Greetings! If this is posted somewhere else I apologize.
Here is the scenario:
I had NFCU in the past, I filed Chapter 13. I paid back 100% of all claims.
I had three open auto loans with NFCU, I kept two of the cars and surrendered the third (it had $8300 positive equity that they kept for themselves and did not turn over to me or the trustee).
I had one CC and the NavCheck LOC that was IIB on the Chapter 13.
I just ran myself through the PreQual and it is showing that I am pre-approved for the nRewards Secured card. This blows my mind because I thought I might've been still on the blacklist. Will a PreQual for the secured card show if you are blacklisted? I'm tempted to get the card because the CL can be increased by adding more to the shared savings and also it graduates. Also this may help me getting my foot back in the door. I actually love NFCU, they are amazing and my partner uses them for his banking and savings and my daughter uses them for her auto loan. I used them exclusively until I lost my job and after 4 months of no income, I felt like the BK was coming and so I moved our remaining funds away.
Any thoughts from anyone on this move?
FICO 8: 
Goal: Gardening!
Goal: Gardening!
@sihmud wrote:
Navy will NOT lend you any credit if they took a loss on you. you stated you paid back 100% of your debt with them but you also stated you surrendered a vehicle. i understand you had equity in the car but i would confirm if they got paid back 100% of the vehicle loan. these lenders send your vehicle to an auction that pays less than the vehicle value so for all you know they might have still ended up taking a loss. i recommend just applying. to my understanding Navy will not add an inquiry on your credit for secured products. my wife got a secured loan a few months ago and no hard inquiry. so nothing to lose here. as for banking, you can still bank with them the same way you used to except you cant use their OOPS (overdraft) feature. i IIB a navy federal credit card and still bank with them with a checkings and savings
With all due respect I know how it works when I state that I had positive equity.... The letter I got from NFCU stated that the truck sold for $13,500 (estimate) at auction and the loan was like $5000 and the letter stated that the positive equity was somewhere around $8000 and that this was owed to me by law. when I called them about the positive equity they stated they were holding it due to cross collateralization. Near the end of the plan I called again and they couldn't tell me where it went and they had to initiate an audit. I don't know if they lost money on me or not... or if somehow they
misplaced the $8000.
I did apply for a car loan with them and I got an error message with no HP and when I called and asked if I owed money and thats why the error message happened the CSR stated that they didn't have me down in their system as someone who didn't pay off their accounts. that's basically why I was asking. How do I find out if I'm blacklisted? I did have an extended fraud alert which I had removed after that. And I did update my contact info and address after that. And thanks for your advice about applying to just find out! I don't have a checking account with them anymore, I switched everything to chase because I needed a local bank.
FICO 8:
Goal: Gardening!
Goal: Gardening!
Their pre-approvals are inaccurate. The easiest way to tell is to open a checking account. There'll be a banner at the top if they won't lend to you. If everything is paid back, you can talk to the bk department and can apply for credit once its been removed. Its been a while so I don't know if that's still the case, but it was in the past.
Ok thanks! I will likely do this but I am thinking after reading your post and the one before I may try to get the secured nRewards and if it works then great and if not then I will pursue this after some time has passed. Hopefully they do what they say they are going to and audit my accounts. I needed a 3rd credit card and I wanted to SD my USAA secured Visa that I got shortly after filing (I don't want to close it because its my oldest revolving Tradeline at this point and is 4 years old). After doing some research here on the forums and hearing about some Wells Fargo approvals with a BK showing and because I have a 15 year relationship with Wells Fargo, I decided to apply for the Wells Fargo Active Cash card. I had a Wells Fargo credit card in the mid 2000s, I had a brokerage account with them prior to losing my job in 2017 which I used as my savings account, and it had about 30k in it which of course I drained to keep the survival bills paid (food, shelter, transportation) while looking for a new job. Approved for the Wells Fargo Active Cash card with a 10k Limit!
FICO 8:
Goal: Gardening!
Goal: Gardening!
@blindambition wrote:Cross collateralization is common with a CU in general. Navy will not lend or extend any credit, unless they're made whole on a loss from you. If there's a loss, your flagged in their system. Hence the lack of an inquiry.
They will tell you if you're flagged, they can also direct you to the loss department, if anything is owed. Once everything is kosher, the flag can be removed.
Ok thank you, the CSR I spoke with didn't see any flags on the account when I called and I didn't get redirected to the loss department... I am going to follow up with this and just apply for the nRewards and maybe an E-Checking account. If I can get it then great, because this will make it easier to transfer funds back and forth with my future husband because he uses NFCU but he doesn't believe in Venmo LOL He is so old school even though he is younger than me!
FICO 8:
Goal: Gardening!
Goal: Gardening!