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I want to apply at Navy Federal.... but...

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Re: I want to apply at Navy Federal.... but...

once again... I AM. Not sure why this is so difficult for everyone to understand. I guess I'm not being very clear here. No worries. I think I need to step away now.

Message 21 of 35
Member

Re: I want to apply at Navy Federal.... but...

 

 I guess I have been doing it the wrong way then. I had about 3 unpaid collections on my CR when I joined this forum. I started to dispute lates, collections, etc and also obtained secured cards to help me rebuild. As I went along those collections were paid/settled and were removed. I only have one unpaid collection left to go, which im trying to take care of. In the mean time, im adding postive items to my CR as im tackling my last unpaid collection item. If I had to take care of all collections first, I wouldnt have the cards I have now.


DITTO!!!!
Message 22 of 35
Contributor

Re: I want to apply at Navy Federal.... but...

I don't think you are doing it wrong because you have some accounts that are going to report as positives on your credit reports.

 

However, It sounds like your ultimate goal is to acquire a home loan. If that is the case, I would setup the small direct payment with NFCU and nurture all your accounts for about a year or more. Use that time to work on removing your baddies and your score should improve and doors should start to open at NFCU and other places. 

 

It's hard but it just takes time.

 

Good Luck on what ever you decide to do.

Message 23 of 35
Senior Contributor

Re: I want to apply at Navy Federal.... but...


@TraumaMomm2 wrote:

I guess I forgot to mention that all these charge-offs and collections are OLD. And most (if not ALL of them) are outside the SOL in our state. Like I said, I AM trying to repair, but I guess I jumped the gun a bit on rebuilding (well, in my personal opinion, I still think what I did was a great idea). Also, as I said before, we are not trying to get a mortgage anytime soon. One (or likely TWO) years from now.During that time we will get the rest of what we can off of our credit, while simultaneously building NEW accounts with the ones we just got. 

 

I was also considering a secured loan or credit card with Navy Federal or USAA. I assume a secured loan might be the better option since we already have a few credit cards. I'm still not sure which way to go with that yet.

 

Thank you for your responses Smiley Happy 


Is your late payment old?

 

The banks are going to see a history.  Old chargeoffs and collections that were, before that obviously lates.  Now you have a current late.  Is the cycle being repeated?  Will that late turn into a chargeoff eventually?  History repeats itself is what they are thinking.

IAALBNYL
Message 24 of 35
Super Contributor

Re: I want to apply at Navy Federal.... but...

Read through the recent successes of our fellow fico members at the Rebuilding Forums.  They are working hard to acheive their rebuilding efforts.  I was once their before.  I earned my way to the Credit Card Forum.

 

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/bd-p/rebuildingcredit

Message 25 of 35
Senior Contributor

Re: I want to apply at Navy Federal.... but...


@TraumaMomm2 wrote:

THIS is why I NEVER post..... I didnt come here for a lecture.


Just consider the source and don't take it personally.  Smiley Wink

IAALBNYL
Message 26 of 35
Moderator Emeritus

Re: I want to apply at Navy Federal.... but...

DI wrote:

Just because the charge offs are old and passed the SOL doesn't mean you shouldn't pay them.   You created the debt and now feel you don't have to pay?  Any bank that lends you money is setting themselves up to get taken.    As suggested, you should be visiting the rebuilding forum and not the credit card forum.


 

I will ask the same thing as the OP. Where was it written that there was no intent to ever pay these debts? If you could please point that out. All that was mentioned is that the debts were old.

 

I will remind everyone again that disagreement with another post or opinion is fine but respect the person posting. Your view is neither more nor less valid than the person you are responding to.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 27 of 35
Moderator Emerita

Re: I want to apply at Navy Federal.... but...


@TraumaMomm wrote:

once again... I AM. Not sure why this is so difficult for everyone to understand. I guess I'm not being very clear here. No worries. I think I need to step away now.


I don't think it's difficult to understand in the least. And, I certainly hope that you didn't take my suggestion to hold off on an NFCU app (while you still have unpaid collections) as a put-down lecture. It most certainly wasn't. My thoughts, with regard to NFCU, are that they can be very forgiving, and very, very generous. But, based upon some anecdotal evidence that I've read, if you apply with unpaid collections (even old ones) they can be less forgiving, and less generous. I've even heard of some people being denied outright. Further, if NFCU were to counter with a secured product, it may just wake those CAs, and inspire them to cause you the maximum amount of credit reporting pain for however long they can still cause it. Secured accounts = secured savings deposit = $$$ for a CA. Even beyond SOL, they'll still try to collect if they sniff $$$.

 

Further, older debts, beyond SOL, and (hopefully) very near to CRTP compliance may be much more ripe for a PFD. And, if you can get rid of those baddies before you app, you may see right from 'go' the absolutely wonderful and generous side of NFCU. Smiley Happy

-------------------------------------------


Friendly, Supportive & Respectful


Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Message 28 of 35
Moderator Emerita

Re: I want to apply at Navy Federal.... but...


@MarineVietVet wrote:

 

I will ask the same thing as the OP. Where was it written that there was no intent to ever pay these debts? If you could please point that out. All that was mentioned is that the debts were old.

 

I will remind everyone again that disagreement with another post or opinion is fine but respect the person posting. Your view is neither more nor less valid than the person you are responding to."Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".


+1

 

I was wondering the exact same thing.

-------------------------------------------


Friendly, Supportive & Respectful


Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Message 29 of 35
Valued Contributor

Re: I want to apply at Navy Federal.... but...

Do NFCU cards offer airline miles? 

 

I have a not-so-sudden urge to visit Miami...Smiley Happy 

Message 30 of 35
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