topic Re: DCU credit card? in Credit Cards

DCU credit card?

Anonymous — Mon, 25 Aug 2014 22:04:55 GMT

Hi!

I recentely moved to the US and my credit file is no longer than 1 year, I started with a boa secured card and I've been opening new accounts (capital one, best buy , pay pal and discover). I have a FICO of 631 (according to Discover) which I think is EQ.

I'm a DCU member for almost 10 months and I have a secure loan with them ($200) which I'll ve paying off next month, I did it mainly for credit building purposes, I'm thinking on applying to their credit card as fees seem to be pretty good and I heard some ppl are getting preety good CL's.

My score is not that high due to recent inquiries and mid utilization (about 55%) other than that I have 100% on time payments, has anyone apply in similar circumstances? I'm hesitating and I don't know if I should wait for my score to go up. This friday I will get my FICO update (from DCU) actually , my uytilization % has gone down so I'm expecting a better score but I'm not aiming to high.

What do you guys think ? Should I apply?

Thanks!

Re: DCU credit card?

myjourney — Tue, 26 Aug 2014 10:24:23 GMT

Welcome to the forum

Sorry you didn't get help so let's see can we get some DCU answers

Good luck

Bump for help

Re: DCU credit card?

dave024 — Tue, 26 Aug 2014 12:48:09 GMT

I was denied a DCU visa earlier this month, which surprised me as I thought they were relatively easy to get. My credit score was 735. I think the reasons were high utilization and high unsecured debt to income. Both of those were around 50%.

Re: DCU credit card?

1GaDawg85 — Tue, 26 Aug 2014 13:01:09 GMT

i got approved recently for a DCU Visa with a nice CL but it was mainly due to very low utilization. My current scores are in my sig so I don't see why you wouldn't be approved

Re: DCU credit card?

Anonymous — Tue, 26 Aug 2014 14:22:10 GMT

Thank you, for the warm welcoming! I recentely registered but been reading the forum for a few months now, it is really helpful!

Well, Dave has a much higher score than I do and about the same utilization, so I think maybe I should wait a month or two to apply, I think I'll get my utilization down to 20-30% next month so I might have a better chance.

Thank you guys!

Re: DCU credit card?

1GaDawg85 — Tue, 26 Aug 2014 15:13:48 GMT

@Anonymous wrote:
Thank you, for the warm welcoming! I recentely registered but been reading the forum for a few months now, it is really helpful!

Well, Dave has a much higher score than I do and about the same utilization, so I think maybe I should wait a month or two to apply, I think I'll get my utilization down to 20-30% next month so I might have a better chance.

Thank you guys!

You should be approved now....

Re: DCU credit card?

dave024 — Tue, 26 Aug 2014 15:26:06 GMT

@1GaDawg85 wrote:
You should be approved now....

That seems a little optimistic considering my score was 100 points higher with the same % utilization and I got denied. Income and overall unsecured debt to income could be another big factor. If you can bring down the utilization by waiting a month and you don't need the card for any other reason it may be a good idea to wait a little while.

Re: DCU credit card?

Anonymous — Tue, 26 Aug 2014 15:59:31 GMT

Thank you both, I agree I think I'll wait that might help to get a better rate / CL.

Thanks!

Re: DCU credit card?

09Lexie — Tue, 26 Aug 2014 15:59:47 GMT

@Anonymous wrote:
Hi!

I recentely moved to the US and my credit file is no longer than 1 year, I started with a boa secured card and I've been opening new accounts (capital one, best buy , pay pal and discover). I have a FICO of 631 (according to Discover) which I think is EQ.
I'm a DCU member for almost 10 months and I have a secure loan with them ($200) which I'll ve paying off next month, I did it mainly for credit building purposes, I'm thinking on applying to their credit card as fees seem to be pretty good and I heard some ppl are getting preety good CL's.
My score is not that high due to recent inquiries and mid utilization (about 55%) other than that I have 100% on time payments, has anyone apply in similar circumstances? I'm hesitating and I don't know if I should wait for my score to go up. This friday I will get my FICO update (from DCU) actually , my uytilization % has gone down so I'm expecting a better score but I'm not aiming to high.
What do you guys think ? Should I apply?

Thanks!

Welcome to the forum. DCU can be generous but they will be looking at your high util, thin credit file and recent inq's. I would suggest waiting until your util is much lower and app once your most recent cc has been reporting for at least 6 mos

Re: DCU credit card?

Ragelog — Tue, 26 Aug 2014 16:18:54 GMT

I agree wait it out. I was approved for their best auto refinance rate and still was denied for a credit card due to high number of inquiries and recent new accounts. Fortunately my utilization was low like 10-15% but that wasn't enough. The lady on the phone though in about 6 months I would be able to get approved.

Re: DCU credit card?

Anonymous — Tue, 26 Aug 2014 17:00:43 GMT

Right, after thinking about it I have decided to wait at least 2 months . Once I apply will update the post to let you know the outcome.

Thank you all for the guidance !

Re: DCU credit card?

CreditDunce — Tue, 26 Aug 2014 17:49:56 GMT

Discover provides you your TU-08 FICO score. On the other hand, DCU provides your EQ-04 FICO score. The important one for a DCU CC is obviously the one DCU provides. If the DCU CC is a good fit for you, I would apply for it. However, before applying, I would get my utilization down to 1-9% on one CC and 0 on all of my other CC's. Then let your CR's update. Your CS should have nice bump with the lower utilization.

I am sure you have already checked for any pre-approval's on DCU's website. You could send them a secured message/email/call on the phone, to see what your chances are. However, I think you have a reasonable chance to be approved. From the credit pull DB, I see people have been approved for a DCU CC with a CS in the low 630's. You can google the credit pull DB if you would like to review it yourself. As always it is YMMV.