Official NFCU CLI Guide

[Creditaddict]

you cant do chase with the bk.

and i take back my discover original thought if you are only 2 years post bk.

[nitrov]

If you have an existing lending relationship with Chase and they didn't incur a loss as part of your BK, they will lend to you. If you have a deposit relationship with them or hold assets with them over $5k (including retirement) you can request a special recon if initial apps are declined for any reason. It's not a hard and fast rule on the BKs with them.

[MadTechnologist]

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@nitrov wrote:
If you have an existing lending relationship with Chase and they didn't incur a loss as part of your BK, they will lend to you. If you have a deposit relationship with them or hold assets with them over $5k (including retirement) you can request a special recon if initial apps are declined for any reason. It's not a hard and fast rule on theBKs with them.

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Well, once again, thanks Creditaddict and nitrov for all your insightful and wise responses.I've never had any credit with Chase, and the loans that I had were private student loans that I defaulted on for not making the minimum payment back when I had a financial crisis right before my BK. I made like 2/3 payments and then none for a while and it went into default. So, I have no issue at all NOT getting a CC with them now. I'm more hopeful that they would be willing to settle for what I have left on the account, which is around 11/12K and be willing to remove the account from my CR. They've already expressed interest in settling for just under half since like I said, it's been in default for years, but we never discussed removing the account upon payment. 

Anyway, I think I'll go with nitrov's original idea, which is to app for NFCU CLI, USAA, Barclays CLI, and Amazon CLI all on same day and see what happens. I was a little concerned that I wouldn't get the funds in time from my NavChek account since I would have to deposit a check linked directly to the account and my 2nd CU said the hold would be 3, 5, or 10 business days! I thought that was a bit harsh considering I've deposited a check from NavChek into that very account before. Fortunately, my 3rd, and last CU I'm a member of, said they would only do 2 business days which is a lot more reasonable and is 1 day before the statement closes for Barclay. So I should be able to enact this plan right away and have these CC balances all reporting 0$ by next month.

And yes, nitrov, I will heed your advice and not just use this method as a way to cheat the system to obtain more debt to put myself even further in the whole. I've already declared BK once already and I will do everything in my power to ensure it doesn't happen again. So that means that I'm well aware a CC is not a magic card that gives you free stuff you never have to pay for, lol. And I do know I have to pay it all back w/ interest if I don't pay it all off when the statement closes, lol. 

Lastly, I also just thought about all this and the fact that loans are treated/weighed/calculated differently than CCs are. Do you think if all the accounts, including the Amazon CC, show $0 except for the NavChek, I might have a viable or reasonable shot at getting a debt consolidation loan or a personal loan that would allow me to pay off at a decent rate over the next 2/3 years, and I just replace the Chase app w/ this app? I ask because I assume that loan could be a lot cheaper paying off than NavChek would since it accrues interest daily with a 16.9% interest rate. I've heard of sites like Prosper, Lending Club, and even Avant that give personal loans, but wasn't sure how likely something like that would be. I just know I don't want to borrow from another loan shark like Western Sky like I did before my BK.

[nitrov]

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@MadTechnologist wrote:

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@nitrov wrote:
If you have an existing lending relationship with Chase and they didn't incur a loss as part of your BK, they will lend to you. If you have a deposit relationship with them or hold assets with them over $5k (including retirement) you can request a special recon if initial apps are declined for any reason. It's not a hard and fast rule on theBKs with them.

---

Well, once again, thanks Creditaddict and nitrov for all your insightful and wise responses.I've never had any credit with Chase, and the loans that I had were private student loans that I defaulted on for not making the minimum payment back when I had a financial crisis right before my BK. I made like 2/3 payments and then none for a while and it went into default. So, I have no issue at all NOT getting a CC with them now. I'm more hopeful that they would be willing to settle for what I have left on the account, which is around 11/12K and be willing to remove the account from my CR. They've already expressed interest in settling for just under half since like I said, it's been in default for years, but we never discussed removing the account upon payment. 

