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NFCU approved me for a 21k visa!!!!

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  • NFCU approved me for a 21k visa!!!!

    Okay, so I have read on other boards and on this one how bk friendly NFCU (Navy Federal Credit Union) is. I finally found a member to sponsor me and was able to join. I filled out the application and joined several weeks ago and got my visa check card and online log in and account information in the mail today.

    I immediately went to the website and applied for a visa card. I was not expecting a large limit, but was hoping to get something larger that my largest current card which is my 2k capital one mastercard. (I also have a 1.5k capital one master card).

    I filled out the online app and was instantly approved for a 21k nRewards visa at prime + 8.79 percent (which is somewhere between 12 and 13% right now I think) and no annual fee!

    This is going to be a huge step in getting my credit profile healed and repaired. For those that are interested, I am just over 14 months post discharge and have had two credit cards for over a year (my orchard bank card and my 2k capital one card) I have had my other capital one card for 11 months.

    NFCU rewards limits based on debt to income ratio and salary. My salary is relatively high. (I only put my base salary not any bonuses). But I have read on other credit boards that people with lower salaries still get approved for pretty high limits with NFCU. I have no balances on any of my cards right now. I also have a 23k car loan at 4.42 percent with Cap one that I have been paying on since September of 2010. And of course I have my huge albatross around my neck of 100k of student loans that were not discharged in my bk.

    I am posting this info to show that one year post discharge if you work at credit repair, things will really start to stabilize and heal.
    You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

  • #2
    WOW! ...and congrats!

    That's all I can say. And maybe that that this is a perfect example that rebuilding credit right after discharge DOES make a difference and that there IS a life after BK!
    Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
    FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
    FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

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    • #3
      Fantastic! What is your credit score if you don't mind sharing?

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      • #4
        Originally posted by PHXDWTN View Post
        Fantastic! What is your credit score if you don't mind sharing?
        My TU fico is around 680 and my Equifax fico is around 660 (due to one stupid card that continues to report as a current charge off no matter how many times I dispute it.)

        They pulled equifax for me, so apparently ficos in the mid 600's are not an issue.
        You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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        • #5
          Hi backtoschool

          I called but I was army reserve first Gulf war, they told me no you have to be active or retired etc, would you know of another way to join? or how do find a sponsor?

          Possible another CU that is friendly?
          Filled 5-2010
          7-2010 341 Meeting (Chapter 7 No Asset)
          8-2010 Discharged/Case closed!

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          • #6
            Originally posted by pathfinders View Post
            Hi backtoschool

            I called but I was army reserve first Gulf war, they told me no you have to be active or retired etc, would you know of another way to join? or how do find a sponsor?

            Possible another CU that is friendly?
            Any current NCFU member can sponsor you. Any family member who was in the Navy can sponsor you. If you are a defense contractor or a family member of a defense contractor you can also join. I was able to join by having a current NCFU member sponsor me. (a friend, not related to me).
            You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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            • #7
              So...could you sponsor people?

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              • #8
                Apparently I got the admission thing a bit wrong. The family member has to be an "immediate" family member (which apparently is everyone but uncles aunts and cousins from what I read) and they need to either be active duty or to have been a full time navy person that retired with a pension.

                A current member can sponsor you if they are in your "household". (Same address) or part of your "family" (through blood relations or marriage)

                If you are a defense contractor working with DOD where some of the contracts are on Navy bases you can get in

                And if you work for certain government agencies you can get in.

                It's complicated, but through six degrees of separation, there usually is a legitimate way to get in.
                You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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                • #9
                  LOL congrats! See.... my thread was right... NFCU = Love ...

                  Although I must say they gave you a much higher limit than me... :P Course, I have a Platinum MC (5k), Nrewards (3.5k), NAVChek Line of Credit (5k) and an auto loan for 25k. So, they have extended me QUITE a bit of credit!

