I'd like to join DCU for an auto loan.. I don't know if it's worth it though? - Please help

[Creditaddict]

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@rebuildingincb wrote:

I just apped to join DCU last night, emailed copy of my DL and paid my $15 ($5 in savings and $10 to join) so I assume I was accepted. 

I joined to get auto loan as well, I am trying to purchase a 2009 Honda Accord EX-L fully loaded with 58k mi. It is from a private party, asking price is $15.5k but I have $2k so will be asking for $13.5k, which is well under clean retail with miles and options included. 

My FICO EQ is 624, I have 1 CA from 2012, UTI is about 80% on 5 TL's, one auto loan paid off in 2004. I make about $40k per year. I assume I will qualify for the auto loan, but am wondering should I go for the CC from DCU too since I heard once you are in they are pretty easy to get credit from. 

I was also thinking of hitting a small app spree when I do this since I am taking an INQ hit anyway and try for a Cap1 Platinum and maybe a couple of store cards like Kay Jewelers and J Crew or something, just to increase my TL's and CL. I have heard of people with my score getting $4k from Kay, which would really help my UTI. 

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you should apply for credit card at same time as auto since they use same HP.

Jcrew is comenity so you should try the shopping cart trick vs. cold applying for it and then hopefully avoid the hp of the app.

I would not apply for capital one unless you get a pre-qual offer online from them.

kays can be good for util. but if you don't need it and don't buy something it quickly stops reporting in my experience.

[edavis]

Not to hijack, but since this thread is already regarding DCU.....

Is DCU friendly to first time car loan borrowers? I have a 680 EQ FICO score and meet at the DTI and payment-to-income requirements; however, I have never had an auto loan before. I am looking for a $30,000 car loan.

[Remember0]

In my experience, DCU doesn't care that much about first time.

I'd go for it honestly...hopefully they pull a 675+ EQ FICO for you.

[edavis]

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@Remember0 wrote:

In my experience, DCU doesn't care that much about first time.

I'd go for it honestly...hopefully they pull a 675+ EQ FICO for you.

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Just did...DCU offered me $15K because my EQ FICO was only 680~. I told the representative that I was looking for $30K and she said no. I'll try elsewhere!

[rebuildingincb]

Approved: $14k Auto Loan at 6.74% (1/3 of what dealership offered me!)

Approved: DCU Platinum Visa $3k Limit!!

Then I went and got a regular Cap1 Platinum, only gave me $300, but hey, I just doubled my CL today and added an installment TL. This will bring my UTI down to under 50% when it all reports, maybe under 40% with the payments I am going to make this month. 

At any rate, I am super pleased with DCU, my membership isn't approved yet, but I don't believe I have anything in ChexSystems, I have opened several bank accounts in the past couple of years that also check ChexSystems and haven't had an issue. 

[Remember0]

This 15k seems to be a new, unpleasant trend with DCU. What was your income if you don't mind me asking? And rent/mortgage?

[BluePoodle]

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@edavis wrote:

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@Remember0 wrote:

In my experience, DCU doesn't care that much about first time.

I'd go for it honestly...hopefully they pull a 675+ EQ FICO for you.

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Just did...DCU offered me $15K because my EQ FICO was only 680~. I told the representative that I was looking for $30K and she said no. I'll try elsewhere!

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What interest rate did they offer you?  Was the $15K only because of your score or did your Income have something to do with it?

[Remember0]

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.

[rebuildingincb]

This 15k seems to be a new, unpleasant trend with DCU. What was your income if you don't mind me asking? And rent/mortgage?

$40k income, mortgage $475. I only asked for $14k because that was what I needed to purchase the car I wanted. 

[rebuildingincb]

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@BluePoodle wrote:

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@edavis wrote:

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@Remember0 wrote:

In my experience, DCU doesn't care that much about first time.

I'd go for it honestly...hopefully they pull a 675+ EQ FICO for you.

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Just did...DCU offered me $15K because my EQ FICO was only 680~. I told the representative that I was looking for $30K and she said no. I'll try elsewhere!

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What interest rate did they offer you?  Was the $15K only because of your score or did your Income have something to do with it?

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I asked for $14k, so that is what they approved I guess. I was happy more because of the rate than anything.