topic Re: DCU loan suite pre-approvals. Accept or pass??? in Credit Cards

DCU loan suite pre-approvals. Accept or pass???

Credit_Flavours — Wed, 01 Apr 2020 20:38:26 GMT

So my new found love from DCU seems to be getting hotter. After refinancing with them 3weeks ago and rejecting the offer for a $5k visa, today I go on my routine check of accounts and see all loans pre-approved except student loan and student loan refi.

Unfortunately, I recently added 3 new cards, one of which has already reported and the report of the 2 others will definitely dump my AAoA in the toilet(pardon my french). After Penfed reported the platinum vis days after approval even before sending the card(Lol), my AAoA slipped to 1y4m. Fortunately, the regular Fico8 scores didn't drop any points although the fico2s dropped a few

Truth is with the improved SL of $10k, I can now use the card especially for the No BT and cash advance fee. A part of me says take the hit at once, they all report together and grow together, the other part says to hold off, for now, hope the offer stays or comes back in a few months when the AAoA would have recovered then go for it then.

What do y'all think? Thanks for your honest advice.

NB: that APR is also not their best as they now offer 8.5% on the visa, so also thinking if my EQ5 which is at 719 according to them can get up to 730 with a little engineering, maybe I might be able to swing that too. Another reason to maybe hold off???

Re: DCU loan suite pre-approvals. Accept or pass???

AverageJoesCredit — Wed, 01 Apr 2020 20:05:38 GMT

Lol our definitions of a good apr are completely different. In a time when many have difficulty getting anything from lenders, id say you are in a pretty good position. Dont settle for less than 20k!

Re: DCU loan suite pre-approvals. Accept or pass???

Credit_Flavours — Wed, 01 Apr 2020 20:14:56 GMT

@AverageJoesCredit wrote:
Lol our definitions of a good apr are completely different. In a time when many have difficulty getting anything from lenders, id say you are in a pretty good position. Dont settle for less than 20k!

LOL!!!!!!!
Hey AJC. so accept or pass? I agree that the $10k is pretty decent just my other situation with the AAoA. And just want to make sure I am making the best decision all round.

Thanks for the reply

Re: DCU loan suite pre-approvals. Accept or pass???

Anonymous — Wed, 01 Apr 2020 20:24:54 GMT

It's better to take the AAoA and AoYRA hits all at once. Each account you add decreases how much your AAoA drops for future accounts too. My AAoA only drops 1 month per new account now.

Re: DCU loan suite pre-approvals. Accept or pass???

Credit_Flavours — Wed, 01 Apr 2020 20:40:39 GMT

@Anonymous wrote:
It's better to take the AAoA and AoYRA hits all at once. Each account you add decreases how much your AAoA drops for future accounts too. My AAoA only drops 1 month per new account now.

Thanks, @saeren. Will update whatever I eventually do.

Re: DCU loan suite pre-approvals. Accept or pass???

dragontears — Wed, 01 Apr 2020 21:12:57 GMT

I will be the voice of reason and go against the "app app app" mentality.

Ask yourself:

Do you NEED any of these products?

Will you actually use them?

How does these products fit in to your long(er) term credit strategy?

Frequently, people app for things that they don't need then regret it when they can't get cards that actually suit their needs.

Re: DCU loan suite pre-approvals. Accept or pass???

Credit_Flavours — Wed, 01 Apr 2020 21:28:34 GMT

@dragontears wrote:
I will be the voice of reason and go against the "app app app" mentality.

Ask yourself:
Do you NEED any of these products?
Will you actually use them?
How does these products fit in to your long(er) term credit strategy?

Frequently, people app for things that they don't need then regret it when they can't get cards that actually suit their needs.

Thanks for your reasoned response but as I said upthread, I can actually see a role for this card as it is the only one I know of, that actually offers BT opportunities at a predictable time of the year and has NO BT fees and the entire limit is also available for a cash advance if needed. So its actually a pretty decent proposition; like a CLOC, PLOC and credit card wrapped in one. My dilemma was just the timing thing.

Thanks again for your take on this. Really appreciate the breaker.

Re: DCU loan suite pre-approvals. Accept or pass???

