So I joined DCU last year because of the positive reviews... been building my cash stash there by having 25 bucks transferred over ever couple of weeks when my paycheck hits.
I'm in the rebuilding mode but I called to inquire about their credit card. The customer service agent was very helpful in telling me what the qualifications would be and factors that could preclude you from being approved so that I could make the decision whether it was worth the hard pull:
- Minimum fico score -- EQ 620 (he said they pull Equifax)
- No recent late payments
- No open collections or chargeoffs -- I did mention that I had collections dating back to 2012 that were not satisfied but he didn't seem to feel that would be a factor
- BK at least 2 years old
- Any tax liens must have been satisfied
This may be common knowledge but figured I would share just in case anyone was interested and/or it could help someone. Frankly, I was surprised that the requirements were so "lenient"... I was glad I talked to him because it did save me the hard pull -- GMFinancial and/or Equifax has been reporting me as 30 days late since December (which was a mistake by GM Financial) and even though I have made payments in 2015, there is absolutely no info reporting on my car loan for 2015... which is keeping my EQ low.
Cheers.
This is awesome info, thanks so much for sharing.
I've been a DCU member for almost a year now, and I've also found that they're unusually transparent about their underwriting requirements. For some additional info:
- Their cutoff for getting the best rate on auto loans and refis (usually less than 2%) is 675 on EQ (I know because when I got approved I was at 673 and ended up with a slightly higher rate :-/
- Any time you apply for one of their products and get a hard pull, you can apply for any other products within 30 days and they'll use the same hard pull. When I app'd for an auto loan I was able to also get a 5K CC, and when I applied for a personal loan I was able to use that to find out whether I was eligible for a CLI.
It's so refreshing to work with a lender that just tells you up front what their specs are. I know there are plenty of sound business reasons why most banks don't do this, but glad there's at least one out there that does.
Thanks so much for sharing this information as well about the multiple apps... I really is nice to see a financial institution give you solid insight into their processes and lending decisions. Awhile back, I applied for my own State CU credit card and I didn't qualify -- but they were nice enough to PM me and tell me what I needed to do to put myself in a position to qualify in 9 months (basically had too much new credit and utilization). It is so much more helpful and dignified than the form "adverse action" letters you get that lists every single ding you have on your credit report without providing any insight into when, what, how to be successful in the future.
This is great information! Thank you! I have thought about starting a relationship with DCU. I will need to wait until next year due to an open charge off. You saved me from a denial 
Starting Scores 2/13/15: EQ 635 EX 674 TU 684 ////7/16/15 Scores: EQ 661 EX 669 TU 703 //// 2/15/16 Scores EQ 652 EX 647 TU 756 //// 3/24/16 Scores: EQ 661 EX 649 TU 773 //// EQ 670 EX 653 TU 768 (EQ And EX still tainted)