Anyway, I think I'll go with nitrov's original idea, which is to app for NFCU CLI, USAA, Barclays CLI, and Amazon CLI all on same day and see what happens. I was a little concerned that I wouldn't get the funds in time from my NavChek account since I would have to deposit a check linked directly to the account and my 2nd CU said the hold would be 3, 5, or 10 business days! I thought that was a bit harsh considering I've deposited a check from NavChek into that very account before. Fortunately, my 3rd, and last CU I'm a member of, said they would only do 2 business days which is a lot more reasonable and is 1 day before the statement closes for Barclay. So I should be able to enact this plan right away and have these CC balances all reporting 0$ by next month.

And yes, nitrov, I will heed your advice and not just use this method as a way to cheat the system to obtain more debt to put myself even further in the whole. I've already declared BK once already and I will do everything in my power to ensure it doesn't happen again. So that means that I'm well aware a CC is not a magic card that gives you free stuff you never have to pay for, lol. And I do know I have to pay it all back w/ interest if I don't pay it all off when the statement closes, lol. 

Lastly, I also just thought about all this and the fact that loans are treated/weighed/calculated differently than CCs are. Do you think if all the accounts, including the Amazon CC, show $0 except for the NavChek, I might have a viable or reasonable shot at getting a debt consolidation loan or a personal loan that would allow me to pay off at a decent rate over the next 2/3 years, and I just replace the Chase app w/ this app? I ask because I assume that loan could be a lot cheaper paying off than NavChek would since it accrues interest daily with a 16.9% interest rate. I've heard of sites like Prosper, Lending Club, and even Avant that give personal loans, but wasn't sure how likely something like that would be. I just know I don't want to borrow from another loan shark like Western Sky like I did before my BK.

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Is your Amazon a store card or the Chase Visa? I was assuming it was the Chase card, that's why I was saying app for the new card with them. If it's the store card, then yea, don't bother with trying to get any additional credit with them. Research to see if you can get a SP CLI with Amazon, I'm not sure with that one. Be careful with settling with Chase, because they're typically not keen on deleting stuff from your credit. If they agree to it, get it in writing before giving them a nickel on the settled amount.

I don't know much about NavCheck specifically, but I know I deposited a convenience check to NFCU from my NFCU CC via the mobile deposit, it gave me $200 available immediately and said the rest would be on hold. I called them the next day and spoke to a CSR, she said since I had a credit card with them they could make the funds available immediately. I would definitely recommend trying that. 

As far as debt consolidation loans are concerned...banks/lenders don't like them, period. It's basically a completely unsecured term loan with a committed maturity date, no fallback collateral, and extremely high loss ratios in the event of a default. Most people who need them have poor credit, unfortunately, because they mismanaged other unsecured debt, which makes the loan particularly high risk for a lender. Paying off unsecured debt with more unsecured debt. The only people who can easily get debt consolidation loans at a rate that make sense is people who usually don't need them in the first place. Prosper is awful; they're basically a hard money lender. You can do a SP app on their site and see what APR they would offer you (probably 15-20%) and what amount, and the good thing is it's not a HP. You can cross-reference their approval from their rate ranges on their site and determine where your FICO falls as well to give you a good clue on what your score is.

USAA is very generous with offering BT offers AFTER you've had your account open a few months and demonstrated good repayment. I just got one from them for 1.99% APR for 12 months. I would say don't waste your time with a 15%+ debt consolidation cry for help loan and just try and focus on paying down your existing debt to the best of your abilities. Your APRs will get lowered soon enough. NFCU will do it when the account is more than 1 year old. Put the cards in a drawer if you have to so you don't spend more on them. The fact that you're disciplined enough to research credit to the extent you are suggests you're going down the right path. I'm sure you'll be much better in 6-12 months!

[Creditaddict]

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@nitrov wrote:

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@MadTechnologist wrote:

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@nitrov wrote:
If you have an existing lending relationship with Chase and they didn't incur a loss as part of your BK, they will lend to you. If you have a deposit relationship with them or hold assets with them over $5k (including retirement) you can request a special recon if initial apps are declined for any reason. It's not a hard and fast rule on theBKs with them.

