DCU membership, nervous! Need reassurance lol

[cartwrna]

Well I applied after being approved for a loan and CC, now these reviews on DCU denied memberships has me nervous. When I clicked the link it had a place for DL, SS, and utility bill. I didn't realize the email said they only needed social and utility bill if social was issued after 2011 and address on DL wasn't current. My address is current and have had social since 1989. I sent them all documents though. My loan is approved pending this. I called this morning and they said loan is a go all they need is membership approval. They talked to membership department and they said give them until Monday to review documents :-/ do they take much credence on credit report? My score is a 676 I have a bunch of new accounts 3-4 and around 58 inquiries on EQ report they pulled (all auto related besides 3-4). I got bombarded by the dealership. My Chec systems is clear as I opened an account with SDFCU a few months ago (will opening that account kill the DCU membership approval?) other then that I've had an account with my local CU since 2010 and opened an account with Us bank in 2012 but have since closed the account. I also have one open collection on EQ, but that didn't even kill the deal for a loan and CC approval.

OP,

I moved your thread and removed your duplicate posts in Gen Credit. ~ Lexie, myFICO Moderator 

[darkfrosty]

No idea about DCU but damn 58 inquiries on EQ?? damn 

[cartwrna]

All from car loans and rate shopping courtesy of the dealerships! 3 new cars since Sep 13.

[cartwrna]

Bump, any advice? Anyone denied lately? Do I just sit and wait or blow there phones up LOL

[Anonymous]

If it just a membership, you should be fine.  Keep us posted on update.

[Anonymous]

No worries, I just opened an account with DCU. I just got an email yesterday to say my account was official and to expect something via snail mail. It takes a few days, Im sure your fine

[cartwrna]

Awesome. All I'm waiting on to close my loan and 5k CC is the membership. They said to call tomorrow morning (my loan closer) to check on membership but to give them an hour or two after opening. We're you required to give them Id verification? The only thing that has me nervous is my CR. My score is good at 676 but I have a TON of auto inquiries where dealer bombarded me and a open collection from 2013. Not sure how much credence membership takes on your credit report. I'm almost positive my chex systems is clear as I haven't wrote a bad check since I was 16 (almost 10 years ago) and I opened an account super easy with SDFCU a few months back.

[Anonymous]

I had to upload my drivers license and social security card. I doubt all those inquiries are a problem opening a checking account. If there were going to be an issue it would have been with the loan or cc apps. You will be fine

[cartwrna]

It wasn't an issue with the loan, that took about 5 minutes for approval. The CC they did say something about the inquiries and the fact I had 4 new accounts since January. I explained I was trying to thicken my file and that all the inquiry's were form auto loan financing where the dealer sent my file to tons of financers (I've gotten 3 new cars since late 2013). She put me on hold and said she needed a second opinion, came back a few minutes later and said she was able to get me a card with 5 k limit. Said she was going to do 3 but with my income and good Credit history they decided on 5 but would have gone higher if not for the new inquiry's/accounts. I've just ran across a lot of DCU threads where people were denied and they were told there identity couldn't be verified even after providing the SS card, DL and utility bill. I know I answered all the identity questions correct though and supplied everything. I just always think of worse case scenario :-p this auto loan refinance gets me out of a nearly 19% rate and saves me $250 a month over a shorter term.

[vanillabean]

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@cartwrna wrote:

I've just ran across a lot of DCU threads where people were denied and they were told there identity couldn't be verified even after providing the SS card, DL and utility bill. I know I answered all the identity questions correct though and supplied everything. I just always think of worse case scenario :-p this auto loan refinance gets me out of a nearly 19% rate and saves me $250 a month over a shorter term.

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It may well be a mix of the efficiency of the administrative computer system that is used and the level of expertise among the staff using it. I think the chances of DCU elaborating on the balance of these two factors are minimal, not that this is specific to DCU. My experience is that credit unions (and small banks?) pile up documentation requirements like there’s no tomorrow. I don’t know if they think that lots of upfront stuff makes up for a continuous check down the line. But I do know from people drying their hands in public bathrooms that someone who is focused uses one paper towel while someone who is all flustered pumps the dispenser like crazy and still winds up halfway wet!

Then again, how can someone's identity be unquestionably verified by way of an online process? If you are running the household finances, you have access to all the needed information for any given family member. Who is to say you are not one of them?