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Frequent Contributor
Tony275
Posts: 512
Registered: ‎12-30-2012

DCU Personal Loan

Couldn't find a place for personal loans specifically, so I guess I'll put it here?

 

I emailed DCU asking for a basic idea of credit requirements, as I know they do run their interest rates based on credit scores.

 

Anyone have experience with approvals on DCU personal loans? Looking to consolidate my loans into one payment. They were GREAT with me about auto loan rates specific to my score. My EQ04 with them is 640 unfortunately, I think because one of my low limit cards was maxed out by the DW with a miscommunication, it'll be payed off in 2 months, at which time I'll probably apply for the loan, just trying to see some approvals and the scores / profiles behind them!

 

 

Mods please move if I didn't put this in the right spot!

 

Thanks in advance!


Starting Score: (June 2014) TU08: 663 | EQ04/08: 640/683 | EX08: 684
Current Score: TU08:681 (July 29) | EQ04:654 (July 25) | EQ08:683 (May 15) | EX:658 (July 14 Lender pull)
Goal Score: 725 by April 2015 Across the Board
Frequent Contributor
Tony275
Posts: 512
Registered: ‎12-30-2012

Re: DCU Personal Loan

Decided to go ahead and apply.

Came out of the garden for nothing. After the home purchase, we built up some credit debt, and I'm off of their approval "range" from my debt to income being 55% and they look for 50% and excessive accounts in the last 12 months. Somewhat expected it, but it was worth a shot to me to try and consolidate all my debts into one payment.

Hopefully eventually this post will help someone in a similar situation as myself.

Starting Score: (June 2014) TU08: 663 | EQ04/08: 640/683 | EX08: 684
Current Score: TU08:681 (July 29) | EQ04:654 (July 25) | EQ08:683 (May 15) | EX:658 (July 14 Lender pull)
Goal Score: 725 by April 2015 Across the Board
New Member
Vitte
Posts: 11
Registered: ‎04-21-2014

Re: DCU Personal Loan

To my understanding Personal Loans went out of style years ago. It is funny that some banks still advertise theme (BMO for example), but the people that could really benefit from theme usually almost never qualify.

 

Have you considered Lending Club? They are more open to lending non-colateral loans.

Frequent Contributor
Tony275
Posts: 512
Registered: ‎12-30-2012

Re: DCU Personal Loan

Haven't looked into LC in depth. I'll definitely take a look!

Frustrating in the position I'm in, I have DECENT credit. But the inquiries in the last year (new car for the wife and I and the mortgage approval process didn't help this) kinda puts me in the lower end of how my credit COULD be perceived. I'm too impatient for waiting for my score to grow! Haha

Starting Score: (June 2014) TU08: 663 | EQ04/08: 640/683 | EX08: 684
Current Score: TU08:681 (July 29) | EQ04:654 (July 25) | EQ08:683 (May 15) | EX:658 (July 14 Lender pull)
Goal Score: 725 by April 2015 Across the Board
Frequent Contributor
Tony275
Posts: 512
Registered: ‎12-30-2012

Re: DCU Personal Loan

Lending Club didn't even give me a shot, did the pre-approval thing to "check my rate" and they couldn't give me anything.

I'll just wait it out and see what tax return season holds for me and after that I'll look into consolidating again.

I just transferred a few of my balances to my DCU Platinum card, so that'll help keep things in fewer places!! And lower interest payments!

Starting Score: (June 2014) TU08: 663 | EQ04/08: 640/683 | EX08: 684
Current Score: TU08:681 (July 29) | EQ04:654 (July 25) | EQ08:683 (May 15) | EX:658 (July 14 Lender pull)
Goal Score: 725 by April 2015 Across the Board
Community Leader
Senior Contributor
KennyRS
Posts: 4,025
Registered: ‎01-15-2009

Re: DCU Personal Loan

Prosper is also another option. Good luck to you, Tony!
Starting Score: EQ04: 748 (1/31/14) - TU08: 755 (1/06/14)
Current Score:EX08:773(7/09) - EQ04:761(7/25) - EQ08:783(7/19) - TU08:790(7/21)
Goal Score: 800+
Moderator
Revelate
Posts: 8,447
Registered: ‎12-30-2011

Re: DCU Personal Loan

Unsecured personal loans are possibly the HARDEST of any loan/credit product to qualify for... mostly because they're the easiest to simply walk away with from a fraud perspective.

