don't recall hearing about Navy selling their mortgages on the market) but it is not an avenue to get back into their good graces without making them whole.

Please note, I am not trying to imply that you should pay any debt that was discharged,  that is a personal decision you must make. 

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I would agree with the comment relating to the NFCU prequal being unreliable. I joined NFCU in may and checked that prequal every week and it only offered me the nrewards. i waited until last month when my bk7 dc was 2 years old. The NFCU prequal still only offered the nrewards, then i cold apped for the cash rewards and got an instant approval of 3700 at 16.99

[moncsicsi]

Hi and thank you for your comment. I opened a PenFed checking and savings a couple of months ago, but received no CC offer yet. To be honest, I'm not a big fan of them from the convenience stand point. Takes 10 days for them to clear an electronically deposited check even from a government agency. Balances and transactions don't update for days. My checking account was never syncing with Mint or any other budgeting app. I changed my direct deposit to a different bank and I'm closing my checking now, because they start charging a monthly maintenance fee when the balance falls below $500.

NFCU's auto and mortgage rates are almost unbeatable and it's a great credit union. Without the problems I mentioned for PenFed. Also, before my financial disaster, my cc with them had a $26,500 limit with 9.9% APR. I know, really screwed that up. And looks like I have no chances of getting back into NFCU's graces, so I will have to probably keep at least a little bit of money with PenFed. With the current inflation though, holding money in savings accounts is losing money. So that's a thing to think about, as well.

Thanks again for your post and good luck to you.

[moncsicsi]

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@dragontears wrote:

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@moncsicsi wrote:

Hi All,

I burned NFCU badly ($26K), but my name is on a mortgage with them that wasn't included in the BK (discharged August 2021) and has no missed payments. I did the pre-qualify for a CC and I'm approved for a secured card. I'm still hesitant to go through with the application though, because I saw so many posts here saying that no going back with NFCU once they've been burned. Anyone has been in similar situation?

---

Navy's "preapproval" is worth about as much as the paper it is printed on...

Credit unions in general will not "forgive" unless you pay them back and you burned them for a sizable amount less than a year ago so I am 99.99999% sure you will get a HP and a denial if you apply. 

Also, your mortgage with them can not be altered by them at this point (other than them selling it which I don't recall hearing about Navy selling their mortgages on the market) but it is not an avenue to get back into their good graces without making them whole.

Please note, I am not trying to imply that you should pay any debt that was discharged,  that is a personal decision you must make. 

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Thanks. I had the feeling that this would be the case, so that's why I held off on applying. 

Well, I was just notified by Capital One today that they double my CL to $6000. I have been waiting for them to offer me the Quicksilver, but have been crickets so far. So when I saw the CL increase today, I called and said "Hey, could you guys just upgrade my Platinum to the $0 annual fee/cash back Quicksilver without a hard inquiry?" The answer was "Sure, we see that promotion in there already!" So that's how easy it was and I'm quite happy now. 

I don't blame NFCU for not wanting to trust me after I shorted them that much, but yeah, I won't be able to make them right with that much being owed to them.

[SUPERSQUID]

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@moncsicsi wrote:

Hi and thank you for your comment. I opened a PenFed checking and savings a couple of months ago, but received no CC offer yet. To be honest, I'm not a big fan of them from the convenience stand point. Takes 10 days for them to clear an electronically deposited check even from a government agency. Balances and transactions don't update for days. My checking account was never syncing with Mint or any other budgeting app. I changed my direct deposit to a different bank and I'm closing my checking now, because they start charging a monthly maintenance fee when the balance falls below $500.

NFCU's auto and mortgage rates are almost unbeatable and it's a great credit union. Without the problems I mentioned for PenFed. Also, before my financial disaster, my cc with them had a $26,500 limit with 9.9% APR. I know, really screwed that up. And looks like I have no chances of getting back into NFCU's graces, so I will have to probably keep at least a little bit of money with PenFed. With the current inflation though, holding money in savings accounts is losing money. So that's a thing to think about, as well.

Thanks again for your post and good luck to you.

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Thanks, The way to deposit into nfcu faster would be if you had a local bank checking, deposit the check in that checking. it will take 3 days max to clear, same day for govt check. then do an external transfer from your local checking to nfcu, the transfer will take 1 - 2 days to be in your account, tada money deposited from a check into your nfcu account in 2 - 5 days.

[FireMedic1]

This^^^^^^^^^^^

I used NFCU's checking for 3 months? But man its slow. So I went to Chase and linked my checking to NFCU More Rewards. Payment post next day. Much easier.

[SUPERSQUID]

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@SUPERSQUID wrote:

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@moncsicsi wrote:

Hi and thank you for your comment. I opened a PenFed checking and savings a couple of months ago, but received no CC offer yet. To be honest, I'm not a big fan of them from the convenience stand point. Takes 10 days for them to clear an electronically deposited check even from a government agency. Balances and transactions don't update for days. My checking account was never syncing with Mint or any other budgeting app. I changed my direct deposit to a different bank and I'm closing my checking now, because they start charging a monthly maintenance fee when the balance falls below $500.

NFCU's auto and mortgage rates are almost unbeatable and it's a great credit union. Without the problems I mentioned for PenFed. Also, before my financial disaster, my cc with them had a $26,500 limit with 9.9% APR. I know, really screwed that up. And looks like I have no chances of getting back into NFCU's graces, so I will have to probably keep at least a little bit of money with PenFed. With the current inflation though, holding money in savings accounts is losing money. So that's a thing to think about, as well.

Thanks again for your post and good luck to you.

---

Thanks, The way to deposit into nfcu faster would be if you had a local bank checking, deposit the check in that checking. it will take 3 days max to clear, same day for govt check. then do an external transfer from your local checking to nfcu, the transfer will take 1 - 2 days to be in your account, tada money deposited from a check into your nfcu account in 2 - 5 days.

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Oops, my bo boo. you mentioned penfed as slow not nfcu.

You dont need that penfed checking to get a cc, just a savings.

Like you i didnt want to deposit a min of 500 bucks.

I was approved for a power cash rewards with a 15 dollar savings account, i joined in may and was approved for the cc in december.

The only plus to the checking is that if you get a pcr your cash back goes from 1.5 to 2pct cash back because you become an honor advantage member but if you are a military veteran you will automatically be a honors advantage member without the checking.

[pgk500]

Hello,

any update ? I am also in the similar situation. Burned Nfcu and pre-qualified for secured card. Did you apply or try ?