Complaint Review: Navy Federal Credit Union

It's one thing to have had a bankruptcy in general, and then rebuild your credit.  Doing this you should be able to obtain decent credit in 2 - 7 years depending on your situation.

However, most lenders, NFCU included, if you went bankrupt and one of their OWN accounts was included, they will probably never lend to you again.  It's called blacklisting.  They don't care how good your credit is now, you still owe them money even if they can't legally collect it.  

If you had a good friend who never paid back a loan from his brother 8 years ago, but you know him to be of good character now, you might consider lending him money.

However, if YOU lent him money 8 years ago and he never paid you back, you probably wouldn't lend it to him again no matter what he was doing with himself now.

I have been a member of Navy Federal for about 10 years now and I have had a number of loans with them. I also have a credit card with them which I have had for about 8 and a Line of Credit. Navy Federal has given me loans when I am pretty sure no one else would have and they have even given me some great rates. While there are a few changes they have made over they years that I don't exactly like, I understand most of them. The changes that their customers really didn't like, they have changed (such as extra charges when using a non-NFCU/co-op ATM). If you burn a company by filing for bankruptcy and taking their money, they aren't going to want to just jump in and give you more later. It's like if one of your buddies borrowed money from you and told you he couldn't pay you back, maybe even took you to court and had the judge agree with him that you weren't getting paid back, and then having him ask to borrow money again.... Are you going to let him? Yeah, only if you are a fool. I bet if you were to stay with NFCU for a few years and show them you were financially stable, open a secured account and keep it current, etc... They would eventually be willing to lend you money. You can't wrong someone or something and expect everything to be okay afterward. You have to understand that there are consequences to every action, that is life.

I recommend that everyone takes the time to research the bank or credit union that they plan to do business with because I can guarantee they are researching you. It's the only smart thing to do.

Only in America is it considered a RipOff when a lender won't give you credit because you STIFFED THE LENDER previously.

This is a sterling example of the "entitlement mentality" that is pervasive today.

Anytime you file bankruptcy or have significantly bad credit your not gonna get a loan period. Or you will get one with a massive interest rate. Being a memeber of NFCU for 9 yrs i can tell you that they do not like to give loans with high interest rates. They will simply deny you. As a service member i was denied twice before building up enough credit to get a loan.

Bankruptcy Chapter 13 essentially destroys your credit and your good name to lenders. Chapter 7 will hurt your credit but your still paying a restructuring settlement. Bad credit is well bad credit. Its not a Rip Off if you have any of the above and lenders dont want to give you any money. Your a risk to them, plain and simple .

Guess what? I have never filed bankruptcy including NFCU, I have never not paid off a loan or refused to pay on any account I have ever had whith them. BUT! When my credit was in the tank, I could NOT GET A LOAN! imagine that? What's even worse, I couldn't get a loan with any other lending institution, either (unless I wanted to pay exhorbitant finance charges, that is --- something NFCU will not do.)

By the way, have you attempted to seek their assistance in getting your financial mess straightened out? I don't know if this will make you a candidate for getting a loan approval, but it might help you get a better handle on managing you personal finances in the future.

The credit union lost money on either a credit card or a loan to you, because you declared bankruptcy and now they won't give you a credit card or a loan. Gee, I wonder why? Where do I join? They seem to be one of the few credit unions with any brains left. Kind of like giving all those mortgages to those people who didn't qualify and look where it got all those banks. You know like WaMu and wachovia and indymac and all the rest. Think about how stupid a statement that is. "NFCU slams you for doing wrong to them". What are they suppose to do? Reward you? A ripoff? They ought to be given a award.

The credit union lost money on either a credit card or a loan to you, because you declared bankruptcy and now they won't give you a credit card or a loan. Gee, I wonder why? Where do I join? They seem to be one of the few credit unions with any brains left. Kind of like giving all those mortgages to those people who didn't qualify and look where it got all those banks. You know like WaMu and wachovia and indymac and all the rest. Think about how stupid a statement that is. "NFCU slams you for doing wrong to them". What are they suppose to do? Reward you? A ripoff? They ought to be given a award.

The credit union lost money on either a credit card or a loan to you, because you declared bankruptcy and now they won't give you a credit card or a loan. Gee, I wonder why? Where do I join? They seem to be one of the few credit unions with any brains left. Kind of like giving all those mortgages to those people who didn't qualify and look where it got all those banks. You know like WaMu and wachovia and indymac and all the rest. Think about how stupid a statement that is. "NFCU slams you for doing wrong to them". What are they suppose to do? Reward you? A ripoff? They ought to be given a award.

The credit union lost money on either a credit card or a loan to you, because you declared bankruptcy and now they won't give you a credit card or a loan. Gee, I wonder why? Where do I join? They seem to be one of the few credit unions with any brains left. Kind of like giving all those mortgages to those people who didn't qualify and look where it got all those banks. You know like WaMu and wachovia and indymac and all the rest. Think about how stupid a statement that is. "NFCU slams you for doing wrong to them". What are they suppose to do? Reward you? A ripoff? They ought to be given a award.

where the the rip-off is here. I think the rip-off was from you, you signed up and committed to payback a loan and you couldnt and you expect them to trust you again? And especially in todays current market conditions especially if your employed in an at risk field EVERYONE is cautious about funding new loans even for those folks with EXCELLENT credit. I encourage you to "shop around" other lending institutions I guarantee you'll face the same scrutiny or VERY high interest rates given your risk category.

Good Luck

If I lent you money and you stiffed me, I'd never lend you money again either. The bankruptcy means you don't have to repay that debt, it doesn't mean you get a clean credit report. A bankruptcy is going to be a stone around your neck for a LONG time, something the bankruptcy lawyers aren't real quick to tell you.