---

Well, once again, thanks Creditaddict and nitrov for all your insightful and wise responses.I've never had any credit with Chase, and the loans that I had were private student loans that I defaulted on for not making the minimum payment back when I had a financial crisis right before my BK. I made like 2/3 payments and then none for a while and it went into default. So, I have no issue at all NOT getting a CC with them now. I'm more hopeful that they would be willing to settle for what I have left on the account, which is around 11/12K and be willing to remove the account from my CR. They've already expressed interest in settling for just under half since like I said, it's been in default for years, but we never discussed removing the account upon payment. 

Anyway, I think I'll go with nitrov's original idea, which is to app for NFCU CLI, USAA, Barclays CLI, and Amazon CLI all on same day and see what happens. I was a little concerned that I wouldn't get the funds in time from my NavChek account since I would have to deposit a check linked directly to the account and my 2nd CU said the hold would be 3, 5, or 10 business days! I thought that was a bit harsh considering I've deposited a check from NavChek into that very account before. Fortunately, my 3rd, and last CU I'm a member of, said they would only do 2 business days which is a lot more reasonable and is 1 day before the statement closes for Barclay. So I should be able to enact this plan right away and have these CC balances all reporting 0$ by next month.

And yes, nitrov, I will heed your advice and not just use this method as a way to cheat the system to obtain more debt to put myself even further in the whole. I've already declared BK once already and I will do everything in my power to ensure it doesn't happen again. So that means that I'm well aware a CC is not a magic card that gives you free stuff you never have to pay for, lol. And I do know I have to pay it all back w/ interest if I don't pay it all off when the statement closes, lol. 

Lastly, I also just thought about all this and the fact that loans are treated/weighed/calculated differently than CCs are. Do you think if all the accounts, including the Amazon CC, show $0 except for the NavChek, I might have a viable or reasonable shot at getting a debt consolidation loan or a personal loan that would allow me to pay off at a decent rate over the next 2/3 years, and I just replace the Chase app w/ this app? I ask because I assume that loan could be a lot cheaper paying off than NavChek would since it accrues interest daily with a 16.9% interest rate. I've heard of sites like Prosper, Lending Club, and even Avant that give personal loans, but wasn't sure how likely something like that would be. I just know I don't want to borrow from another loan shark like Western Sky like I did before my BK.

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Is your Amazon a store card or the Chase Visa? I was assuming it was the Chase card, that's why I was saying app for the new card with them. If it's the store card, then yea, don't bother with trying to get any additional credit with them. Research to see if you can get a SP CLI with Amazon, I'm not sure with that one. Be careful with settling with Chase, because they're typically not keen on deleting stuff from your credit. If they agree to it, get it in writing before giving them a nickel on the settled amount.

I don't know much about NavCheck specifically, but I know I deposited a convenience check to NFCU from my NFCU CC via the mobile deposit, it gave me $200 available immediately and said the rest would be on hold. I called them the next day and spoke to a CSR, she said since I had a credit card with them they could make the funds available immediately. I would definitely recommend trying that. 

As far as debt consolidation loans are concerned...banks/lenders don't like them, period. It's basically a completely unsecured term loan with a committed maturity date, no fallback collateral, and extremely high loss ratios in the event of a default. Most people who need them have poor credit, unfortunately, because they mismanaged other unsecured debt, which makes the loan particularly high risk for a lender. Paying off unsecured debt with more unsecured debt. The only people who can easily get debt consolidation loans at a rate that make sense is people who usually don't need them in the first place. Prosper is awful; they're basically a hard money lender. You can do a SP app on their site and see what APR they would offer you (probably 15-20%) and what amount, and the good thing is it's not a HP. You can cross-reference their approval from their rate ranges on their site and determine where your FICO falls as well to give you a good clue on what your score is.

