DCU Loan rates and score requirements

[Anonymous]

So I'm actually looking to refinance my current loan that is at 7 percent and was thinking of going through DCU.

I recently spoke to them through their live chat option and it turns out you need a minimum of 730 to quailify for their "superior credit" tier in order to qualify for the 1.99 percent interest rate (which accounts for banking plus relationship)

Has anyone gotten this rate of 1.99 or better with a lower score of 730, because I thought from reading on here that you only needed a 680 EQ4 score in order to qualify for their top tier rates!

[CH-7-Mission-Accomplished]

I would call and ask to speak to a consumer loan specialist.

I think a 680 FICO 04 should be good enough.

I believe I recall seeing a matrix of scores and rates for DCU that included something like a 730 for tier 1, but that I think referred to their lowest rates on credit cards, not auto loans.

Almost nobody has a 730 FICO 04, at least not on these boards.

[Anonymous]

What about Penfed do you know their score requirements for the 1.99 percent refinance option?

Theres just not a consenses on the scores when I searched so I'm manually calling and talking to these places myself today and wanted confirmation from people who have already done it themselves or know more than I do.

[bdhu2001]

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@CH-7-Mission-Accomplished wrote:

I would call and ask to speak to a consumer loan specialist.

I think a 680 FICO 04 should be good enough.

I believe I recall seeing a matrix of scores and rates for DCU that included something like a 730 for tier 1, but that I think referred to their lowest rates on credit cards, not auto loans.

Almost nobody has a 730 FICO 04, at least not on these boards.

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My FICO 04 which is transunion was 788 on 12/28/15.  My FICO 05 EQ, which is what DCU provides, was 792 and my EX 02 was 800.  All of this is before my new home loan hits. Just a caution that they may really mean 730, because the lowest I've had since joining DCU was an EQ 05 of 749 and that was after my previous home loan hit my report.

If they use auto enhanced scores for auto loans, then you've got it made. How do you know what version they meant for their superior credit category?

[Gmood1]

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@Anonymous wrote:

What about Penfed do you know their score requirements for the 1.99 percent refinance option?

Theres just not a consenses on the scores when I searched so I'm manually calling and talking to these places myself today and wanted confirmation from people who have already done it themselves or know more than I do.

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When I did my Penfed auto refinance (Aug 2014). If I'm not mistaken my EQ was a 660 or 665. They gave me the best rate. Penfed doesn't do tiers unless they just started. If you qualify, you'll receive the same rate as a person with a 850 score.

[Anonymous]

Thanks to you sharing your advice I went ahead and applied with Penfed. They approved me at 1.99 and gave me a 10k credit card to boot!

One thing that turned me off from DCU was that I had to have direct deposit with them so in that regards Penfed was more convienent too

[GetMeSlick]

Awesome OP. Congrats.

[lctachell]

Congrats on loan.

Its weird that I got 1.99 with a 685 score(DCU hard pull) with 20k amount and they told you different

[cartwrna]

685 gets you tier 1 financing, unless they have changed it. I got 1.49% with 686 score.

[Anonymous]

I saw this the other night and figured I'd add to it. I just called and spoke to a Martha. She said 730+ is superior, 700-729 is the next level, then 675-699 the next tier.

I wish there was a way to know what my nextgen score is. I plan on buying a new car soon and my fico5 will probably end up in the 675-699 range barring a major score jump when my latest age to 2 years. 

1.99 with penfed would be glorious