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@Remember0 wrote:DCU is being sly about it, but I don't think it REALLY has anything to do with first time, income, or FICO. I think they just don't like the influx of apps they are getting and have thus pulled back on approvals. Based on what I've seen and heard today and yesterday, I am no longer recommending people apply to DCU.
FOr now, until I hear bad feedback or better experience with other banks, my go to recommendation is a local bank/CU that offers good rates. If none, I'd recommend BofA (maybe Chase, preferably BofA though) based on other approvals I've seen (I don't know enough about BofA yet...hope to find out more as people report back). For super prime customers (720+), I'll be recommending PenFed with the caveat that their underwriting is a b****, they can randomly deny, and they aren't the best customer service.
I wouldn't have been approved at BofA or PenFed with a 624 EQ, certainly not with a 6-7% rate?
While I know you got approved, most people I've recommended DCU to recently have reported back negative experiences. That's why I'm collecting more experiences in my thread about DCU.
That said, at this point, until the matter is clear I won't recommend DCU. I'm seeing all sorts of wierd behavior. People with sufficient income and FICOs only getting approved for 15k (and it's more than the ones publicly posted, another poster mainly PMs me but she had a similar issue, I just didn't realize it was systemic at that point yesterday). Also someone with a 710 got approved for 7.49?!
I'm waiting for the jury to come in on DCU rather than recommend people get 2 hard hits only to be told the max approval is 15k.
Out of curiosity was your approval online and instant? Or did you call in/did it take a while?
@Remember0 wrote:While I know you got approved, most people I've recommended DCU to recently have reported back negative experiences. That's why I'm collecting more experiences in my thread about DCU.
That said, at this point, until the matter is clear I won't recommend DCU. I'm seeing all sorts of wierd behavior. People with sufficient income and FICOs only getting approved for 15k (and it's more than the ones publicly posted, another poster mainly PMs me but she had a similar issue, I just didn't realize it was systemic at that point yesterday). Also someone with a 710 got approved for 7.49?!
I'm waiting for the jury to come in on DCU rather than recommend people get 2 hard hits only to be told the max approval is 15k.
Out of curiosity was your approval online and instant? Or did you call in/did it take a while?
I applied online, and no it wasn't instant. I called and spoke to UW's for approvals. I understand where you are coming from, and until my membership gets approved, I am still not completely in yet either, that will be the telling tale....
@Remember0 wrote:While I know you got approved, most people I've recommended DCU to recently have reported back negative experiences. That's why I'm collecting more experiences in my thread about DCU.
That said, at this point, until the matter is clear I won't recommend DCU. I'm seeing all sorts of wierd behavior. People with sufficient income and FICOs only getting approved for 15k (and it's more than the ones publicly posted, another poster mainly PMs me but she had a similar issue, I just didn't realize it was systemic at that point yesterday). Also someone with a 710 got approved for 7.49?!
I'm waiting for the jury to come in on DCU rather than recommend people get 2 hard hits only to be told the max approval is 15k.
Out of curiosity was your approval online and instant? Or did you call in/did it take a while?
Just wanted to give another update:
I finally got my membership approved after several phone calls and a couple hours on the phone. My issue was that apparently they couldn't read my DL I sent, but they never told me that. Once I figured out that the consumer loan department is where you can get your answers, that's who I started hounding to get my membership approved. I resent my ID then called back about an hour later to the loan department again, was on the phone for about 30min but she finally came back and said I was approved for the membership.
I am buying my vehicle from a private party, they offered to overnight my check for $15, which they added to my loan. I recieved an email a few minutes later with my loan agreement, did a docu sign and a couple minutes later I got my tracking number for the check to arrive via FedEx tomorrow.
I was informed my $3k CC and my Membership Welcome Package will arrive in about 7-10 days as well.
Also, my reported EQ from DCU in the loan agreement was the same as myFICO at 624. I recieved a SW notification today that my score dropped 2 points for 3 INQ (I apped for 2 cards after getting loan approval at DCU, so far only one INQ from DCU is showing).
So, while I was slightly frustrated with the long time it took to get the membership approved, in less than 2 days I got a CC, a car loan, and a checking and savings all set up and approved. It took some persistance on my end, but was worth it in the end.
@Remember0 wrote:While I know you got approved, most people I've recommended DCU to recently have reported back negative experiences. That's why I'm collecting more experiences in my thread about DCU.
That said, at this point, until the matter is clear I won't recommend DCU. I'm seeing all sorts of wierd behavior. People with sufficient income and FICOs only getting approved for 15k (and it's more than the ones publicly posted, another poster mainly PMs me but she had a similar issue, I just didn't realize it was systemic at that point yesterday). Also someone with a 710 got approved for 7.49?!
I'm waiting for the jury to come in on DCU rather than recommend people get 2 hard hits only to be told the max approval is 15k.
Out of curiosity was your approval online and instant? Or did you call in/did it take a while?
In my case $15k was all I asked for since that was all I needed. They did approve me for 125% of 15k though. Called in, and entire call lasted about 45 minutes and got the approval at the end of the call.
For me it'll be at least another 2 weeks before I can get a new ss card.. so my membership app is on ice for now
@Remember0 wrote:While I know you got approved, most people I've recommended DCU to recently have reported back negative experiences. That's why I'm collecting more experiences in my thread about DCU.
That said, at this point, until the matter is clear I won't recommend DCU. I'm seeing all sorts of wierd behavior. People with sufficient income and FICOs only getting approved for 15k (and it's more than the ones publicly posted, another poster mainly PMs me but she had a similar issue, I just didn't realize it was systemic at that point yesterday). Also someone with a 710 got approved for 7.49?!
I'm waiting for the jury to come in on DCU rather than recommend people get 2 hard hits only to be told the max approval is 15k.
Out of curiosity was your approval online and instant? Or did you call in/did it take a while?
Just and FYI, I just saw another approval from DCU posted on the auto loan approval thread with 710 EQ, $35k loan, and 1.74% APR. I think there are way too many variables that you may not be privy to playing a big part in this variance of rates and loan amounts. Jut my thoughts....
Yep, looks that way. I personally still think they changed something about how they approve/how much they decide to approve for. But I can't tell exactly what's going on...and you've likely found the reason: too many reasons.
I need to get a job in the DCU Auto Loan department for a week and then quit lol...