NFCU Secured Card Minimum Score...

[Andy77]

Hello,

I just filed a bk ch 7 three days ago.  My EQ is around 510.

My lawyer said its fine to apply and get a secured card now.

With that in mind, what are the minimum scores for a NFCU secured card ?

Thank you!

[Anonymous]

For a point of reference a guy just got approved with a 495 for an unsecured card through Navy. The bigger issue here is the Chapter 7. 3 days ago is basically last night. I wouldn't be surprised if you were denied. 

But what do you have to lose? BK is an elephant. A wasted HP is a mosquito. Please keep us posted and I wish you the best of luck with your rebuild. 

If I was in your shoes I would probably wait a bit and let the ink dry on your Bk. (also NFCU pulls TU for new cards)

[Jnbmom]

Although your lawyer advised you can get now, it’s much better to wait until your BK is discharged and your accounts are reporting IIB and zero balance. You get a little bump once this happens .

There is no need to rush back in, its not a race it’s more like a marathon.

Good luck

[Bankrupt2019]

I’m not sure what score they used for secured card but when I got mine a few days ago mine were EQ622 TU582 EX590 I haven’t seen an inquiry yet.

Edit: got alerts for Inquiry from NFCU on TU from 2/2/20.

[FinStar]

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@Jnbmom wrote:
Although your lawyer advised you can get now, it’s much better to wait until your BK is discharged and your accounts are reporting IIB and zero balance. You get a little bump once this happens .

There is no need to rush back in, its not a race it’s more like a marathon.

Good luck

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Agree. 

OP, based on the separate thread you had started, it would seem the best course of action is to wait until the dust settles rather than rush for more CCs.  My understanding is that NFCU pulls TU even for secured cards (unless this specific product is done differently - someone can correct me on this).  I would also see whether your CRs reflect any changes (scoring-wise) with the addition of the AU card mentioned in the below once the BK is discharged.

https://ficoforums.myfico.com/t5/General-Credit-Topics/Chase-Report-AU-to-All-CR-s/td-p/5897308

Was NFCU IIB in this recent BK... or the one from 2009? 

[Bankrupt2019]

Yep, they sure do. TU Inquiry just showed up today, myFICO is so slow with alerts.

[Andy77]

Hello,

So I am about a week post Ch 7 filing (all of my collection balances, etc are still on my TU, the only poz info is my paid car loan and I am an AU on a 50 yr old Chase card w/ perfect history and a balance at about 16% of CL).

I applied for the NFCU secured card for $200.00 limit and I got the 7-10 day notice.  I sent a PM and they replied....

"Thank you for your message, Mr. _____. We received your inquiry for reconsideration. Because we take our members' concerns seriously, we conducted a second review of your application. After careful consideration, we have determined that we must stand behind our original decision. Navy Federal does not share our internal lending criteria with our membership. However, at this time you do not qualify for a secured or unsecured credit card account. We regret that we are not able to reach a more favorable decision."

Should I wait until my BK is discharged and try again OR recon again ?

[Bankrupt2019]

Bk must have to be discharged.I got my NFCU secured a month after discharge.I didn't apply for anything until my discharge was reported and reports updated.

[Andy77]

when was your BK discharged ?

[Anonymous]

Sorry about your denial, but I agree you should have waited until discharge.