USAA is very generous with offering BT offers AFTER you've had your account open a few months and demonstrated good repayment. I just got one from them for 1.99% APR for 12 months. I would say don't waste your time with a 15%+ debt consolidation cry for help loan and just try and focus on paying down your existing debt to the best of your abilities. Your APRs will get lowered soon enough. NFCU will do it when the account is more than 1 year old. Put the cards in a drawer if you have to so you don't spend more on them. The fact that you're disciplined enough to research credit to the extent you are suggests you're going down the right path. I'm sure you'll be much better in 6-12 months!

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WHAT PROSPER HARD MONEY! NO NO NO

your confusing Prosper with the counter offer from Lending Club if you don't qualify for them to apply to Spring Leaf or something which is usually like 30%+

Prosper is almost identicle to Lending club but they seem to be easier and they sp TU I think and lending club is EX or vice versa... either way they are SP's so you should apply to both and see what if anything you get offered.  I invest on Prosper also (that's where loan funding comes from, people investing.

I would not apply to chase

[nitrov]

Any bank that lends people unsecured money at anything over 12% is below a sub-prime lender, preying on desperate people and they rarely save people money because they amortize unsecured debt over a longer time at a higher interest rate than people can afford. At a 20% APR, they front-load the interest so on a 48-month loan, they end up earning almost their entire term interest charge within the first 9-12 months of the loan, so even if they don't collect more than 25% of the principal balance, they made enough money. I would never support a lender like that, but that's my opinion. There isn't much a difference between that and any other hard money lender except Prosper isn't breaking any legs.

[Creditaddict]

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@nitrov wrote:

Any bank that lends people unsecured money at anything over 12% is below a sub-prime lender, preying on desperate people and they rarely save people money because they amortize unsecured debt over a longer time at a higher interest rate than people can afford. At a 20% APR, they front-load the interest so on a 48-month loan, they end up earning almost their entire term interest charge within the first 9-12 months of the loan, so even if they don't collect more than 25% of the principal balance, they made enough money. I would never support a lender like that, but that's my opinion. There isn't much a difference between that and any other hard money lender except Prosper isn't breaking any legs.

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front load? again not prosper.

it's simple interest 3 year or 5 year, borrow choses!

interest can be like 5-29% depending on the factors

what they do charge up front is origination fee which is 1-5% (it's like doing a Balance Transfer except it's in your loan)

My partner and I looked at taking one out but for us with the origination fee I didn't feel like it made since simply because our credit cards are currently 12.99% AFTER the 0% runs out so paying 4% up front to then take out a 12% loan doesn't really work out but if we didn't have the best rates on credit cards after the 0% then it would make tons of sense... or the fact that it's 1 payment instead of the 5 we currently make or the fact that it's a loan vs credit cards so it is calculated in debt and credit scores very differently... makes a TON of sense for many.

but I wouldn't go take it out at 18%+ (especially when you have a Navy Relationship.

[BarryNTexas]

CA - how's the Personal Loans handled differently than CC in credit scoring models?

At Navy Fed are there PLOC?  Or is NavChek the same thing?

BTW - had a bunch of medical collections fall this past week and my EX jumped 69 points.  LOL amazing how stupid past mistakes impact our credit.

Experian DateScore

09/18/2014  703

09/13/2014  634

[Creditaddict]

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@BarryNTexas wrote:

CA - how's the Personal Loans handled differently than CC in credit scoring models?

At Navy Fed are there PLOC?  Or is NavChek the same thing?

BTW - had a bunch of medical collections fall this past week and my EX jumped 69 points.  LOL amazing how stupid past mistakes impact our credit.

Experian DateScore

09/18/2014  703

09/13/2014  634

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Prosper loan will be reported as an installment loan vs credit cards which are revolving.

The navy ploc is revolving also

[nitrov]

Simple interest loans...all front load, in that, interest is paid early in the life of the loan and most of the principal is paid toward the end. Research amortization schedules and you'll see what I'm talking about. Prosper advertises on their site 6-35% APR, consumer research shows 80% of their approvals are over 15% APR. I'm sure it's great for some people, but I would never recommend it for MadTechnologist, nor most people. My 48 month example was just that, an example, as a median of their common 36-60 month structure. I'm not making opinions on them, just stating facts that pertain to their general lending practices, and credit in general.