                  I got in being a governement contractor with my agency that popped up in the drop down. I do all my banking with them.
                  Last edited by Amy26; 02-21-2011, 01:44 PM.
                  BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
                  Scores: EQ 745 EX 704 TU 710 as of 08/15/2012

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                  • #10
                    Backtoschool, I am In... found someone and I now Am a member of NCFU. Opened a saving account and Applied for a CC. Instantaneous approval of 15K APR 11.9 + Prime. ( will pay it off every month and NO to anyone that has a comment CC did not cause our BK. ).

                    We to are working very diligently on restoring our credit. 7 months out of discharge, Credit score is around 680.. Also have a Cap one $750 and a Hooters $500.

                    this limit will go a long way towards building our credit back.

                    Have you received your card yet? How do you like it so far? I assume there is a way to just pay the card off with direct online payments to NCFU every month in full?
                    Filled 5-2010
                    7-2010 341 Meeting (Chapter 7 No Asset)
                    8-2010 Discharged/Case closed!

                    Comment


                    • #11
                      Originally posted by pathfinders View Post
                      Backtoschool, I am In... found someone and I now Am a member of NCFU. Opened a saving account and Applied for a CC. Instantaneous approval of 15K APR 11.9 + Prime. ( will pay it off every month and NO to anyone that has a comment CC did not cause our BK. ).

                      We to are working very diligently on restoring our credit. 7 months out of discharge, Credit score is around 680.. Also have a Cap one $750 and a Hooters $500.

                      this limit will go a long way towards building our credit back.

                      Have you received your card yet? How do you like it so far? I assume there is a way to just pay the card off with direct online payments to NCFU every month in full?
                      Congratulations!!!!! Yes I received my card and have used it. I connected my primary bank account (at another bank) to my nfcu account so that I can pay the visa from that account. It takes a week or so to connect an external account to your nfcu account. You have to wait for them to mail you a verification code and then use it to verify the account. I paid off the one charge I made on the card as soon as it hit the account, using my external account. I did an external transfer from my external account to my visa. There is a drop down menu for this and you can do this once you have verified your external account.
                      You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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                      • #12
                        I just joined NFCU. My dad is retired from the Air Force. The person sponsoring you doesnt have to be former Navy...it can be any branch of the service. I just got my Welcome packet and I'm going to apply for the Visa card at some point. I'm loving that this bank is no where near where I live (I'm in AZ and NFCU is in VA.) I'm doing direct deposit into a savings account there and it's going to be out of sight, out of mind. I'm going to build a nice little nest egg there.

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                        • #13
                          Congrats to the NFCU members! Im [I]so[I] jealous! I would love to get in with them. I still don't qualify, even though I served honorably in the Navy. I have been very satisfied with USAA and PenFed, but I would still jump at the chance of getting in NFCU.

                          Comment


                          • #14
                            Originally posted by bkdone View Post
                            I just joined NFCU. My dad is retired from the Air Force. The person sponsoring you doesnt have to be former Navy...it can be any branch of the service. I just got my Welcome packet and I'm going to apply for the Visa card at some point. I'm loving that this bank is no where near where I live (I'm in AZ and NFCU is in VA.) I'm doing direct deposit into a savings account there and it's going to be out of sight, out of mind. I'm going to build a nice little nest egg there.
                            what do u need from the sponsoring person to get in with CU?
                            my father in law was in the military
                            Filed chapter 7 on 9/17 341 on 10/20
                            Chapter 7 Trustee's Report of No Distribution on 10/21
                            Discharged and Case Closed on 12/21/2010

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                            • #15
                              NFCU isn't like USAA, just "having been in the service" doesn't do it. The family member needs to be active duty or retired (possibly someone on a disability pension might qualify as well). I'm not sure whether they wanted my dad's ID card or retirement papers but it wasn't onerous. I'd call and ask.

                              Remember, they aren't trying to keep you out, in fact they have a buiness interest in letting more customers in. But the banks won a Supreme Court case saying CUs must enforce their "field of membership" some years ago.
                              Chapter 7 Filed 8/11/2009, Discharged 11/23/2009

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