DCU not bankruptcy friendly for credit cards

[IamPoe]

They have a BK friendly credit-builder loan program which was approved 01/20/2015 after BK discharge on 12/08/2014. They require 2 years post BK for any credit card, even the secured. May allow after 12 months of credit-builder loan payments. Said revolving accounts are different in that you can exceed your credit limit.

BEWARE:

The customer service rep put me on hold and tried to apply me for unsecured card while I was asking for details about applying after two years. I asked her why would I do that when she had just denied me for the secured card. Unbelievable.

[Scupra]

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@IamPoe wrote:

They have a BK friendly credit-builder loan program which was approved 01/20/2015 after BK discharge on 12/08/2014. They require 2 years post BK for any credit card, even the secured. May allow after 12 months of credit-builder loan payments. Said revolving accounts are different in that you can exceed your credit limit.

BEWARE:

The customer service rep put me on hold and tried to apply me for unsecured card while I was asking for details about applying after two years. I asked her why would I do that when she had just denied me for the secured card. Unbelievable.

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Yikes! DCU is known for the 2 year rule on BK. Thanks for the reminder!

[TRC_WA]

Some CU's are different than others...

I have a $10k card with BECU... and used to have my auto loan with them till I traded the car a couple weeks back.  The lienholder for the new car CCU approved me for the car loan with $0 down... and declined me for the CC citing BR.

Ummmm... ok... will try back in a year when everything falls off my reports and I have a year of car payments.

[CH-7-Mission-Accomplished]

I LOVE BECU.  They would not give me a secured CC after filing BK7 in 8/2013 because you needed a 620 minimum to get even a secured card.  So I opened a credit builder.  12 months later, on a whim, I applied for an unsecured BECU card.  Approved for 5K.  I should have asked for more!

[CH-7-Mission-Accomplished]

Can you tell me what the terms are for DCU's credit builder installment loan?  Interest rate?  Minimum and maximum amounts?  Maximum loan term?  Thanks for any info you can provide.

[IamPoe]

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  @CH-7-Mission-Accomplished wrote:
  

  Can you tell me what the terms are for DCU's credit builder installment loan?  Interest rate?  Minimum and maximum amounts?  Maximum loan term?  Thanks for any info you can provide.

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  Loan amounts from $500 to $3,000
• Terms from 12 to 24 Months
• Loan funds in the DCU Savings account earn dividends at the published dividend rate for this account
• Loan interest rate is fixed at 5% Annual Percentage Rate (APR)

Example loan payment schedule – A $1,000 Credit Builder Loan with an APR of 5.00% for 18 months has an approximate monthly payment of $57.79.

The $500 for 18 would have been approximately $30 per month.

https://www.dcu.org/loans/credit-builder.html