DCU Credit Model and timing

[JuleeM]

I called DCU this weekend and they said they use their own version of Equifax. Does anyone know which model it is closest to on myFICO? Also how long does it take to get approved?

I meet their requirements Im just freaking out a bit because we didn't plan on purchasing for a month or two, but the model we are most interested in is 20% off right mow but only through the weekend with the Chevy sale. We are going to test drive tonight and then look at some other makea later in the week. Jusr wondering if we aettle om the Chevy by thursday if we can have approval by saturday.

[Anonymous]

I haven't financed with DCU but many have reported getting their checks quickly.  If you are confident you will buy this week you should apply today and have the check in hand before you absolutely need it.  I follow the industry closely and they have been reporting that GM, Ford, Chrysler and others have been providing incentives at the same level as the recession to keep car sales up at the record levels they have been at for several years.  My point is if you are not ready it is likely that these discounts are not going to go away and perhaps could even get better.  Of course there is no way to know that for sure but I thought I would pass that on.  GM has been offering crazy discounts on trucks especially.

By applying now you can get preapproved and know the amount you can spend.  I believe they will send you a blank check that you fill in at the dealer but you should call them to determine their processes and timing.  No sense in relying on second or third hand information.

[rooeez]

I don't know specifically for auto, but for credit cards they use FICO Score 5 (FICO 4) which I believe is more for mortages; so they may use for auto.

[EddieK]

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@rooeez wrote:

I don't know specifically for auto, but for credit cards they use FICO Score 5 (FICO 4) which I believe is more for mortages; so they may use for auto.

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Yes, they use Score 5 for their loan products as well.  

To the OP, if you want the quickest way to get the loan approved through DCU, call them and do everything over the phone.  You will get an answer as to approval within 10-15 minutes and you have the option of them overnighting you a check for a $15 fee. 

[Anonymous]

Good thread OP. Thanks for sharing your experience. My brother-in-law was appoved with DCU and I was curious about the payment process.

[Anonymous]

Do you have to be a member with DCU to apply for auto refinancing?

[Anonymous]

Not to apply, but you will need to become a member if approved and you accept the loan.