Re: Back in with Navy Fed but denied More Rewards

Anonymous · ‎08-26-2020

You said you settled? If you didn't pay them back in full, there is no getting any credit from them until you do.

WhiteCollar · ‎08-26-2020

Yes I settled. They re-financed my car. Isn't that a form of credit?

AverageJoesCredit · ‎08-26-2020

@WhiteCollar wrote:
Yes I settled. They re-financed my car. Isn't that a form of credit?

Not same as a credit card. Your car can be taken way.

Anonymous · ‎08-26-2020

I would get the secured card for now. $200, and it will (for 98% of people) graduate in 5-7 statements(for me it was 7 months/7 statements) and it'll go to a $2k limit. Then apply for a second card, which also for most is a very high starting limit, but YMMV. You can request a CLI after 91 days/3 statements on a new card as well, so if you get say, a $10k starting limit, in 3 months you can request 3x the limit and (usually) get it, or close to it.

However, navy fed seems to be on edge right now like most lenders so again, this may or may not happen but definitely the secured card should graduate to $2k, it did for me last month!

Brian_Earl_Spilner · ‎08-26-2020

Honestly, if you settled, I'm surprised you even got the refi. They normally wouldn't allow you get anything but a checking and savings if you didn't make them whole. Letter will probably state you caused them a loss.

WhiteCollar · ‎08-26-2020

Guess I got lucky. I'll wait for the letter then develop a strategy.

gingerflower · ‎08-26-2020

@Anonymous

+1 I agree if you settled but the debt is not paid in full...That would be your denial..

Anonymous · ‎08-26-2020

@WhiteCollar wrote:
Guess I got lucky. I'll wait for the letter then develop a strategy.

Yeah you definitely got lucky. I imagine someone is going to get in trouble for the refi going through. CUs by their very nature don't forgive because a loss to the CU is really a loss to the members.

blazerein · ‎08-26-2020

@WhiteCollar Did you settle with Navy with the Full Amount or did you pay partial payment. If you settled for partial payment the reason of the letter is "You caused Navy a loss" something like that. If you pay them in full then you can call them to remove the internal block.