Navy Federal Settlement. What should I do? (2024)

Navy Federal Settlement. What should I do? (1)

Anonymous

Not applicable

  • Mark as New
  • Bookmark
  • Subscribe
  • Mute
  • Subscribe to RSS Feed
  • Permalink
  • Print
  • Report Inappropriate Content

‎01-30-201308:30 AM

‎01-30-201308:30 AM

Navy Federal Settlement. What should I do?

Hi all. I have had success in removing 7 bad accounts including collections, charge offs, and lates from my credit report. Doing this has boosted my FICO from 487 to 609 in the past 7 months.

The LAST 2 bad accounts I have are with Navy Federal. Once charged off credit card that I have paid in full a few months ago and one auto loan chargeoff with a balance of $6,500. A judgement was placed on my credit file because of this debt. I am in the position now to pay it in full but would like some sort of benefit from doing so. I have been talking to the collections person and the law office. They will settle for $4,700 but refuse to vacate the judgement. Navy Federal also refused to delete the account from my credit reports.

What should I do? I would gladly pay in full for a deletion from my credit file but hesitate to pay it since I stand nothing to gain.

Please advise.

Kevin

Message 1 of 12

0Kudos

  • All forum topics
  • Previous Topic
  • Next Topic
  • «Previous
    • 1
    • 2
  • Next»

11 REPLIES 11

Navy Federal Settlement. What should I do? (2)

HindSight_20_20

Frequent Contributor

  • Mark as New
  • Bookmark
  • Subscribe
  • Mute
  • Subscribe to RSS Feed
  • Permalink
  • Print
  • Report Inappropriate Content

‎01-30-201311:36 AM

‎01-30-201311:36 AM

Re: Navy Federal Settlement. What should I do?

Are you wanting to do business with NFCU in the future? (or do you still have a savings with them)? If you are wanting any kind of product with them in the future you'll need to pay in full and 'not' settle.

If you are no longer wanting to do business with them again, then a settlement would be okay to do. (not advised truthfully) but okay to do.

Manual reviews (by future creditors) of your credit file with a 'paid' Charge Off would carry more weight than a 'settlement'. In the end it depends on what you're looking at doing in the future when it comes to NFCU.

Navy Federal Settlement. What should I do? (3)
Navy Federal Settlement. What should I do? (4)Goal Score: EX 700|TU 700|EQ700

Take the myFICO Fitness Challenge

Navy Federal Settlement. What should I do? (5)Navy Federal Settlement. What should I do? (6)Navy Federal Settlement. What should I do? (7)
Navy Federal Settlement. What should I do? (8)Navy Federal Settlement. What should I do? (9)Navy Federal Settlement. What should I do? (10)
HiltonHonors AMEX 2K | Amazon Store CC $800 | Bed Bath & Beyond 2K | Lowes CC 11K | Cap 1 Secured $500 | Cap 1 Plat $300 | Cap 1 Savor 1K |Citi Secured $200 | Target $500 | Kohl's $1K | Truist Cashback 4.5K | Penfed Power Cash Back 3.5K |Apple Pay CC 3K | Venmo Sig Visa 7.5K | SECU 13.5K | Bragg Mutual FCU 10K | Best Buy Citi Visa $2.5K | DiscoverIT CB 11.5K

Message 2 of 12

0Kudos

  • Mark as New
  • Bookmark
  • Subscribe
  • Mute
  • Subscribe to RSS Feed
  • Permalink
  • Print
  • Report Inappropriate Content

‎01-31-201303:28 PM

‎01-31-201303:28 PM

Re: Navy Federal Settlement. What should I do?

I once received a settlement offer from NFCU when I was going through rough times, but I found a way to pay in full and it was solely because I desired to do business with them later if they would give me a chance. I will say that I've never allowed anything to charge off with them even though I came close a couple of times. It's something about the word "settlement" that spells disaster to me. It makes me feel like it could hurt so much more than "PAID Collection" or "PAID charge off" would.

NFCU is a great CU/lender. They are relentless when you do them dirty, but if you make right your wrongs with them, they are forgiving. This I know.

Navy Federal Settlement. What should I do? (12)Starting Score: 686 TU / 683 EQ 01/17/2013
Current Score: 703 TU / 691 EQ 10/04/2013 / 688 EX 11/12/2013
Goal Score: 700 across all three

Take the FICO Fitness Challenge

Message 3 of 12

0Kudos

Navy Federal Settlement. What should I do? (13)

guiness56

Epic Contributor

  • Mark as New
  • Bookmark
  • Subscribe
  • Mute
  • Subscribe to RSS Feed
  • Permalink
  • Print
  • Report Inappropriate Content

‎01-31-201303:33 PM

‎01-31-201303:33 PM

Re: Navy Federal Settlement. What should I do?

How old are the debts in question?

