NFCU not BK friendly?

gotpigs · ‎10-26-2021

I applied for a cash Rewards Visa account. Figured since my score was decent (715) that I *may* have a chance, but now I know they have their own score (253/450 on theirs). The only reason listed for the denial was my BK, discharged in Jan 2017. I understand the other reasons (such as not being a member for more than a week) on the "other adverse factors" list on the next page, but do they generally deny anything with a BK attached?

I was told by their reps that people have opened an account the same day they apply for credit/loans. ???

coreyb80 · ‎10-26-2021

I'm currently at the tail end of my 13 and they approved me for a secured card in July 2019 that graduated in April 2020. I've had a couple of increases since, but nothing too crazy. I've also tried for another card and been shut down for bankruptcy. I'm not sure if they've changed how they're handling things, but I wouldn't say that they're not BK friendly. I'm thinking that it depends on the profile of the person. I'm sure more will come in with more DPs as well.

SUPERSQUID · ‎10-26-2021

@gotpigs wrote:
I applied for a cash Rewards Visa account. Figured since my score was decent (715) that I *may* have a chance, but now I know they have their own score (253/450 on theirs). The only reason listed for the denial was my BK, discharged in Jan 2017. I understand the other reasons (such as not being a member for more than a week) on the "other adverse factors" list on the next page, but do they generally deny anything with a BK attached?
I was told by their reps that people have opened an account the same day they apply for credit/loans. ???

In my case i filed bk7 that was dc 12/2019. i joined nfcu with a checking/savings in may. so far on their prequal page they only offer me the nrewards secured.

i wouldnt say they are not bk friendly more than bk shy. they will offer the secured nrewards and graduate it to 2k unsecured in most cases in 6 months, so its not a total shutout.

gotpigs · ‎10-26-2021

Good to know.. I'll try that next time after awhile. God knows after getting 3 cars financed in the last 2 months and a ton of inquiries now when that will be! 😄Thanks!

Total80sKid · ‎10-26-2021

They won't approve a non-secured card until a year after discharge, but plenty of members here have received $20k+ cards 1 year after discharge, so it varies from person to person.

FLLGuy · ‎10-27-2021

My last month in BK13 (July 2021 - pre discharge) I applied and was approved for NFCU secured card added $200. Then 91 days after establishing the secured card NFCU bumped me automatically an extra $400 (free) without asking for more deposit money giving me a total of $600 CL in the first 91 days. I would say they are BK friendly, also my wife during 3rd year into BK13 obtained a new auto loan NFCU and refinanced a year later with them. By the way, we've had a banking relationship with NFCU for about 3-4yrs now as well.

As previously stated by "Coreyb80" - most 1yr discharged from BK tend to get approvals $15K+ in unsecured credit cards. Highly recommended they start you small and will eventually show you a great deal of love just look at the NFCU megathread going on and you'll see.

WavysMommy · ‎10-28-2021

@gotpigs wrote:
I applied for a cash Rewards Visa account. Figured since my score was decent (715) that I *may* have a chance, but now I know they have their own score (253/450 on theirs). The only reason listed for the denial was my BK, discharged in Jan 2017. I understand the other reasons (such as not being a member for more than a week) on the "other adverse factors" list on the next page, but do they generally deny anything with a BK attached?
I was told by their reps that people have opened an account the same day they apply for credit/loans. ???

They're friendly to a degree. I have 3 cards with them; BK discharge August 2019. I opened my checking and savings account June 2020. I didn't "prequal" for anything besides the nRewards so I got that September 2020. After 3 full billing statements, I applied for More Rewards and was approved for 12.5k. Applied for the Go Rewards card in July, approved for same limit, and then following my nRewards upgraded to Cash Rewards in August. My Cash Rewards approval(I think) prompted the upgrade as I was pushing a year since I was approved.

Oh, and it didn't show I was prequalified for either of those cards. I just cold app'd after viewing similar datapoints.

gotpigs · ‎10-28-2021

I didn't have a prequal for anything either. Probably was the lack of account status or inquiries from auto loans (only 10 at a time!) more than anything but just don't get it how a year out of BK you get approved and mine has been discharged almost 5 years...No late payments or collections so I'll try the secured route later.

Anonymous · ‎10-28-2021

@gotpigs wrote:
I didn't have a prequal for anything either. Probably was the lack of account status or inquiries from auto loans (only 10 at a time!) more than anything but just don't get it how a year out of BK you get approved and mine has been discharged almost 5 years...No late payments or collections so I'll try the secured route later.

Their prequalify tool is not accurate. I was prequalified for secure card and applied for cash rewards instead was approved.

WavysMommy · ‎10-29-2021

@gotpigs wrote:
I didn't have a prequal for anything either. Probably was the lack of account status or inquiries from auto loans (only 10 at a time!) more than anything but just don't get it how a year out of BK you get approved and mine has been discharged almost 5 years...No late payments or collections so I'll try the secured route later.

I also had positive payment history through 3 other credit cards by the time I applied for the More rRewards(2 had at least 1 year of history post BK discharge) and had/have a 20+ old student loan account that had positive payment history, which increased my avg age of accounts. My income also increases twice a year due to cost of living increases and because of being under 5 yrs with my agency. Typically between 2.5 and 3 percent each time. My inquiries were less than 4 for Transunion at the time, so no credit seeking behavior.

I'm sure these factors also contributed to my approvals.

ETA: My DTI ratio is low too. I believe I'm at 3% last I checked. I've read they're sensitive to that