Anonymous — Wed, 01 Apr 2020 23:13:22 GMT

@dragontears wrote:
I will be the voice of reason and go against the "app app app" mentality.

Ask yourself:
Do you NEED any of these products?
Will you actually use them?
How does these products fit in to your long(er) term credit strategy?

Frequently, people app for things that they don't need then regret it when they can't get cards that actually suit their needs.

DCU's credit card offers 0% for 6 months on BTs every single year, has no fees or higher APR for cash advances and your credit limit is your advance limit, has no FTFs, and no BT fees. It's a useful card.

Also given the current environment, having more options is never a bad thing, and you can do far worse than DCU.

It's usually smaller CUs that have a problem with total credit limits, it's not a common issue for banks or larger CUs.

Re: DCU loan suite pre-approvals. Accept or pass???

Anonymous — Wed, 01 Apr 2020 23:15:52 GMT

@Credit_Flavours wrote:
@dragontears wrote:
I will be the voice of reason and go against the "app app app" mentality.

Ask yourself:
Do you NEED any of these products?
Will you actually use them?
How does these products fit in to your long(er) term credit strategy?

Frequently, people app for things that they don't need then regret it when they can't get cards that actually suit their needs.
Thanks for your reasoned response but as I said upthread, I can actually see a role for this card as it is the only one I know of, that actually offers BT opportunities at a predictable time of the year and has NO BT fees and the entire limit is also available for a cash advance if needed. So its actually a pretty decent proposition; like a CLOC, PLOC and credit card wrapped in one. My dilemma was just the timing thing.

Thanks again for your take on this. Really appreciate the breaker.

You can attach it to a DCU checking account to be used as no fee overdraft protection too.

Re: DCU loan suite pre-approvals. Accept or pass???

cr101 — Wed, 01 Apr 2020 23:46:52 GMT

@Anonymous wrote:
It's better to take the AAoA and AoYRA hits all at once. Each account you add decreases how much your AAoA drops for future accounts too. My AAoA only drops 1 month per new account now.

this was my mindset when ppl told me to garden. i'd rather take 1 hit now than an extra 1 when i eventually apply for the card months or a yr later. if you know that you will ultimately get the card, might as well get it now and watch it grow. w dcu, they only do the soft pull cli approvals quarterly. so, the longer you wait...

op---you, me, and someone else in a dcu thread today mentioned that our scores are 719. how odd.

Re: DCU loan suite pre-approvals. Accept or pass???

Mv350 — Thu, 02 Apr 2020 03:33:25 GMT

9.50% on the CC which is usually 10.00% at it's lowest is pretty dang good.

Re: DCU loan suite pre-approvals. Accept or pass???

mumbogray — Fri, 03 Apr 2020 18:10:01 GMT

I saw this in my loan suite today with the same rates and language. Interestingly, the loans (for example, auto loan) say "Pre-approval is based on borrower appearing to meet certain criteria and contingent upon our ability to verify" in the fine print. the CC offer does not say this. Theoretically, would they still approve the CC offer if one enters $0 for income income? Curious, cause the language makes it sound they would.

Re: DCU loan suite pre-approvals. Accept or pass???

cr101 — Fri, 03 Apr 2020 18:49:05 GMT

@mumbogray wrote:
I saw this in my loan suite today with the same rates and language. Interestingly, the loans (for example, auto loan) say "Pre-approval is based on borrower appearing to meet certain criteria and contingent upon our ability to verify" in the fine print. the CC offer does not say this. Theoretically, would they still approve the CC offer if one enters $0 for income income? Curious, cause the language makes it sound they would.

probably not. how would you pay the card? lol when you click the accept offer link, you enter your income info. i had to submit proof of income. they already have your credit score bc they pull it each month and you probably had to provide proof of income when you first got the card. so, i'm assuming that they want to confirm that you're still bringing in the same income.

there's a blanket statement at the bottom of loan suite "PRESCREEN & OPT-OUT NOTICE: This "prescreened" offer of credit is based on information in your credit report indicating that you meet certain criteria. This offer is not guaranteed if you do not meet our criteria (including providing acceptable property as collateral)."