Trying to decide to what to do about NFCU is giving me the flux

[NextUp2bat]

Good day all. Recent I have been hearing some great things about the benefits of a NFCU member and its credit benefits. Let me share my scenario so I can possibly get some feedback from those who are more familiar with it. I shared on here before that I have a 30 year old debt with NFCU. I tried to get a membership again several years ago and was told that they will never allow me to open another account. Fast forward several years,  after reading more on forums how great and beneficial if can be to be a NFCU member, I starting applying online. I did it a couple of times but never got a response. I visited a branch a few weeks ago and was told  that they suspected fraud on my account. I finally got an email from the fraud dept that they concluded my investigation and to contact collections dept. I called today and the rep was friendly asking if I wanted to make a settlement, I replied yes and that I would make the one payment settlement. She then said something that totally caught me by surprise. She said that my balance is $5,361.000 and that the settlement amount is $1,878.00. I'm in shock because I know the original loan amount was no more than $2,500.00, how could it double? She couldn't see the detail but said it may have been late fees unti the charge off.  I wasn't complaining because the settlement was less than I thought I owed and planned to pay. The problem came in when I asked her if after the payment was made whether I would qualify for membership again after paying it. She replied that she wasn't sure. She has her conflicting things from customers. Some were restored and others were told that NFCU lost money because of them so they wouldn't reinstate their membership. She suggested that if that happens if and they didn't reinstate it that I could make payment until the rest is paid off.This is my dilemma since it is so old it's no longer on my credit report so it isn't having any negative impact in that way. Are the potential benefits of being a member great enough I should pay $5k to try and get it. $5k is a quite a chunk of money to just give away. Just because they reinstate my membership, are there any guarantees or atleast the likelihood that they will ever trust me with large balances in the future?

[RSX]

personally i would just take the settlement, and be done with it

then try to apply online again in 2-3 months after it is all cleared up

i wouldnt pay $5k for a hope...

[Kforce]

1) I have been hearing some great things about the benefits of a NFCU member and its credit benefits.

They have a lot of competition.

Other fish in the sea.

[shmacckk]

I agree.

Not worth it. Nfcu is good but there are others out there just as good.

Save your money.

[Taurus22]

Yep....other fish, other fish, other fish.

If that debt is 30 years old, it's way past the statute of limitations anyway, and is obviously not being reported any longer. The only lender that affects for you is NFCU itself. The moment you make any payment toward that debt, it automatically resets the clock on the statute of limitations. So that decision is up to you, but doubtful that it will provide any benefit, other than clearing your conscience.

[AverageJoesCredit]

Everyone says other fish in the sea but that doesnt mean those fish wont get eaten lol. Being that you burned them, i think that settlement is pretty good and for a chance to be back in with Navy Fed id take it but to each their own. YMMV with any lender but in my case no ither lender would treat this poor guy as good as ive been treated with Navy. Only you can decide how much value you place on maybe obtaining their products and if you prefer other seafood, well, as been said......there's  always Chase or Synchrony

[jmw1]

Not a chance I would flush $1878 down the toilet to get back into Navy. No lender on this planet is worth an $1878 upfront application fee since I don't think you will get back in with a settlement. I can think of over 100 better ways to spend $1878 including giving it all to the first homeless guy I see after walking out of the house. 

The other problem is that I believe you still incurred a loss on the credit union including overhead and collection costs unless you pay the full undiscounted balance.  No lender is worth $1878 or $5361. Other fish in the sea of course. 

[Whitneyy]

I know from experience that you have to pay back every red cent with Navy Federal to get back in.

I did a payment plan directly out of my Wells Fargo and once it was cleared in the system (make sure) I got a credit card for $4,900. Small start but grateful. 

[NextUp2bat]

Yeah at $5k even if they let me back in, I question whether the benefits and savings would ever add up. 

[NextUp2bat]

So true. Thanks. I think I may just stick with the competition.