cancel
Showing results for 
Search instead for 
Did you mean: 

Navy Fed - NOT BK Friendly

Highlighted
Regular Contributor

Navy Fed - NOT BK Friendly

So Ive been a member of NFCU for the last 1.5 years.  I have also been in Chpater13 BK the whole time.  Luckily I have been fortunately enough to have a trustee that allows me to build credit.  Knowing it will be hard to be in BK for 5 years, then have to spend another 1-2 years to rebuild with baby credit, they allow you to do what you need.  So I have been able to get very high limit cards and a few car loans ( All with the trustees blessing).  So now FF to a few weeks ago.  We got our Discharge.  And over the last few years, we have tried for many NFCU products.  They have always said BK filing was the reason for denial.

 

Now we are discharged and have lots of great credit built.  Going on 2 years of both secured and un secured.  I have awesome job history and income.  My scores at this point are EX - 714, TU - 640 and EQ - 656.  

 

So thinking I would be ok, I tried again for a goRweards card.  DENIED AGAIN.  Reason - recent BK discharge.  Not only have they been denying me for the last almost two years because of the BK filing (not discharged), but now they are saying no again because of the recent discharge.  WHAT THE H.E Double Hockey Sticks???  What more do they want??

 

 I have been in with Penfed for years now at this point, with both cards and car loans.  Even when the 13 was still open.  And they are supposed to be the more conservitave lender.  So Im baffled.

So at this point I think its time to cut ties with NFCU.  I have sent in secure messages, and they are standing their ground.  No need for me to keep beating this horse because Im Penfed's baby at this point.  And Im free to get cards and loans from anywhere now.  Especially with my credit scores.

 

So NO NFCU is not BK friendly.  Pass on them.  Believe it or not, Penfed is.

 

Message 1 of 19
18 REPLIES 18
Highlighted
Valued Contributor

Re: Navy Fed - NOT BK Friendly

Sorry you've had bad luck with Navy, for most people they are the Bank that helps people dig themselves out of that hole. Did you allow enough time between the discharge and reapplying or did it get discharged yesterday and you applied the following day?

I've never filed so I'm not sure how BKs work but I would think like any significant change to a report you'd want to give it 30-60 days to update everywhere before you start applying again, specifically at a place that denied you exclusively for the BK. Hope things turn up for you or you decide to just move on and look forward
Message 2 of 19
Highlighted
Regular Contributor

Re: Navy Fed - NOT BK Friendly

My BK was discharged weeks ago, and is showing on all three CRs.  

 

And to further stir this up, I was able to get a CC department sup on the phone.  She spoke with a senior lender, and they said their guidelines have changed in the last few months.  They no longer will offer credit products to anyone discharged from BK until a specific amount of time has passed.  She said they would not tell her what that was.  But she assumes 6-12 months.  The lender person said this is fairly new, and they will not make an exception.  

 

So there you have it.  Steer clear of NFCU if you are fresh out of BK even if you have your discharge updated on your reports.  No need to roll the dice with them anymore.  They hard pull for every single thing, and you will be wasting one on them.  Sad, they used to be the go-to place.  Not anymore.

Message 3 of 19
Highlighted
Valued Contributor

Re: Navy Fed - NOT BK Friendly


@CreditNewguy wrote:

My BK was discharged weeks ago, and is showing on all three CRs.  

 

And to further stir this up, I was able to get a CC department sup on the phone.  She spoke with a senior lender, and they said their guidelines have changed in the last few months.  They no longer will offer credit products to anyone discharged from BK until a specific amount of time has passed.  She said they would not tell her what that was.  But she assumes 6-12 months.  The lender person said this is fairly new, and they will not make an exception.  

 

So there you have it.  Steer clear of NFCU if you are fresh out of BK even if you have your discharge updated on your reports.  No need to roll the dice with them anymore.  They hard pull for every single thing, and you will be wasting one on them.  Sad, they used to be the go-to place.  Not anymore.


6 to 12 months isn't that long to wait.  You went through a chapter 13 but I assume that more people go through chapter 7's so for them  6 months seems pretty soon.  

More cards than I can mention in a signature.
Message 4 of 19
Highlighted
Regular Contributor

Re: Navy Fed - NOT BK Friendly

I waited 5 months after a Ch7 discharge and got 1k from NF on a Cash rewards card; three months later they upped it to 25k. 

 

PenFed denied me at a year out, then after a recon approved me with 3k and after the survey took me to 10k. 

 

I think NF has been a good friend to me coming out of BK. 

Ch 7 Discharged Jan 16; Credit Scores around 700 + or - 10 points or so (estimate haven't checked any real scores in a while)
Message 5 of 19
Highlighted
Moderator

Re: Navy Fed - NOT BK Friendly

There are quite a few Bk’rs who would disagree due to being approved.

Got some pruning to do... No more new cards!
Message 6 of 19
Highlighted
New Contributor

Re: Navy Fed - NOT BK Friendly

Both my wife and I were denied for credit prods from NFCU for 12 months after our CH 13 discharge. After 12 months the floodgates opened up. As I understand your discharge is only 1 month old ? If so, I would wait until the 1 year mark of discharge, and try again. YMMV.


@CreditNewguy wrote:

So Ive been a member of NFCU for the last 1.5 years.  I have also been in Chpater13 BK the whole time.  Luckily I have been fortunately enough to have a trustee that allows me to build credit.  Knowing it will be hard to be in BK for 5 years, then have to spend another 1-2 years to rebuild with baby credit, they allow you to do what you need.  So I have been able to get very high limit cards and a few car loans ( All with the trustees blessing).  So now FF to a few weeks ago.  We got our Discharge.  And over the last few years, we have tried for many NFCU products.  They have always said BK filing was the reason for denial.

 

Now we are discharged and have lots of great credit built.  Going on 2 years of both secured and un secured.  I have awesome job history and income.  My scores at this point are EX - 714, TU - 640 and EQ - 656.  

 

So thinking I would be ok, I tried again for a goRweards card.  DENIED AGAIN.  Reason - recent BK discharge.  Not only have they been denying me for the last almost two years because of the BK filing (not discharged), but now they are saying no again because of the recent discharge.  WHAT THE H.E Double Hockey Sticks???  What more do they want??

 

 I have been in with Penfed for years now at this point, with both cards and car loans.  Even when the 13 was still open.  And they are supposed to be the more conservitave lender.  So Im baffled.

So at this point I think its time to cut ties with NFCU.  I have sent in secure messages, and they are standing their ground.  No need for me to keep beating this horse because Im Penfed's baby at this point.  And Im free to get cards and loans from anywhere now.  Especially with my credit scores.

 

So NO NFCU is not BK friendly.  Pass on them.  Believe it or not, Penfed is.

 




Message 7 of 19
Highlighted
Frequent Contributor

Re: Navy Fed - NOT BK Friendly

Start off with a secured card if you really want to speed up your relationship with them.

Message 8 of 19
Highlighted
Established Member

Re: Navy Fed - NOT BK Friendly

Just got approved for a $500 secured card today as I joined.  I'm still in  Chapter 13 and my attorney encouraged a secured card.

Message 9 of 19
Highlighted
Valued Contributor

Re: Navy Fed - NOT BK Friendly

You haven't been discharged long enough. 

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU More Rewards Amex/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder Visa/Citi Costco Visa/CapitalOne SavorOne - $130,400 total revolving
5% Conventional Mortgage @ 3.25% July 2020
May 2020 - EQ/EX/TU Fico8: 689/688/679 INQ: 4/2/2 Util: 13.7% total, 4 accts reporting $0, 5 accts each under 30%
Message 10 of 19
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.