topic Re: DCU Refinance? in Auto Loans

DCU Refinance?

Anonymous — Sun, 12 Oct 2014 07:44:01 GMT

Hi all

My wife has a nearly perfect credit report. The only neg is a NYS Sales and use Tax lien which was paid within the same month it was issued. She has a score of 700+ but was wondering if the lien was affect our chances of refi approval through DCU?

Re: DCU Refinance?

Anonymous — Wed, 15 Oct 2014 04:43:16 GMT

@Anonymous wrote:
Hi all

My wife has a nearly perfect credit report. The only neg is a NYS Sales and use Tax lien which was paid within the same month it was issued. She has a score of 700+ but was wondering if the lien was affect our chances of refi approval through DCU?

Has she financed a car before? The tax lien is paid and it shouldn't be the main reason for denial assuming the other qualifications have been met.

Re: DCU Refinance?

Anonymous — Wed, 15 Oct 2014 08:24:13 GMT

DCU and other CU will look at your score as well as other factor. Depending how thick or thin is your wife tradeline, most likely she will get approve with that score, however if she have a thin tradeline and doesnt have atleast 2years of age credit they might denial. Depending on the loan officer.

Re: DCU Refinance?

Anonymous — Thu, 16 Oct 2014 03:35:30 GMT

@Anonymous wrote:
@Anonymous wrote:
Hi all

My wife has a nearly perfect credit report. The only neg is a NYS Sales and use Tax lien which was paid within the same month it was issued. She has a score of 700+ but was wondering if the lien was affect our chances of refi approval through DCU?
Has she financed a car before? The tax lien is paid and it shouldn't be the main reason for denial assuming the other qualifications have been met.

Thanks Lexie. I'm sorry for the delayed response but I overlooked this posting. She's had credit cards for the past few years, so yes. Also we currently are financing at 6% through Chryslter financing. We've made 6-7 full on-time payments with them so far... when we purchased the car we planned on switching to a good credit union. There's a new CU that opened in our area locally. Its been open for about 8 months now and they plan on accepting people in the area but for now only accepting Coned (city) workers.

Every other decent CU in our area only accepted city workers, etc so I thought I was out of luck until asking on the forum a few people suggested DCU? Would you say we go with them or another company? We live in NY.

Re: DCU Refinance?

Anonymous — Thu, 16 Oct 2014 03:37:12 GMT

Prior to this currently financed vehicle, we never financed before though. This is our first finance which we're trying to refi.

Re: DCU Refinance?

Anonymous — Thu, 16 Oct 2014 03:54:44 GMT

Actually, don't know if it makes a difference but we did have a brand new motorcycle financed through Yamaha which was paid in full last year. No missed/late payments. That was under her name as well.

Re: DCU Refinance?

sccredit — Thu, 16 Oct 2014 15:53:58 GMT

My bet would be that you are good for at least a DCU approval.

Re: DCU Refinance?

Anonymous — Thu, 16 Oct 2014 19:34:15 GMT

@sccredit wrote:
My bet would be that you are good for at least a DCU approval.

Thank you! That's good to know. And what do you need to qualify for DCU membership, do you know?

Re: DCU Refinance?

Anonymous — Thu, 16 Oct 2014 19:34:46 GMT

@Anonymous wrote:
@Anonymous wrote:
Hi all

My wife has a nearly perfect credit report. The only neg is a NYS Sales and use Tax lien which was paid within the same month it was issued. She has a score of 700+ but was wondering if the lien was affect our chances of refi approval through DCU?
Has she financed a car before? The tax lien is paid and it shouldn't be the main reason for denial assuming the other qualifications have been met.

Hi Lexie. Could you share your thoughts on this? We're currently paying down all of our cards before we apply just to be 100% sure so we have about a month or so.

Re: DCU Refinance?

Anonymous — Thu, 16 Oct 2014 19:35:19 GMT

I'm hoping to also try to get this lien removed from her report. She didn't end up owing anything close to what they projected.

Re: DCU Refinance?

sccredit — Thu, 16 Oct 2014 21:41:00 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Hi all

My wife has a nearly perfect credit report. The only neg is a NYS Sales and use Tax lien which was paid within the same month it was issued. She has a score of 700+ but was wondering if the lien was affect our chances of refi approval through DCU?
Has she financed a car before? The tax lien is paid and it shouldn't be the main reason for denial assuming the other qualifications have been met.
Hi Lexie. Could you share your thoughts on this? We're currently paying down all of our cards before we apply just to be 100% sure so we have about a month or so.

Join an organization. To get their lowest rate she'll have to have a 675 FICO

Re: DCU Refinance?

Anonymous — Thu, 16 Oct 2014 23:25:47 GMT

@sccredit wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Hi all

My wife has a nearly perfect credit report. The only neg is a NYS Sales and use Tax lien which was paid within the same month it was issued. She has a score of 700+ but was wondering if the lien was affect our chances of refi approval through DCU?
Has she financed a car before? The tax lien is paid and it shouldn't be the main reason for denial assuming the other qualifications have been met.
Hi Lexie. Could you share your thoughts on this? We're currently paying down all of our cards before we apply just to be 100% sure so we have about a month or so.
Join an organization. To get their lowest rate she'll have to have a 675 FICO
What kind of organization? Ive read a school board? How do we do that? Heh... also have you ever used DCU?

