help..recent dcu and alliant members please input your experience

[jchu2013]

I'm so ready to apply for the membership and their products ( credit cards and auto loan) of these 2 cu.

But, my concern is, any of them require proof of income for their credit cards and auto loan prior to approval? Recent member or anyone with actual experience please verify this.

Just don't wanna waste 4 inquiries ( assume 1 for membership and 1 for loan products from each cu) if I can't get approve due to the proof of income.

My fako is 742, will pull fico before I send the applications. 2 secured cc account total 8000, aoaa 9 months. No negative and 1 inquiry within last 6 months.

Thanks in advance

[FinStar]

Not sure about Alliant, but AFAIK for DCU, proof of income is a prerequisite, especially for an auto loan product.

[09Lexie]

Alliant will but DCU didn't for me. Then again, I had DD going into DCU

[jchu2013]

can I send bank statement instead of w2? anymore input of recent members?

[09Lexie]

Bank statement to show income? They will want pay stubs and if you are self employed or on commission they will want tax returns

[mongstradamus]

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@09Lexie wrote:
Bank statement to show income? They will want pay stubs and if you are self employed or on commission they will want tax returns

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lexie is correct as usual. For cc application if you are self employed they want last two years of tax returns. 

[jchu2013]

Hmmm.. then I kinda stuck in the middle. Coz I quit my job in 2011, and the whole 2012 was in transition. But, I can show my last 2 years bank statement to prove that I'm financially stable.

Should I still apply for these 2 cu products to try my luck? Or, just save my hard inquiries?

[09Lexie]

Bank statements do not verify income. If you are employed, they will want to see pay stubs. If you are not employed, what would you use for income/employment? . Are you in school?

Also, your siggy says no credit score, is that correct?

[jchu2013]

I haven't update my siggy. Anyway, currently 742 fako with 2 secured cc total of 8000. Aoaa 9 months, no negative and 1 inquiry within 6 months. Will pull fico prior to apply.

I'm no longer in school. The whole 2012 I was kinda travelling to get inspiration. After one year+ of relaxation and exploring, I've been making money since early 2013 as self-employed, living in the life that I want. But, I will only file my tax at the end of the year.

But, I need to build my credit faster. Been using cash for years. Yes, I need more cc and a car loan to pump my credit score. And credit union is a good option.

Or, do you happen to know which credit union is more lenient on documents?

[09Lexie]

No I do not. CUs, unlike banks usually ask for income docs ESP if you are self employed. The two cc's you have are more than sufficient to build a credit profile and to secure a car loan.

Others might have more suggestions.