Credit Scoring 101
Guide to Common Abbreviations
Other Frequently Requested Threads
Closing Credit Cards
Direct Dispute

Message 4 of 12

0Kudos

Navy Federal Settlement. What should I do? (14)

Anonymous

Not applicable

  • Mark as New
  • Bookmark
  • Subscribe
  • Mute
  • Subscribe to RSS Feed
  • Permalink
  • Print
  • Report Inappropriate Content

‎01-31-201303:38 PM

‎01-31-201303:38 PM

Re: Navy Federal Settlement. What should I do?

Both are from 2009. The collections guy on the phone acted like he knew nothing about a PFD but did say he would check on it for me and get back to me. These are the last 2 accounts on my credit report that are derogatory.

Thanks for you advice.

0Kudos

Navy Federal Settlement. What should I do? (15)

guiness56

Epic Contributor

  • Mark as New
  • Bookmark
  • Subscribe
  • Mute
  • Subscribe to RSS Feed
  • Permalink
  • Print
  • Report Inappropriate Content

‎01-31-201303:41 PM

‎01-31-201303:41 PM

Re: Navy Federal Settlement. What should I do?

I guess I should have asked before, what is the SOL in your state?

Credit Scoring 101
Guide to Common Abbreviations
Other Frequently Requested Threads
Closing Credit Cards
Direct Dispute

Message 6 of 12

0Kudos

Navy Federal Settlement. What should I do? (16)

electra

Established Contributor

  • Mark as New
  • Bookmark
  • Subscribe
  • Mute
  • Subscribe to RSS Feed
  • Permalink
  • Print
  • Report Inappropriate Content

‎01-31-201303:53 PM

‎01-31-201303:53 PM

Re: Navy Federal Settlement. What should I do?

Navy Federal is SO awesome. If I were in your shoes I'd PIF just to stay in their good graces and hope to work with them in the future. After you PIF, try a GW. Navy Federal Settlement. What should I do? (17)

Message 7 of 12

0Kudos

Navy Federal Settlement. What should I do? (18)

Anonymous

Not applicable

  • Mark as New
  • Bookmark
  • Subscribe
  • Mute
  • Subscribe to RSS Feed
  • Permalink
  • Print
  • Report Inappropriate Content

‎01-31-201303:56 PM

‎01-31-201303:56 PM

Re: Navy Federal Settlement. What should I do?

I believe it is 3 years. North Carolina

Message 8 of 12

0Kudos

Navy Federal Settlement. What should I do? (19)

js0319

Established Contributor

  • Mark as New
  • Bookmark
  • Subscribe
  • Mute
  • Subscribe to RSS Feed
  • Permalink
  • Print
  • Report Inappropriate Content

‎01-31-201304:22 PM

‎01-31-201304:22 PM

Re: Navy Federal Settlement. What should I do?

I'd PIF. Those of us that don't have a way in with NFCU would do whatever it takes to stay on their good side.

AMEX PRG - NPSL I AMEX Everyday Preferred - $34.8k I Capital One Venture - $20k I Chase Sapphire Preferred - $25.5k I Chase Southwest Rapid Rewards Premier - $20.7k I Barclay Arrival + - $10k I Capital One Quicksilver - $10k I NFCU Flagship Rewards Visa Signature - $15k I NASA FCU - $10k I Texell FCU Visa - $5k I Chase Freedom - $9.9k I Citi Double Cash - $7.8k I Discover IT - $5k I NFCU CLOC - $15k I Total Unsecured Credit - $188,700

EQ FICO - 714 (5/24/16) I TU FICO - 772 (5/24/16) I EX FICO - 770 (5/24/16)

Message 9 of 12

0Kudos

Navy Federal Settlement. What should I do? (20)

Navy Federal Settlement. What should I do? (21)MWCarson12

New Visitor

  • Mark as New
  • Bookmark
  • Subscribe
  • Mute
  • Subscribe to RSS Feed
  • Permalink
  • Print
  • Report Inappropriate Content

‎02-06-201407:58 PM

‎02-06-201407:58 PM

Re: Navy Federal Settlement. What should I do?

Kevin,

I'm in the same situation, I have a Credit Card with Navy Federal Credit Union that's now two months behind.

I plan on Chapter 7, however want to know how long once you were behind did they wait to file a judgment?

Thanks for the info,

Michael

Message 10 of 12

0Kudos

Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.

Navy Federal Settlement. What should I do? (2024)
Top Articles
Latest Posts
Recommended Articles
Article information

Author: Dan Stracke

Last Updated:

Views: 6347

Rating: 4.2 / 5 (63 voted)

Reviews: 94% of readers found this page helpful

Author information

Name: Dan Stracke

Birthday: 1992-08-25

Address: 2253 Brown Springs, East Alla, OH 38634-0309

Phone: +398735162064

Job: Investor Government Associate

Hobby: Shopping, LARPing, Scrapbooking, Surfing, Slacklining, Dance, Glassblowing

Introduction: My name is Dan Stracke, I am a homely, gleaming, glamorous, inquisitive, homely, gorgeous, light person who loves writing and wants to share my knowledge and understanding with you.