BURNED & FORGIVENESS (PenFed , NFCU , RBS Citizens)

[Anonymous]

Hi All

In 2009-2010 

I ran into some troubles during the stock market collapse and lose nearly all my asset , housing and investment

And I burned NFCU , Penfed and RBS (now is call Citizens Bank)

I now fully recovered and would like to know is anyone know can I still get back to NFCU ? Penfed still send me commierical email ask me for their products, not sure is it call welcome back to them ? And RBS now call Citizens Bank can i still apply for their cc ?

Thank you so much for help

[FinStar]

AFAIK, once you burn NFCU, it's a sealed fate.  PenFed may send advertisements or marketing information but that doesn't necessarily translate into a welcome mat.  To learn for sure, you would need to apply for any of their products to see whether they are forgiving.  And, RBS is likely a no, unfortunately.

Were any of these lenders included in BK or just charged-off/unpaid?

[Anonymous]

To get back into any credit union, you must make them whole again. It’s a pretty standard rule that if a member damages the credit union, they must repay the damage before they can be accepted back. 

[FinStar]

That appears to be a generalized statement for all CUs, no?  That actually isn't the case for a variety of them.  In general, regardless whether you make them whole or not, they typically do not re-establish those relationships.  Do you have an actual list for all CUs that do this?

[Anonymous]

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@FinStar wrote:

That appears to be a generalized statement for all CUs, no?  That actually isn't the case for a variety of them.  In general, regardless whether you make them whole or not, they typically do not re-establish those relationships.  Do you have an actual list for all CUs that do this?

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I didn’t say they all will accept you back (although technically there is nothing specifically barring a member from being a member again once the CU has been made whole, that’s an entirely different story to being allowed to have a credit product again) just that if you ever have any hope of being back in with them, you have to make them whole first. 

[Anonymous]

Hi FinStar

Thank you so much for your replied. 

During the tough 2009 2010, these cc was charged off and I did not file BK, and they all felt off from my reports around late 2017

Thank you ver much for help

[Anonymous]

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@Anonymous wrote:

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@FinStar wrote:

That appears to be a generalized statement for all CUs, no?  That actually isn't the case for a variety of them.  In general, regardless whether you make them whole or not, they typically do not re-establish those relationships.  Do you have an actual list for all CUs that do this?

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I didn’t say they all will accept you back (although technically there is nothing specifically barring a member from being a member again once the CU has been made whole, that’s an entirely different story to being allowed to have a credit product again) just that if you ever have any hope of being back in with them, you have to make them whole first. 

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Hi Saeren

Thank you for the info 

So for commerical banks, I saw ppl can get back to them after certian amount of time like 10 years etc. 

And for CU , they are forever ? 

[FinStar]

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@Anonymous wrote:

Hi FinStar

Thank you so much for your replied. 

During the tough 2009 2010, these cc was charged off and I did not file BK, and they all felt off from my reports around late 2017

Thank you ver much for help

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So, potentially since these accounts were not IIB, and if you wanted to test the waters the only way to know for sure if when you apply or if you're eligible for CU membership again (i.e. PenFed, NFCU).  IIRC, NFCU is unlikely to bend.   Keep in mind that although your reports may be clear from those previous accounts/derogs, these lenders still keep internal records.

[Anonymous]

@Anonymous wrote:

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@Anonymous wrote:

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@FinStar wrote:

That appears to be a generalized statement for all CUs, no?  That actually isn't the case for a variety of them.  In general, regardless whether you make them whole or not, they typically do not re-establish those relationships.  Do you have an actual list for all CUs that do this?

---

I didn’t say they all will accept you back (although technically there is nothing specifically barring a member from being a member again once the CU has been made whole, that’s an entirely different story to being allowed to have a credit product again) just that if you ever have any hope of being back in with them, you have to make them whole first. 

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Hi Saeren

Thank you for the info 

So for commerical banks, I saw ppl can get back to them after certian amount of time like 10 years etc. 

And for CU , they are forever ? 

---

CUs will absolutely not extend any credit to anyone who has caused them a loss that hasn’t been repaid. There may be a CU here and there that actually goes against the policy once in awhile but NFCU and PenFed aren’t forgiving at all. 

Now the banks, on the other hand, tend to have varying degrees of forgiveness. Some will forgive before 10 years, some won’t forgive beyond 10 years and the ones that take the longest to forgive are the most likely to hold the previous account history over your head when you try to get CLIs or additional products. 

[Anonymous]

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@Anonymous wrote:

@Anonymous wrote:

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@Anonymous wrote:

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@FinStar wrote:

That appears to be a generalized statement for all CUs, no?  That actually isn't the case for a variety of them.  In general, regardless whether you make them whole or not, they typically do not re-establish those relationships.  Do you have an actual list for all CUs that do this?

---

I didn’t say they all will accept you back (although technically there is nothing specifically barring a member from being a member again once the CU has been made whole, that’s an entirely different story to being allowed to have a credit product again) just that if you ever have any hope of being back in with them, you have to make them whole first. 

---

Hi Saeren

Thank you for the info 

So for commerical banks, I saw ppl can get back to them after certian amount of time like 10 years etc. 

And for CU , they are forever ? 

---

CUs will absolutely not extend any credit to anyone who has caused them a loss that hasn’t been repaid. There may be a CU here and there that actually goes against the policy once in awhile but NFCU and PenFed aren’t forgiving at all. 

Now the banks, on the other hand, tend to have varying degrees of forgiveness. Some will forgive before 10 years, some won’t forgive beyond 10 years and the ones that take the longest to forgive are the most likely to hold the previous account history over your head when you try to get CLIs or additional products. 

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Thank you so much for your time spent to explained to me, Thank you Saeren 

So for now, maybe I will need to give us CU and for anyone else if burned RBS before 2009 and please post if you can still able to get back to their Citizens Bank now. Would love to get back and being a good person again. 

Thank you All