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getting back in with DCU

jeffm4688
Frequent Contributor

getting back in with DCU

I tried to search the forum before I posted this but I can't seem to find much about them after burning them. I have a credit card I owe roughly 7.5k on with them & the collection agency is starting to call me up. If I do end up covering them in full will they let me back in and relend at some point or am I better off settling with them for as low as I can? I have burned the other big CUs for much larger amounts of money (NFCU for $65k, penfed for $40k and my local CU for $20k) so comparitively speaking if I can get back in and reestablish membership it'll be the cheapest CU to pay off aside from my local one. (NFCU/Penfed are already settled so they're out of the question forever)

FICO 12/2015 - EX 692 TU 685

FICO 10/2021 - EX 596 TU 605 EQ 600 - officially rebuilding.

What survived:
Amex HH - 1.5K | Amex Delta - 1K | Amex Bonvoy - 1.5K | Amex BRG - 3.5K | Amex BRG - 3.5K | Amex Business Cash- 2K | Amex Business Plus - 2K
Message 1 of 13
12 REPLIES 12
FireMedic1
Super Contributor

Re: getting back in with DCU

Out of all of them. If you pay in full what you burned NFCU for. You can start with the nsecured card and build from there. Not so sure about DCU.

Your siggy confused me until I saw the date. Whew! Thought for a second you had all those after BK.






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 2 of 13
FinStar
Moderator

Re: getting back in with DCU


@jeffm4688 wrote:

I tried to search the forum before I posted this but I can't seem to find much about them after burning them. I have a credit card I owe roughly 7.5k on with them & the collection agency is starting to call me up. If I do end up covering them in full will they let me back in and relend at some point or am I better off settling with them for as low as I can? I have burned the other big CUs for much larger amounts of money (NFCU for $65k, penfed for $40k and my local CU for $20k) so comparitively speaking if I can get back in and reestablish membership it'll be the cheapest CU to pay off aside from my local one. (NFCU/Penfed are already settled so they're out of the question forever)


A variety of CUs would need to be made whole before you can be let back in -- settling may not be sufficient especially to rekindle any type of lending relationship. Do you still have an active membership account with DCU or was it closed out?

 

Looking at your signature, I'm assuming it's not up-to-date? If so, can you please update it in order to avoid any confusion?

Message 3 of 13
jeffm4688
Frequent Contributor

Re: getting back in with DCU

I was actually specifically looking for a DCU datapoint to try and determine if me paying the extra amount means they will relend. I've worked through most of my major debt at this point and the majority of my debt is held by the guys mentioned. I was mainly thinking it would be nice to be able to refinance my car loan at some point in the next couple of months.

 

Card wise I'm not really in a giant rush, the three personal amex cards in my signature survived me defaulting on literally every single other credit account except those and my student loans (which only have like a 2k balance left). I would eventually like to get a usable credit limit again at some point and while I can budget to get a 5K secured card from someone like TD by the end of the year(recently opened a checking acct) it's not going to benefit me as much as someone who is fresh out of BK with no cards reporting plus I still have a few balances left.

 

I also never filed for BK, I was going to file chapter 7 in december of 19 but I got a job offer in April of 20 which put me over the threshold and would of required I file chapter 13 & pay everyone back in full. I basically defaulted on ~225-250k of unsecured debt at the time I spoke to my attorney. I've since settled a hair less than 200k worth with a good chunk of it not reporting properly just yet so hoping for a score bump.

 

NFCU is out of the picture forever for me, they seem to of left my bank accounts open (which I didn't even realize until I settled) but they wrote off 50k worth of debt so thats how much I would have to come up with to get back in with them.

FICO 12/2015 - EX 692 TU 685

FICO 10/2021 - EX 596 TU 605 EQ 600 - officially rebuilding.