Re: DCU Refinance?

Ragelog — Fri, 17 Oct 2014 02:43:35 GMT

I was approved for a DCU refi with a 682 EQ04 score 1.49% APR and a paid KS Tax lien as well as a couple other negatives.

Re: DCU Refinance?

Anonymous — Fri, 17 Oct 2014 03:24:06 GMT

@Ragelog wrote:
I was approved for a DCU refi with a 682 EQ04 score 1.49% APR and a paid KS Tax lien as well as a couple other negatives.

Thank you bud. May I ask how long ago this was? This is definitely helpful info.

Re: DCU Refinance?

Anonymous — Fri, 17 Oct 2014 03:24:37 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Hi all

My wife has a nearly perfect credit report. The only neg is a NYS Sales and use Tax lien which was paid within the same month it was issued. She has a score of 700+ but was wondering if the lien was affect our chances of refi approval through DCU?
Has she financed a car before? The tax lien is paid and it shouldn't be the main reason for denial assuming the other qualifications have been met.
Hi Lexie. Could you share your thoughts on this? We're currently paying down all of our cards before we apply just to be 100% sure so we have about a month or so.

Other than was covered by others, a thin file with no previous history may have an issue but it seems that's not the case. Also, I think they use NADA for value- double check to make sure it's not upside down.

Re: DCU Refinance?

Anonymous — Fri, 17 Oct 2014 03:25:39 GMT

@Ragelog wrote:
I was approved for a DCU refi with a 682 EQ04 score 1.49% APR and a paid KS Tax lien as well as a couple other negatives.

Btw, anything we should look out for with them when we finally do pull the trigger? Also how long ago did you sign up with them? Could you explain the exact process? People say you first have to open a membership/account or something with them? Do they pull your credit twice? Or can the same app work for everything? Did you get approved for their credit card?

Sorry about all the questions. Plan on doing this very soon.

Re: DCU Refinance?

Anonymous — Fri, 17 Oct 2014 03:28:45 GMT

Two HP'S, 1 for membership. It's best to get the membership approved first. Some have had issues getting approved Due to Id verification

Re: DCU Refinance?

Anonymous — Fri, 17 Oct 2014 04:24:44 GMT

@Anonymous wrote:
Two HP'S, 1 for membership. It's best to get the membership approved first. Some have had issues getting approved Due to Id verification

Thank you. I had replied to your questions for me earlier in the post, did you see them? We are currently financing a vehicle and 6 months into it.

We had financed a motorcycle which shows up on our CR. This was though Yamaha and was for 10k tho but was paid in full with no lates or anything.

Do you think we'll be fine? I was never experienced with financing up until we got this vehichle. Since its only been 6 months do you think we should wait a little more or should we be good to go?

Thanks again everyone for your input.

Re: DCU Refinance?

Anonymous — Fri, 17 Oct 2014 06:41:27 GMT

@Anonymous wrote:
@Anonymous wrote:
Two HP'S, 1 for membership. It's best to get the membership approved first. Some have had issues getting approved Due to Id verification
Thank you. I had replied to your questions for me earlier in the post, did you see them? We are currently financing a vehicle and 6 months into it.

We had financed a motorcycle which shows up on our CR. This was though Yamaha and was for 10k tho but was paid in full with no lates or anything.

Do you think we'll be fine? I was never experienced with financing up until we got this vehichle. Since its only been 6 months do you think we should wait a little more or should we be good to go?

Thanks again everyone for your input.

Yes, I saw your responses but you did not mention the payoff/value. As said before, they use the values listed in NADA, if your car does not have sufficient value it will not matter if you qualify credit wise.

Re: DCU Refinance?

Ragelog — Fri, 17 Oct 2014 15:48:50 GMT

My paid tax lien is about 4 years old. Due to fall off my CR in 2017 Kansas sucks no way for early removal. The process I took was applied for the loan over the phone and provided vehicle info, income info, etc. I told them I was comfortable with the same payment so they offered 4 years at 1.49%. I couldn't believe it because my EQ08 score was 645 I think at the time fortunately my EQ04 was nearly 40 points higher. So once approved I did the membership online and then called to have my loan approval linked to my account and received a list of the items I needed to send to them. Later after I faxed them 10 day payoff, registration copy paystubs I received the contract to review and sign online. They mailed the check on the next day for the full 10 day payoff amount. I later received a refund from the old lender for the extra paid.

It was 2 pulls although rumor has it that I could have asked for a membership pull using the same one if done on the phone. To get the 1.49% I needed to setup direct deposit so I did and had my free checks mailed.

This was as smooth as it could be really.

They attempted to get me a credit card using the auto loan pull but I had too many recent new accounts so she suggested trying in 6 months or so once some inquiries have fallen off and new accounts had aged.

So far I have nothing but positive and the customer service has been excellent only complaint may be the time on hold but at least you get someone that speaks fluent easy to understand english that has the knowledge and power to handle almost anything.

Sincerely,

Sam