Discharged Yesterday, Navy Federal today!

[Movingon2010]

Hi everyone, I got an automatic discharge yesterday and I am so thankful that part of my journey is over. To celebrate I went and opened myself a new account at Navy Federal. Thanks to good ole dad who let me know he joined a few weeks ago. Obviously my top priority is reestablishing credit and according to many on these boards Navy Fed is one of the best to get in with once ch 7 is over. I am going to set up direct deposit etc but wanted to know how long my account needs to stay open before I apply for a credit line through them? Even if its just a small secured card thats perfectly fine with me

My Bk was due to divorce and not misuse so I feel comfortable getting atleast one card to reestablish credit and trying to figure out a good game plan.

[Drazil65]

Congrats on your milestone! I do not have an answer for you but wanted to wish you well now that the process is over!

[malf1204]

You can get a secured card immediately. There is no fee and your money earns interest too. They even offer a free rewards program. The minimum amount is $500. Just deposit it into your share savings and call them up and request the card. The card expires in 1 year and if you have maintained a good relationship with them and have no other credit problems it will change to unsecured in 1 year.

[IamOld]

CONGRATULATIONS!!!! Movingon!!!

[Nufsayd]

Congrats to you!!!

Word of caution: Make sure you only open one account with Navy...all credit unions are known for "cross collateralization", meaning all accounts are tied to your relationship (i.e.. cc, auto loan, etc).

[angles]

navy fed is really hard on filers. lots of horror stories. i personally would pick a different CU in support of the our members who had to go through all the problems NFU caused for them.

[bk249]

Just to add to this, Navy federal is really tough on their existing members who file. I am approaching a year after discharge (of which I discharged significant debts with NFCU) and just called them to see if I could get a checking account (they stripped all of my rights and privs except for membeship share savings). I was transferred to the BK department, where I spoke with a gentleman who stated emphatically that they would never allow me to use any service, other than the savings account, ever again. He was somewhat rude. They were the worst during the BK process and their department continues to be rude even after. They take it VERY personally. To me, it was a strategic business decision, to them, its personal. Just keep that in mind.

With that being said, when you are in good graces with them...they are a fantastic organization with very good products....just don't think of declaring on them and be sure to watch out for cross colateralization...they will do it.