topic Re: DCU for Banking, etc in Rebuilding Your Credit

DCU for Banking, etc

Jutz — Tue, 20 Nov 2012 22:33:06 GMT

There's no section for banking, but Rebuilding probably makes sense because of the nature of my question:

DCU is centered ~45 minutes or so away from me, so I have the unique ability to actually use them for my primary banking. The CU I picked isn't really doing it for me, since they aren't very prepared to work with individuals with less than desireable credit. Does anyone else use DCU for primary banking? I know several of you use them for a couple of their services, especially for their FICO score.

How are they for auto loans w/ lower tier credit?

How are they for general banking and relationships?

How are their credit cards?

Do they seem like they make decisions "locally" and with the customer in mind, or rigid with score as the only priority?

What model EQ Score is it that they provide?

Do they HP for membership?

Anyway, let me know your feedback, I'm still looking to find the right primary bank.

Mods feel free to move, but I feel like this may be my best audience.

Re: DCU for Banking, etc

Anonymous — Mon, 26 Nov 2012 14:38:37 GMT

Since distantarray mentioned them recently in a very positive light, I looked at their site and they do seem to have good benefits. However,while their savings rate is fairly competitive, their basic checking rates/benefits aren't very good. If you need checking to build a full relationship with them, I would put only a fairly small amount of money in their checking account, and put the rest of my checking funds in one of the internet banks (I use Everbank and TIAA, but there are other good ones).

Re: DCU for Banking, etc

Jutz — Mon, 26 Nov 2012 14:51:56 GMT

@Anonymous wrote:
Since distantarray mentioned them recently in a very positive light, I looked at their site and they do seem to have good benefits. However,while their savings rate is fairly competitive, their basic checking rates/benefits aren't very good. If you need checking to build a full relationship with them, I would put only a fairly small amount of money in their checking account, and put the rest of my checking funds in one of the internet banks (I use Everbank and TIAA, but there are other good ones).

Thanks for the response!

By rates/benefits of their checking, do you mean interest? I put a lot of money through my checking account, but don't generally let it sit there, I find interest earning checking tends to be so low it's not worth it. I'm going to check out Everbank and TIAA though and see what's up with them, thanks again

Re: DCU for Banking, etc

Anonymous — Mon, 26 Nov 2012 15:00:38 GMT

@Jutz wrote:

@Anonymous wrote:
Since distantarray mentioned them recently in a very positive light, I looked at their site and they do seem to have good benefits. However,while their savings rate is fairly competitive, their basic checking rates/benefits aren't very good. If you need checking to build a full relationship with them, I would put only a fairly small amount of money in their checking account, and put the rest of my checking funds in one of the internet banks (I use Everbank and TIAA, but there are other good ones).
Thanks for the response!

By rates/benefits of their checking, do you mean interest? I put a lot of money through my checking account, but don't generally let it sit there, I find interest earning checking tends to be so low it's not worth it. I'm going to check out Everbank and TIAA though and see what's up with them, thanks again

I mean a) interest (theirs is 0.1% or less, TIAA and Everbank are currently 1.25%. At those rates, sitting is OK for me). and b) things like " foreign" ATM surcharge refunds. Many internet banks offer unlimited refunds of all charges associated with using other ATMs. It looks at the lowest DCU level, they charge you for using other ATMs, as will the owner of the ATM, this can add up to something like $5 per transaction. At the other tiers DCU won't charge, but the owner will and they only refund $5 per month.

If you are near their ATM's, this is obviously less important.

Re: DCU for Banking, etc

Jutz — Mon, 26 Nov 2012 15:11:28 GMT

Their ATM network includes most of the CU ATMs in my state. I don't carry cash unless I'm a) Paying someone back for food, etc b) Going to the casino or c) Going to establishments where $1 is a common transaction.

Not to ignore the obvious difference in benefits though. I'm truly looking for a good place to do my primary banking, so I'll check into the online banks.

Re: DCU for Banking, etc

distantarray — Mon, 26 Nov 2012 15:39:51 GMT

i dunno how i missed this post lol sorry

anyways DCU the website is kinda boring but easy and clean to use

Fico scores are Fico04 by Equifax updated monthly free of charge. That's a savings of $240 a year opposed to scorewatch. I don't know about interest rates I have too many banks to look through all of them LOL

I use them to pull my rewards into, like if I have $150 bonus from my BCP i'll throw $150 into the DCU account to keep track of my rewards for the year, this goes into a how much did my credit save me this year / vacation fund lol

dsdsdd

The site states you can get a Fico score if you have a credit card or loan with them, but all you need is a checking or savings doesn't matter which either or. (i only have savings)

They pulled EQ for membership and they will pull again for a credit card, but people who are local like yourself have reported they have gotten credit card and membership on the same pull in person.

Their secured credit card graduates and they are very good with rebuilding, it comes HIGHLY recommended with almost every credit forum across the net, very easys to talk to.

I have too many accounts but remember you should never put all your eggs in one basket either. Like when Bank of America automatically enrolled me into overdraft protection, since someone stole my debit card the idiots at BOA let the clean out my checking and my savings.... you would think if your overdrafting for thousands they would stop it. I was with no funds for about 10 days. This was when my credit was bad and only had 1 debit card....

Their car loans are great because they have a option to automatically debit car payments each week to save you 1 month of payments a year (interest is counted daily with car loans) Their mortgages are competitive as well. No minimum balance requirements etc so the bank is great for most people.

I have

1. Chase bank for Trifecta and my local bank

2.DCU free credit score and keep track of my rewards

Re: DCU for Banking, etc

Jutz — Mon, 26 Nov 2012 15:41:39 GMT

Crap! They pull for membership? And my lowest of 3 scores!! Eff.

