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UPDATE ! Approved by DCU - page 4-Denied by chase, should I try a credit union?

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Michigan23
Established Member
‎05-18-2014 11:43 AM
‎05-18-2014 11:43 AM

UPDATE ! Approved by DCU - page 4-Denied by chase, should I try a credit union?

Hello, I was denied by chase for a $10,000 loan on this vehicle, should I apply at a local credit union? I am located in fishers indiana. Also, do I need to be a member of the credit union? I have had chase for years.

 

2011 cadillac cts coupe, with cadillac certified pre owned warranty bumper to bumper 100k

- car currently has 29k miles

- car listed for $25998

- I'm aiming for out the door $24k

- I have a down payment of $15,000

 

my credit score is 6-610

 

my yearly salary is $46k

 

i have had the same employer for 7 years

 

my monthly bills amounts to $1500, monthly salary is 3,750 a month 

 

year of car : 2011

 

miles : 29k

 

purchase

 

loan term req: 60

 

down payment: 15k

 

no co signer 

 

 

 Thank you for reviewing my info! 

 

 

 

Message 1 of 36
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35 REPLIES 35
aubie1kenobie2
Frequent Contributor
‎05-18-2014 02:26 PM
‎05-18-2014 02:26 PM

Re: Denied by chase, should I try a credit union?

What did Chase state as reason/s for denying the auto loan?


Starting Score: No credit history in July 2013, 663 in August (lender pulled)
Current Score: 773 (Discover FICO), 749 (DCU EQ)
Ultimate goal: Buy a house in 2016!
Message 2 of 36
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Michigan23
Established Member
‎05-18-2014 02:58 PM
‎05-18-2014 02:58 PM

Re: Denied by chase, should I try a credit union?

Insufficient credit history 

Message 3 of 36
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azguy13
Senior Contributor
‎05-18-2014 03:04 PM
‎05-18-2014 03:04 PM

Re: Denied by chase, should I try a credit union?

Chase likes to see other banks take the risk first before they loan money. I would try a local CU for sure. You can always look into DCU as they have been giving the lowest rates lately. 

Message 4 of 36
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patrick00032001
Regular Contributor
‎05-19-2014 12:15 PM
‎05-19-2014 12:15 PM

Re: Denied by chase, should I try a credit union?

I live in the Fort Wayne area of Indiana, I would try Teachers Credit Union! Also, Forum CU and Centra credit union are great in the Indy area, as well as IU credit union! With that kind of equity and cash down, you should be good to go! Keep us informed! And best of luck!

Discover IT $32,500, Chase Freedom $1,000.00, Sears Mastercard $10,000, Wal-Mart DC $10,000.00, Kohl's $3,000.00, Chase Slate $52,000.00, 3 Rivers FCU Platinum Mastercard $25,000.00, IU Credit Union $25,000.00, Penfed LOC $25,000.00, Fort Financial CU $15,000.00, Home Depot $22,000.00, Lowe's $20,000.00, Penfed Power Cash Rewards $25,000.00, PenFed Travel Amex $25,000.00, Value City Furniture $10,000.00, PNC Points Visa Signature $15,000.00, GM Buy Power card $5,000.00, BOA 123 Visa Siggy, $62,000.00, Citi DC $15,000.00, GM Extended Family $3,000.00, Fire, Police, City, County, FCU $10,000.00, TU 791, Eq 765, Exp 772

Message 5 of 36
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CJIII29
Regular Contributor
‎05-19-2014 02:19 PM
‎05-19-2014 02:19 PM

Re: Denied by chase, should I try a credit union?

Do you have a Fico score?

Chase Slate Credit Card $1500 credit limit Best Buy Credit
Card $2000 credit limit Amazon Store Card $2100 credit limit .

My Fico scores: Experian 710, Equifax, 702, Transunion 716.
Message 6 of 36
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Michigan23
Established Member
‎05-20-2014 07:49 AM
‎05-20-2014 07:49 AM

Re: Denied by chase, should I try a credit union?

I applied through DCU two days ago and have yet to hear anything back. I recieved an initial email right after submitting the application that confirmed my submission, but no follow up.

 

How long do you guys wait to hear anything? 

Message 7 of 36
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09Lexie
Moderator Emerita
‎05-20-2014 09:41 AM
‎05-20-2014 09:41 AM

Re: Denied by chase, should I try a credit union?

@Michigan23 wrote:

I applied through DCU two days ago and have yet to hear anything back. I recieved an initial email right after submitting the application that confirmed my submission, but no follow up.

 

How long do you guys wait to hear anything? 

Are you a member of DCU?


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Message 8 of 36
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Michigan23
Established Member
‎05-20-2014 10:25 AM
‎05-20-2014 10:25 AM

Re: Denied by chase, should I try a credit union?

@Michigan23 wrote:

I applied through DCU two days ago and have yet to hear anything back. I recieved an initial email right after submitting the application that confirmed my submission, but no follow up.

 

How long do you guys wait to hear anything? 

Are you a member of DCU?

 

 

_________________________________________________________________________________________________________________________________

 

 

No i am not a member... Do you have to be a member? 

 

 

 

 

Message 9 of 36
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09Lexie
Moderator Emerita
‎05-20-2014 01:00 PM
‎05-20-2014 01:00 PM

Re: Denied by chase, should I try a credit union?

@Michigan23 wrote:
@Michigan23 wrote:

I applied through DCU two days ago and have yet to hear anything back. I recieved an initial email right after submitting the application that confirmed my submission, but no follow up.

 

How long do you guys wait to hear anything? 

Are you a member of DCU?

 

 

_________________________________________________________________________________________________________________________________

 

 

No i am not a member... Do you have to be a member? 

 

 

 

 

Yes, it will be an additional hp on your cr.


Closing Credit Cards

The Definitive Amex 3X CLI Guide

Frequently Requested Threads
Message 10 of 36
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