topic Re: BECU data, plus PLOC and Auto Loan Approval in General Credit Topics

BECU data, plus PLOC and Auto Loan Approval

Anonymous — Tue, 01 Mar 2016 20:57:17 GMT

Wanted to share some BECU data for those of you considering BECU. They are the 4th largest credit union in the US.

They have been really fantastic throughout the process and I now I have a checking and savings account with them, and was just approved today for a personal line of credit and an auto loan with them.

BECU makes the process very easy and streamlined to get the credit products, but I did have to jump through a few hoops and provide a fair number of documents to get the membership. Certain documents could be uploaded, others needed to be faxed, so it took some time and effort. I suppose all credit unions are that way.

I had really wanted to just keep my checking and savings accounts for now, and wait until next January to apply for the Visa, but some nut hit my treasured car so that unfortunately accelerated my timing a bit.

I did apply for the Visa at the same time as the auto loan and PLOC. Approved for auto loan and PLOC but not for Visa. Reason on Visa was too many new accounts. Here is a data point for those interested in BECU - they consider all accounts within the past year to be new, so they were even looking at accounts I opened back in June.

Best advice if you are looking to apply for their Visa is to have only a very few new accounts within the last year, or garden until that is the case for the best success rate. I hope this information helps someone.

I'm happy with the loan products they approved and look forward to reapplying for their Visa next January or February. It is also nice that they only do SP to apply for membership and to initially open your checking and savings- no HP for those.

Re: BECU data, plus PLOC and Auto Loan Approval

Anonymous — Tue, 01 Mar 2016 20:11:47 GMT

Interesting that they asked you for docs. They didn't ask me for anything, not even proof of income. And I fully expected them to since I'm self-employed.

Re: BECU data, plus PLOC and Auto Loan Approval

Anonymous — Tue, 01 Mar 2016 20:44:06 GMT

They only asked for ID docs to open the membership - proof of identity, SS card, proof of residence and proof of eligibility for membership. It was 4 different documents and I had to upload 3 of them and fax the fourth set.

No proof of income docs requested, and the auto loan and PLOC were quickly approved with 24 hours of applying.

Once you get in with them, they are great and have very fast approvals.

Re: BECU data, plus PLOC and Auto Loan Approval

Anonymous — Tue, 01 Mar 2016 21:23:36 GMT

Congratulations!

Re: BECU data, plus PLOC and Auto Loan Approval

Anonymous — Tue, 01 Mar 2016 21:26:31 GMT

@Anonymous wrote:
Congratulations!

Thank you, musiclover, I really appreciate it!

Re: BECU data, plus PLOC and Auto Loan Approval

jbsea — Wed, 02 Mar 2016 00:54:56 GMT

Thanks for the heads up about them. I've been debating about them for awhile. My kids mom and my kids all are with them. They all talk about how great they are. But if they look at the last year they will not like me. But good to know that before I do anything. By the way congrats on your approvals.

Re: BECU data, plus PLOC and Auto Loan Approval

Anonymous — Wed, 02 Mar 2016 03:08:25 GMT

I opened my checking and savings with them with minimal docs, SSN and WA state drivers license I believe. I guess the license proved ID, residence, and eligibility. When I opened a LoC with them they asked to view the SSN card itself and I just dropped by a branch and showed it.

Re: BECU data, plus PLOC and Auto Loan Approval

Anonymous — Wed, 02 Mar 2016 14:43:14 GMT

@jbsea wrote:
Thanks for the heads up about them. I've been debating about them for awhile. My kids mom and my kids all are with them. They all talk about how great they are. But if they look at the last year they will not like me. But good to know that before I do anything. By the way congrats on your approvals.

Thank you, jbsea! I'd suggest for you to open up a checking and savings with them now, to get the relationship started. Then next year when you have some time and distance from your new accounts, you'll be set to apply for the Visa. BECU approved my PLOC and Auto Loan even with the new accounts so they have been really great. It seem they just look at the card products a little differently, which I understand.

