topic Re: DCU Membership? in Auto Loans

DCU Membership?

Anonymous — Wed, 14 May 2014 01:20:56 GMT

I see a lot of people here mention DCU as a great place to secure financing, but I see they are in MA. Do you need to be in MA to apply? I guess I have to be a "member" first? Does anyone know how long it may take to be able to use the auto loan after I get approved?

Re: DCU Membership?

Anonymous — Wed, 14 May 2014 05:11:07 GMT

@Anonymous wrote:
I see a lot of people here mention DCU as a great place to secure financing, but I see they are in MA. Do you need to be in MA to apply? I guess I have to be a "member" first? Does anyone know how long it may take to be able to use the auto loan after I get approved?

You do not have to live in MA. I am in CA and I'm a member. Once your membership is approved you are welcome to apply for your auto loan.

They pull EQ and it will be two HP's - 1 for membership and 1 for credit.

Re: DCU Membership?

Anonymous — Wed, 14 May 2014 12:08:38 GMT

Thanks! How long did it take to approve membership? Im a little confused by what to do first...apply for an auto loan to see what I can get and then apply for membership or apply for membership to get the process started. I dont even see where to apply for membership or what that entails...

Re: DCU Membership?

Smooth954 — Wed, 14 May 2014 13:05:25 GMT

Membership will be in the form of a checking are savings account are both. You may have to make a one time donation to a charity of their choice if you don't meet membership requirements

Re: DCU Membership?

Anonymous — Wed, 14 May 2014 13:07:09 GMT

I am in NC and applied for a Checking and a Savings account Monday night. Answered 5 identity questions and paid $10 fee to join the Reach Out For Schools to be eligible to apply for membership at DCU. I was approved instantly, and received my welcome email yesterday. I am waiting for the package to arrive in the mail.

Re: DCU Membership?

DevotionToU — Wed, 14 May 2014 13:16:53 GMT

@Anonymous wrote:
I am in NC and applied for a Checking and a Savings account Monday night. Answered 5 identity questions and paid $10 fee to join the Reach Out For Schools to be eligible to apply for membership at DCU. I was approved instantly, and received my welcome email yesterday. I am waiting for the package to arrive in the mail.

This was the process I went through as well. Some people seem to need to provide more identification than others, but I answered the questions on their site during membership application and I was not required to send or fax any additional documents. Once you are a member and get your member number/pin you can apply for the loan after logging in.

Re: DCU Membership?

Simply827 — Wed, 14 May 2014 17:44:05 GMT

Ditto to what every one else said. Membership first, then apply for the loan. A 675 will get you their lowest rate, which is 1.74 without Relationship checking.

I imagine you could go out and buy a car the same day with approval. I just happened to shop around for a couple of days.

Re: DCU Membership?

dhrren — Wed, 14 May 2014 17:47:17 GMT

It's crazy. I have over 700 Credit score and they want a driver's license, and utility bill. Seems random. Not sure. They do seem to be slow though.

Re: DCU Membership?

dhrren — Wed, 14 May 2014 17:48:31 GMT

woops. Accidental duplicate. Please delete.

Re: DCU Membership?

DevotionToU — Wed, 14 May 2014 18:06:52 GMT

@dhrren wrote:
It's crazy. I have over 700 Credit score and they want a driver's license, and utility bill. Seems random. Not sure. They do seem to be slow though.

They just want to verify you are who you say you are. I had been at my current address for 2 years so they did not have to do address verification.

Re: DCU Membership?

dhrren — Wed, 14 May 2014 18:10:49 GMT

So I have been trying to use the chat and see if they got my documents and the process on my account and auto loan/cc and then chat thing is buggy. Should I just wait?

Re: DCU Membership?

spike69 — Wed, 14 May 2014 18:33:55 GMT

I have used the Chat pretty successfully. I log in to "chat" when I have 30 minutes of other desk work to do as the wait can be a while.

Re: DCU Membership?

Anonymous — Thu, 15 May 2014 02:08:50 GMT

I applied for the checking and savings first....and it dropped my credit score by 41 points immediately after!!! It now went from 714 to 673!!! Will they see the score before or after the major drop that they caused? The only reason why I applied for membership was to get an auto loan....so now they will pull again and drop it another 41 points when i apply for the auto?!? IM ENRAGED RIGHT NOW IVE WORKED SO HARD TO GET IT ABOVE 700

OP,

You have cross-posted this issue on three separate threads. Please refrain from posting duplicative posts across multiple boards.

~Lexie, myFICO Moderator

Re: DCU Membership?

rbon — Wed, 14 May 2014 23:09:14 GMT

I got my DCU membership 2 weeks ago as I'm planning on purchasing a 2015 Subaru Legacy when they come out and would like to take advantage of their low rates.

My membership took about 7 days to process. When I called, the rep stated that she wished they would take the "2 business days to process your membership" off the website and emails because she stated they are taking much longer due to high demand.