What survived:
Amex HH - 1.5K | Amex Delta - 1K | Amex Bonvoy - 1.5K | Amex BRG - 3.5K | Amex BRG - 3.5K | Amex Business Cash- 2K | Amex Business Plus - 2K
Message 4 of 13
FireMedic1
Super Contributor

Re: getting back in with DCU

Wait I'm confused. Saying burned usually means you filed BK but you didnt in your newest post . So you have a bunch of charge offs for those amounts?






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 5 of 13
jeffm4688
Frequent Contributor

Re: getting back in with DCU


@FireMedic1 wrote:

Wait I'm confused. Saying burned usually means you filed BK but you didnt in your newest post . So you have a bunch of charge offs for those amounts?


interesting, didn't realize the burn was synonymous with only bankruptcy and not burning the relationship. I have an unpaid CO with them & my local CU currently among a small amount of other things.

FICO 12/2015 - EX 692 TU 685

FICO 10/2021 - EX 596 TU 605 EQ 600 - officially rebuilding.

What survived:
Amex HH - 1.5K | Amex Delta - 1K | Amex Bonvoy - 1.5K | Amex BRG - 3.5K | Amex BRG - 3.5K | Amex Business Cash- 2K | Amex Business Plus - 2K
Message 6 of 13
40thieves
Valued Member

Re: getting back in with DCU

I had a defaulted small (about $650)loan and overdrawn ($1495.56) checking with DCU.

Loan went to collections (I paid the CA),  the checking I paid to DCU directly. Both about 18 months after defaulting.

 

DCU will NOT negotiate a settlement AFAIK.

 

About ten months after paying, I sent them an e-mail asking if I could be considered for membership again and got an e-mail back telling me to call their service center.  So it was NOT a flat out HELL NO.

I have been meaning to call, this spurs me to do so. I'll come back with the answer tomorrow.

Message 7 of 13
FireMedic1
Super Contributor

Re: getting back in with DCU

Yeah burned is an account was included in bankruptcy and defaulted is usually student loans. Cards is charge off. For whatever happened to have this on you. Do all you can to get them in the past soon. Nothing but the best of luck.






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 8 of 13
jeffm4688
Frequent Contributor

Re: getting back in with DCU


@FireMedic1 wrote:

Yeah burned is an account was included in bankruptcy and defaulted is usually student loans. Cards is charge off. For whatever happened to have this on you. Do all you can to get them in the past soon. Nothing but the best of luck.


good to know about terminology & yep as always working hard on trying to settle ASAP but am starting to get strained by funds. I will update my rebuild thread today but I'm at almost 200k settled with another 50-60 to go. I've gone through 60k in cash settling on the 200 so it's been rough.

 

 


@40thieves wrote:

I had a defaulted small (about $650)loan and overdrawn ($1495.56) checking with DCU.

Loan went to collections (I paid the CA),  the checking I paid to DCU directly. Both about 18 months after defaulting.

 

DCU will NOT negotiate a settlement AFAIK.

 

About ten months after paying, I sent them an e-mail asking if I could be considered for membership again and got an e-mail back telling me to call their service center.  So it was NOT a flat out HELL NO.

I have been meaning to call, this spurs me to do so. I'll come back with the answer tomorrow.


Good to know on not being willing to settle potentially, it looks like my current biggest unsettled item (penfed repo for 17k) is willing to settle for 12k so I have to try and push them out to 11-30 and get those funds together so DCU is being pushed off temporarily. I am however very eager to figure out if they do let you back in. I actually came across through thread when searching for an answer the other day as was curious as to what your outcome was, definetely let us know.

FICO 12/2015 - EX 692 TU 685

FICO 10/2021 - EX 596 TU 605 EQ 600 - officially rebuilding.

What survived:
Amex HH - 1.5K | Amex Delta - 1K | Amex Bonvoy - 1.5K | Amex BRG - 3.5K | Amex BRG - 3.5K | Amex Business Cash- 2K | Amex Business Plus - 2K
Message 9 of 13
FireMedic1
Super Contributor

Re: getting back in with DCU

Pfft! Your in the home stretch now. Already paid 200g's! Victory is right around the corner now. Good luck on your lets make a deal settlements.






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 10 of 13
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