topic Re: DCU denied my CC visa application Darn it! in Credit Card Applications

DCU denied my CC visa application Darn it!

professorr — Fri, 01 Feb 2019 16:45:37 GMT

Oh Well. I have been with DCU for a few years. Have a FICO of 650 but a 2013 BK and some lates from 3 years ago plus a collection chargeoff from 1.5 years ago. Was hoping because of my use in deposits and savings plus having used their $1k quick loan successfully that I'd have a shot. Called rep and said because of past lates and collection. they said if they could have offered lowered they would.

I am sending a reconsideration to the loan officer and see if it helps to get it. Funny, Discover just gave me a $4K credit card 3 weeks ago.

Re: DCU denied my CC visa application Darn it!

GApeachy — Fri, 01 Feb 2019 18:00:04 GMT

@professorr wrote:
Funny, Discover just gave me a $4K credit card 3 weeks ago.

Not too shabby! (I'm jealous )

Re: DCU denied my CC visa application Darn it!

CreditCuriosity — Fri, 01 Feb 2019 18:05:45 GMT

Discover doesn't mind badies as typically that is their target market segment aka people out of BK or new to credit, etc(more likely to carry balances and pay interest).. Where-as DCU has a whole different UW theory. Sorry about the denial though.

Re: DCU denied my CC visa application Darn it!

Remedios — Fri, 01 Feb 2019 18:21:04 GMT

@CreditCuriosity wrote:
Discover doesn't mind badies as typically that is their target market segment aka people out of BK or new to credit, etc(more likely to carry balances and pay interest).. Where-as DCU has a whole different UW theory. Sorry about the denial though.

You're holding back, CC. Big time.

Re: DCU denied my CC visa application Darn it!

CreditCuriosity — Fri, 01 Feb 2019 19:33:24 GMT

@Remedios wrote:
@CreditCuriosity wrote:
Discover doesn't mind badies as typically that is their target market segment aka people out of BK or new to credit, etc(more likely to carry balances and pay interest).. Where-as DCU has a whole different UW theory. Sorry about the denial though.
You're holding back, CC. Big time.

Lol I gotta lead by example and be FSR not just to OP, but to the forum as a whole . Don't want to get into the whole what i consider sub-prime lender vs. prime lender in this example so just kept it short aka held back as you would say it. Just explaining why he got discover and not dcu

Re: DCU denied my CC visa application Darn it!

AverageJoesCredit — Sat, 02 Feb 2019 16:19:37 GMT

Lol, Discover still denying me I should join the DC Universe

Re: DCU denied my CC visa application Darn it!

joltdude — Sat, 02 Feb 2019 16:43:05 GMT

A lot of CUs are more conservative esp when it comes to unsecured credit....Then there are others who are a bit more accomodating (Navy comes to mind)... Theres a lot of misiniformation regarding CUs in general .. A lot of them do not really care to help those in the lower end of the credit pool even though they brag about doing so.. while others put their money where their mouth is and give folks a chance...

Discover has moved toward being more liberal granting credit in relation to scores (Note I am not referring to CLIs, but the initial granting of credit/opening account.. Miss Disco is mostly unpredictable on that.. folks here are still trying to figure it out to no avail) ... Its only been in the past few years they started offering a secured option... Hence why some folks do not consider them a "prime" lender due to their targeting of revolvers vs transactors, bucketing, and their tiers of ABS.... They are going for "average" borrowers, new and thin borrowers, and accepting those with some less clean reports.... even with some of the nerfs of the Disco card benifits, Its still a card I like and has a useful place in my portfolio...

In regards to DCU.... (Digital Credit Union) ... throw some money into their savings account (that gets 5% and up to 1000$) and wait a few months... work on your profile.. and then think of trying again later... their CC isnt great IMHO and there are better options for rewards and even APR (last I checked)...

Re: DCU denied my CC visa application Darn it!

professorr — Sat, 02 Feb 2019 16:38:14 GMT

The strange thing is that 2 months ago (not even) Discover only offered me a secured card.

Re: DCU denied my CC visa application Darn it!

joltdude — Sat, 02 Feb 2019 16:38:29 GMT

@averagejoescredit

Are you trying both your discovers for a CLI?

Just curious ....

-J

Re: DCU denied my CC visa application Darn it!

professorr — Sat, 02 Feb 2019 16:40:49 GMT

I only got the one card and no to trying for a CLI as they tend to give automatically after 4 months or something.

Re: DCU denied my CC visa application Darn it!

joltdude — Sat, 02 Feb 2019 16:56:28 GMT

Op:

Was referring to @Avgjoescredit comment about no soup for you (denied CLI) .. He has two discover cards.. thats the other thing.. if your card gets stuck/locked and no traction. if your scores are significently improved and you want another year of promo (cashback match, sometimes 0%, or a BT.... ) Some folks have had more traction apping for another discover card but you can only do this after your original card is at least year old.... But sitting tight and waiting for the slightly over 3 statement autocli is not a bad deal (not guarenteed but very possible) .. Also gives you time to work on your scores... Can try for some GW letters on the lates..... etc...Also DCU might want a set number of years from BK as well..

Its not just scores unfortunately for approvals..