Rebuilding Relationship with NFCU

[CharSie]

Hello all. Just wondering has anyone SUCCESSFULLY rebuilt their relationship with NFCU “AFTER” causing them a loss?

Filed Chapter 7 in Aug 2018 due to an dispute between me and Chevy and a lemon vehicle I was sold and had to include a $1600 CC i had with them. All debts were discharged.

I was able to open another NFCU checking account and use it freely. I saw mentioned a few times that if you willingly pay them back, you could then become eligible for lending products.

I WANT TO KNOW IF ANYONE HAS BEEN SUCCESSFUL IN REPAIRING A NFCU RELATIONSHIP?

I’d hate to pay the discharged debt and then they still don’t approve me in the future. I’m trying to rebuild so i can buy a house when I’m eligible.

ARE THERE ANY OTHER CREDIT UNIONS AS GENEROUS WITH THEIR CREDIT/MORTGAGE LIMITS AS NFCU?

[theBeardedNerd]

Yes, they will let you back in once you repaid the debt. I recently paid roughly $18k, just to get back in with NFCU. I currently have the secured nRewards card with a credit limit of $3k. I use it for all my purchases and pay it off every month. I'm hoping by the end of the year it will graduate to an unsecured card.  

[Anonymous]

I currently owe them about $250 from an old bank account I had with them back in 2012. They said if I paid that old debt I could restore my account. I am really think about doing so since I have heard so much good things about their secured card which graduates. Probably worth it in my opinion.

[CharSie]

@TheBeardedNerd

Do you still have the “this is not an attempt to collect a debt” message showing on your account when you log in?

I guess I’m nervous because they could just be telling me anything to recoup their loss. I’d hate to pay the discharged debt and then a year or so down the line when i apply the loss is still considered a reason for denial.

[CharSie]

@justin That’s why I want to as well. They’re very generous with their limits and i haven’t come across another CU that compares.

[theBeardedNerd]

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@CharSie wrote:
@TheBeardedNerd

Do you still have the “this is not an attempt to collect a debt” message showing on your account when you log in?

I guess I’m nervous because they could just be telling me anything to recoup their loss. I’d hate to pay the discharged debt and then a year or so down the line when i apply the loss is still considered a reason for denial.

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I've never seen "this is not an attempt to collect a debt" message showing up on any of my accounts. At the same time, I never filed for bankruptcy. Not sure if that's the reason why it's showing up when you login. My three accounts were chargeoffs and I made the decision to pay them back, because I spent the money and I wanted to reestablish my relationship with them. I've used other CU's and they don't compare. 

I've never seen "this is not an attempt to collect a debt" message showing up on any of my accounts. At the same time, I never filed for bankruptcy. Not sure if that's the reason why it's showing up when you login. My three accounts were chargeoffs and I made the decision to pay them back because I spent the money and I wanted to reestablish my relationship with them. I've used other CU's and they don't compare. 

Are you close to a branch? If so, I'd go there and talk to someone. If not, then I'd call them up and talk to someone about setting up a payment plan to pay back the $1600. From my personal experience and all the reading I've done, they will let you back in once you repay the debt.  

[Anonymous]

Is the advice to pay the full amount owed to Navy Fed? I guess my question is, if you settle for a lower amount, will you be able to re-establish your relationship with them down the road? 

[Anonymous]

Generally speaking if you cause a CU a loss and don’t make them whole, you can’t get back in their good graces. I wouldn’t try to settle with a CU you want to do business with again.

[theBeardedNerd]

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@Anonymous wrote:

Is the advice to pay the full amount owed to Navy Fed? I guess my question is, if you settle for a lower amount, will you be able to re-establish your relationship with them down the road? 

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When I first started my rebuild, I settled one of my credit card accounts for around $522.09 (original balance: $2610). After using a couple of CU's I realized I wanted back in with NFCU. I called and spoke with the gentleman who was handling my account and told him what I was looking to do. He said the only way I'd be able to get a loan or credit card from them ever again, would be to pay the entire amount I owed. 

Yes, my advice is to pay them in full, if you want to re-establish your relationship with them. 

[AllCredit]

I had 2 charge-off accounts with them that were so old they had dropped of my credit report. I didn't owe alot but figured why bother since they were old and off my credit report.  I ended up paying one in full (maybe $1100-1200)...after reading through these forum about needing to make them whole in order to have any future options with them.    I did a payment plan with the other for a $100 a month, I did that for about 6-7mths then called in one day and just paid the remaining balance off...that was Dec. 17.  Immediately after I opened up a checking acct.  About a month later I app'd for a credit product (personal loan)...denied...been sitting on it ever since...then Friday in my email I get a pre-selected offer for NFCU Cash Rewards, on the site under offers it actually had special offers that were in-branch only.  So I figured I would just try again...I was told that the app was under review, a few hours later I got an update that I was approved...SL $25000.  So to answer your question, yes it does happen (I think its always a roll in the dice <is that right?>...but like the above...I spent the money, so I owe it whether they opt'd to give me another chance or not...).

OP have you applied?  Any update?  GL!