Re: BECU data, plus PLOC and Auto Loan Approval

Anonymous — Wed, 02 Mar 2016 14:48:01 GMT

@Anonymous wrote:
I opened my checking and savings with them with minimal docs, SSN and WA state drivers license I believe. I guess the license proved ID, residence, and eligibility. When I opened a LoC with them they asked to view the SSN card itself and I just dropped by a branch and showed it.

Hi Canadian,

I was thrilled to find that they needed zero docs to approve my PLOC and Auto Loan, so that part was definitely streamlined and a nice surprise. Very easy and I had my approvals within 24 hours.

In regards to the docs needed for membership, it wasn't a fun time - their application system wouldn't let me upload more docs once I had added the first one, so I had to call in and have the rep manually reset it so I could add my SS card, etc. The third time, she could not reset it for me to add a 3rd document, so had me fax the proof of residence doc in. I wasn't thrilled with how much of a pain this all was, since it seemed their system was kind of archaic.

All has been GREAT after the initial membership went through. Once you're in, they welcome you with open arms and great customer service.

Re: BECU data, plus PLOC and Auto Loan Approval

Anonymous — Wed, 02 Mar 2016 14:49:59 GMT

Update: After they approved my PLOC yesterday morning, I went into my online account and saw that you could apply for an increase in the PLOC. I won't need it, but thought it couldn't hurt to have more of a cushion, so requested an increase for the PLOC.

Just looked at the status this morning- increase granted. I really did not think they would do it since I'm a new member. Yay!

Re: BECU data, plus PLOC and Auto Loan Approval

gibeon — Wed, 02 Mar 2016 15:11:21 GMT

This is a Washington State / Boeing, etc. only CU, yes? I haven't been able to find a "back door" in - say, by joining or donating to a particular organization.

I've heard that they are a great CU (not just because of Credit Products), and I want in - without moving to Washington state.

Cheers,
Gib

Re: BECU data, plus PLOC and Auto Loan Approval

Anonymous — Wed, 02 Mar 2016 15:26:16 GMT

@gibeon wrote:
This is a Washington State / Boeing, etc. only CU, yes? I haven't been able to find a "back door" in - say, by joining or donating to a particular organization.

I've heard that they are a great CU (not just because of Credit Products), and I want in - without moving to Washington state.

Cheers,
Gib

Hi Gibeon,

They have been fabulous so far. You either have to live, work, or go to school in Washington State, or have an eligible family member who lives, works, or goes to school in Washington State. I have an eligible family member. There isn't a way to join an organization and gain membership - you must meet one of the above criteria. Sorry!

Re: BECU data, plus PLOC and Auto Loan Approval

gibeon — Wed, 02 Mar 2016 15:55:05 GMT

I wonder if taking an online grad course at a Washington University would count. It's not that urgent, but maybe someday. If I find out, I will report back! (but it won't be for a while...)

Re: BECU data, plus PLOC and Auto Loan Approval

Anonymous — Wed, 02 Mar 2016 16:24:54 GMT

I wouldn't recommend trying it that way, Gib- they will verify student status and anyway, you really wouldn't want to get in dishonestly or by deception, would you? I'm sure you wouldn't. There are lots of other great credit unions out there to choose from! 😀

Re: BECU data, plus PLOC and Auto Loan Approval

gibeon — Wed, 02 Mar 2016 17:17:08 GMT

@Anonymous wrote:
I wouldn't recommend trying it that way, Gib- they will verify student status and anyway, you really wouldn't want to get in dishonestly or by deception, would you? I'm sure you wouldn't. There are lots of other great credit unions out there to choose from! 😀

Humu,

I don't want to deceive! I was going to call and ask them if online education works, and if I have to be full time. (I even put my actual provable income on all my apps!)

Also, it's going to be 18 months until it really comes up, as I have to finish my grad work here (Boston) first.

