Experience with DCU?

[Anonymous]

I am car shopping and was instantly approved for $45k.  No income verification, they just want the purchase and sales agreement.

For what it's worth, my scores are in my signature.  I have a verty high util, high DTI (<1 year old mortgage), one 30 day late 22 months ago, 2 INQ within the last 3 months and 7 in the last year due to the new mortgage.

Unfortunately, my new member pack was totally destroyed by USPS.  They delivered a few shreds of envelope.  The only thing intact was the address label.  DCU CS was very apologetic and sent another one.

[Andy77]

I applied with DCU with 6.8 yr old discharged bk, 45k debt, 106k total credit, 186k income, 671 score....approved for 42k required stubs

Just FYI

USAA approved 50k no stubs

Penfed 42k no stubs

[Anonymous]

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@Anonymous wrote:

Joined last month and refinanced my BMW from 9.5% to 1.74%.  All I had to send in was proof of income and the refi document.  Also, to quaify for the relationship benefit they say you have to direct deposit your net income but I have learned that as long as $500 a month is direct deposited in the account that it passes the requirement.

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Thanks for the tip!  Here's some Kudos!

[sphinx313]

Not sure if I should count my lucky stars?

AAoA: 2.8 years

UTI: 30%

Last Late: 3.8 years

5 Derog's: Charge Off's all 3.8 years old

No Collections

Approved for $20,000 at 3.99% which is down to 3.49% after the reduction. Pulled my FICO (from DCU inbox) at 664. Income of under $40,000 reported.

The only curiosity I had was: This is my second loan from them, and both times I was CAPPED at $20,000. They wouldn't even consider $22,000. Which makes no sense to me as my payment before with no lates was $420 a month and not it's $350 which leaves room for a nicer vehicle, but if anything it humbled me and made me stay within my means. Their DTI must be very tight. Not sure why some of you are being denied....I was approved twice with what I believe to be a less than satisfactory score, so who knows.

[Anonymous]

I was just auto approved for 1.74% rate for a $10k refinance (36 months). Fico is 770-800.

Only issue I ran into was membership. I completed the membership application including a donation to become eligible immediately after applying for the loan but they lost it or something. Spent 50 minutes on the phone getting it straightened out. Just had to e-sign a few docs and the payoff is in route to my prior lender.

[EddieK]

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@sphinx313 wrote:

Not sure if I should count my lucky stars?

AAoA: 2.8 years

UTI: 30%

Last Late: 3.8 years

5 Derog's: Charge Off's all 3.8 years old

No Collections

Approved for $20,000 at 3.99% which is down to 3.49% after the reduction. Pulled my FICO (from DCU inbox) at 664. Income of under $40,000 reported.

The only curiosity I had was: This is my second loan from them, and both times I was CAPPED at $20,000. They wouldn't even consider $22,000. Which makes no sense to me as my payment before with no lates was $420 a month and not it's $350 which leaves room for a nicer vehicle, but if anything it humbled me and made me stay within my means. Their DTI must be very tight. Not sure why some of you are being denied....I was approved twice with what I believe to be a less than satisfactory score, so who knows.

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It's most likely your income that's capping you.  DCU is known to likely loan 50% of annual income with scores that don't qualify for their best rate.

[Anonymous]

Do you have to join DCU before applying for loan?

Also, my credit score is in the 600-650 range depending what they pull.

Can anyone please educate me on Auto- scores and how they compare to normal credit scores I've seen? What does DCU use and does the myFico scores you can buy tracking for on here show you Auto-enhanced scores?

[EddieK]

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@Anonymous wrote:

Do you have to join DCU before applying for loan?  Most people recommend applying for membership first before getting a loan product(to avoid 2 HPs in case you get declined for membership)  I did the exact opposite so it's your choice.

Also, my credit score is in the 600-650 range depending what they pull.

Can anyone please educate me on Auto- scores and how they compare to normal credit scores I've seen? What does DCU use and does the myFico scores you can buy tracking for on here show you Auto-enhanced scores?  Yes, they are on here.  It's called Score 5, the one it states most commonly used for mortgages.

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[Anonymous]

Now i am not understanding DCU.. I have applied last sunday online.. Called and follow up on then 3x already but they dont have decision yet.. My scores are above 740's... Not its getting frustrating 😤😤😤

[Anonymous]

It took them 4 days on me.. I applied online.. I have to call them 3 x to verify and for them to ask for additional documentation.. Then i got DENIED...😆 (all score above 740), they used equifax to run my credit and current score is 742... But got denied... 😆