 

Prosper and LC are likely the least stringent, but generally if you're not at least at 680+ don't bother with LC at least... as for the remaining banks which still do personal loans, CU's are the only ones with favorable rates that I'm aware of, and you often need to be in similar underwriting range or have a solid relationship built out.  The national bank unsecured loans went mostly the way of the dodobird years ago, think WF might be one of the few left, and I suspect they're hugely stingy.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Valued Member
slickshoes182
Posts: 45
Registered: ‎05-10-2013

Re: DCU Personal Loan

 

Vitte wrote:

To my understanding Personal Loans went out of style years ago. It is funny that some banks still advertise theme (BMO for example), but the people that could really benefit from theme usually almost never qualify.

 

Have you considered Lending Club? They are more open to lending non-colateral loans.


Going through the list of biggest banks at http://onlinebankingreport.com/resources/100.html and ignoring the foreign ones and non-retail/mass market ones (e.g. Bank of New York Mellon) 

Chase and Bank of America don't do personal loans,

But they are done by Wells Fargo, Citibank. PNC, US Bank, SunTrust, BB&T, etc... I got tired of going down the list since everyone seemed to offer them.

 

Every smaller regional bank I checked offers them too (City National Bank, First Republic Bank, UnionBank, First CIty Bank, M&T Bank, etc)

 

So I can't really find evidence that they are out of style now. I know I get unsecured personal loan offers all the time in the mail from Wells Faro, Citibank, Discover's Personal Loan division and my credit unions (I don't currently have accounts with other banks aside from Chase and BOA) so it certainly seems to me like they are still pushing them hard. It's even more important to them now that the mortgage origination & refinance boom has slowed down.

 

However, I would echo what others have said as far as unsecured products like personal loans being harder to qualify for than secured products or credit cards. Certainly when you're doing well financially, that's when you want to set up yourself with credit & relationships so that when you need them, they're ready.

 

Also, I agree that Lending Club & Prosper are the fastest way to get a personal loan at a decent rate, though many credit unions offer lower rates, and if you have an existing relationship with the right credit unions then they may be the most likely to approve you. Without an existing relationship or a good FICO, it may be difficult to get an unsecured loan from a credit union.

Frequent Contributor
Tony275
Posts: 512
Registered: ‎12-30-2012

Re: DCU Personal Loan

[ Edited ]

Thanks guys!

I did the "get your quote" deal on Prosper a few months ago and was approved for up to $12k but at an absurd interest rate (17% i believe). They won't even give me a quote now, just that they can't do anything for me. Probably for the best, I'll do this without inquiries and new TLs!

My main bank is PNC but they're inquiry sensitive, I tried to get a CC with them after my mortgage posted and they said the 5 inquiries I had in the previous 12 months up until then was too much, I didn't even wanna waste another inquiry with them for something I knew I wouldn't get.

My local credit union said the same thing as PNC, too many recent inquiries. I can't really complain, I brought it upon myself.

The main benefit for me having the DCU CC with a $4500 CL is that it's plenty for me to transfer all my 20%+ interest balances. So I transferred all those balances over and still am under 50% util on the card. Also set up my direct deposit to the DCU checking I have, and I'll just pay it weekly until that gets paid off.

Ready to get back on top of my bills!! I'd like to be able to pay cash for everything and just reap the benefits of rewards cards in the near future!

2015 will hopefully be a "prime" year for me ;]


Starting Score: (June 2014) TU08: 663 | EQ04/08: 640/683 | EX08: 684
Current Score: TU08:681 (July 29) | EQ04:654 (July 25) | EQ08:683 (May 15) | EX:658 (July 14 Lender pull)
Goal Score: 725 by April 2015 Across the Board

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