#lifelonglearner #inschoolforever

Re: BECU data, plus PLOC and Auto Loan Approval

jbsea — Wed, 02 Mar 2016 18:40:33 GMT

@Anonymous wrote:
@jbsea wrote:
Thanks for the heads up about them. I've been debating about them for awhile. My kids mom and my kids all are with them. They all talk about how great they are. But if they look at the last year they will not like me. But good to know that before I do anything. By the way congrats on your approvals.
Thank you, jbsea! I'd suggest for you to open up a checking and savings with them now, to get the relationship started. Then next year when you have some time and distance from your new accounts, you'll be set to apply for the Visa. BECU approved my PLOC and Auto Loan even with the new accounts so they have been really great. It seem they just look at the card products a little differently, which I understand.

I think I will open a saving account with them. I have two checking accounts now with another cu (my DW) and mine with NFCU. I LOVE NFCU and they also have my car loan. But I will go in this weekend and talk with BECU and at least start the saving account.

Re: BECU data, plus PLOC and Auto Loan Approval

Anonymous — Wed, 02 Mar 2016 18:47:26 GMT

@gibeon wrote:
@Anonymous wrote:
I wouldn't recommend trying it that way, Gib- they will verify student status and anyway, you really wouldn't want to get in dishonestly or by deception, would you? I'm sure you wouldn't. There are lots of other great credit unions out there to choose from! 😀
Humu,

I don't want to deceive! I was going to call and ask them if online education works, and if I have to be full time. (I even put my actual provable income on all my apps!)

Also, it's going to be 18 months until it really comes up, as I have to finish my grad work here (Boston) first.

#lifelonglearner #inschoolforever

Hey gib,

I know you pretty well - you're one of the good ones! Never hurts to call them and see what they say. Good luck with grad school.

Re: BECU data, plus PLOC and Auto Loan Approval

Anonymous — Wed, 02 Mar 2016 18:43:06 GMT

@jbsea wrote:
@Anonymous wrote:
@jbsea wrote:
Thanks for the heads up about them. I've been debating about them for awhile. My kids mom and my kids all are with them. They all talk about how great they are. But if they look at the last year they will not like me. But good to know that before I do anything. By the way congrats on your approvals.
Thank you, jbsea! I'd suggest for you to open up a checking and savings with them now, to get the relationship started. Then next year when you have some time and distance from your new accounts, you'll be set to apply for the Visa. BECU approved my PLOC and Auto Loan even with the new accounts so they have been really great. It seem they just look at the card products a little differently, which I understand.
I think I will open a saving account with them. I have two checking accounts now with another cu (my DW) and mine with NFCU. I LOVE NFCU and they also have my car loan. But I will go in this weekend and talk with BECU and at least start the saving account.

Definitely, jbsea, they will be really nice and glad to help you, I am sure. Good luck!

Re: BECU data, plus PLOC and Auto Loan Approval

Anonymous — Wed, 02 Mar 2016 19:01:30 GMT

@Anonymous wrote:
Update: After they approved my PLOC yesterday morning, I went into my online account and saw that you could apply for an increase in the PLOC. I won't need it, but thought it couldn't hurt to have more of a cushion, so requested an increase for the PLOC.

Just looked at the status this morning- increase granted. I really did not think they would do it since I'm a new member. Yay!

HMM... I've looked at that link about a zillion times. HMM...

Re: BECU data, plus PLOC and Auto Loan Approval

Anonymous — Wed, 02 Mar 2016 19:35:20 GMT

@Anonymous wrote:
@Anonymous wrote:
Update: After they approved my PLOC yesterday morning, I went into my online account and saw that you could apply for an increase in the PLOC. I won't need it, but thought it couldn't hurt to have more of a cushion, so requested an increase for the PLOC.

Just looked at the status this morning- increase granted. I really did not think they would do it since I'm a new member. Yay!
HMM... I've looked at that link about a zillion times. HMM...

CAPTOOL, hit the button now! Seriously, your FICO is in the 800's, isn't it?

They were super fast with my increase (put in for an increase yesterday morning after the PLOC was approved, and this morning received the increase!) You can do it!