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Navy Federal Charge off and Relationship


Navy Federal Charge off and Relationship

Hello all. I am in need of some advice. I am trying to start the VA loan process, but I have 3 issues:

Charged Off Visa at around $5700 (have received a letter to settle, but will this help?)

Charged off Cap1 MC at around $700 (emailed the EO in hopes to pay this in full or PFD)

USA Finance Loan that is showing DQ but it was paid in full July 2017


What should I do?  I dont have the 5700 to pay in full, but I want to rekindle the flame in the relationship and I do have 2 auto loans with Navy fed which are in good standing.  I just want to get all of this cleared up since I have an awesome condo that is being offered to me.  Its unfortunate that I am currently deployed as well but my souse has PoA.  Fingers crossed!  I could use the help.  Thanks everyone!

Message 1 of 3
New Contributor

Re: Navy Federal Charge off and Relationship

I would suggest you settle with the amount that is requested, this will help stabilize your credit as well as help show that you settled your debts.  Navy Federal will need you to pay the amount owed if you ever want to do business with them again. So say you settle with $3K but you owe $5,700, you will need to pay the difference later if you want to bank with them. I am currently in process of doing this but decided to settle the CO so they would stop reporting it. This helped me with a nice 30 point increase!


Hope this helps!

Current: 5/16/2018 EQ 704 TU 704 EX 708
Starting: 2/8/2017 EQ 576 TU 546 EX 596
GOAL : 720 Across the board

Message 2 of 3

Re: Navy Federal Charge off and Relationship

Yes thats probably the best course of action for me.  I can always pay them at a later date.

Message 3 of 3