Re: DCU for Banking, etc

distantarray — Mon, 26 Nov 2012 15:44:33 GMT

3. Navy Federal for NavChek and BEST credit limits and 0% mortgage option incase I ever want to buy a house on credit (in process of buying a house in cash right now, but doesn't hurt if I land into a great deal later for a house for investment)

4. USAA free ATM at ANY atm in the United States (they reimburse you for upto 5 times a month)

5. Achieva Credit Union, first credit union (local) that gave me a secured card (canceling this soon unless they give me a great rate on a auto loan when I'm going to be shopping in few months)

6.Bank of America had them for 13 years fired them last month. Do you believe they wouldn't give me a free cashiers check to push $50,000 out of their bank? Insteadd I went and took the cash out of 6 local locations lol just to piss them off. Since most BOA only hold about 10k in cash daily for over the counter use.

Re: DCU for Banking, etc

Jutz — Mon, 26 Nov 2012 15:47:50 GMT

If I could get into NFCU we wouldn't even be having this convo, lol.

FYI: I currently only am at 2 banks, TD and a local CU. I fired BOA last year when they announced the Debit card fee. (Obviously they didn't go through with it, but the mere thought of passing more expense to the consumer because of the CARD act was insulting. A service that they pushed on people for years that we all adopted and loved, and used for free, and all of a sudden their profits aren't as astronomical and they need to pass it to us. So insulting.)

Re: DCU for Banking, etc

distantarray — Mon, 26 Nov 2012 15:46:48 GMT

lol all you need is 580 for a membership you'll do fine, besides that jus get a secured card at the sametime in person so you don't waste it. They're a great bank and unsecures itself. They have good rates and Fico04 EQ score will save you $240 a year and possibly more if they ever raise the price on this site =) you should be in the rebuilding stage anyways so this is ideal imo. I wish I would've got them last year when my credit was still in the crapper =)

Re: DCU for Banking, etc

distantarray — Mon, 26 Nov 2012 15:48:20 GMT

@Jutz wrote:
If I could get into NFCU we wouldn't even be having this convo, lol.

lol nfcu is a great bank in everyway but still no free fico =)

in the times of rebuilding I think a free fico score can save you more money than any program NFCU offers lol

just put a ad on the craigslist LOOKING FOR MILITARY ROOMMATE lol!

Re: DCU for Banking, etc

Jutz — Mon, 26 Nov 2012 15:49:39 GMT

I've been looking for something good to do with an extra 1k that wouldn't waste it, maybe that's the answer. How soon do they unsecure? Do they pull again for unsecure? Do they close and open a new account for it? I don't want to hurt my AAoA too badly since it's propping up my other bad stuff a bit.

Re: DCU for Banking, etc

Jutz — Mon, 26 Nov 2012 15:51:15 GMT

@distantarray wrote:
@Jutz wrote:
If I could get into NFCU we wouldn't even be having this convo, lol.
lol nfcu is a great bank in everyway but still no free fico =)
in the times of rebuilding I think a free fico score can save you more money than any program NFCU offers lol

just put a ad on the craigslist LOOKING FOR MILITARY ROOMMATE lol!

lmao, considered it. My neighbor is military and we technically both live at the same address, neither of us put our Apt #. He's not a member, but don't think I haven't considered it.

Re: DCU for Banking, etc

distantarray — Mon, 26 Nov 2012 15:57:44 GMT

@Jutz wrote:
I've been looking for something good to do with an extra 1k that wouldn't waste it, maybe that's the answer. How soon do they unsecure? Do they pull again for unsecure? Do they close and open a new account for it? I don't want to hurt my AAoA too badly since it's propping up my other bad stuff a bit.

1 year unsecure, with good history. you get to keep the same history and same number from what I've heard. It shouldn't hurt your AAOA too bad lol

Re: DCU for Banking, etc

Jutz — Mon, 26 Nov 2012 16:04:01 GMT

Can you add to the CL at any time without pushing your graduation date out? If I can, getting that to around 3k would be great, so that it unsecures as a decent option. I suppose these are questions for the bank at this point. I think I'm going to take a drive up there this weekend.

Re: DCU for Banking, etc

Anonymous — Mon, 26 Nov 2012 16:05:04 GMT

Great thread man! I too am looking for another bank as well. My local credit union is not very friendly after 5 years with them. Gives great rates on products, but apparently only for excellent credit scores. DCU seems highly favored, but so does USAA and NFCU. But would rather have my main account be with someone who is also local and neither of these are local to me unfortunately. Wanted to try PNC Bank as they seemed to be very friendly locally.

Re: DCU for Banking, etc

Anonymous — Mon, 26 Nov 2012 16:19:13 GMT

@Anonymous wrote:
Great thread man! I too am looking for another bank as well. My local credit union is not very friendly after 5 years with them. Gives great rates on products, but apparently only for excellent credit scores. DCU seems highly favored, but so does USAA and NFCU. But would rather have my main account be with someone who is also local and neither of these are local to me unfortunately. Wanted to try PNC Bank as they seemed to be very friendly locally.

I've found the best value by separating things. So, good internet banks seem far superior to banks and credits unions for checking and savings products. ("Good" being a key word, lots of new things to be aware of, such as $ limits on ACH transfers in/out per transaction and per month, and these vary a LOT!)

Get the credit cards you want from the issuers which often are not the bank you deal with. Most times credit record is much more important than an existing relationship. (Wells Fargo seems to require one, but their cards are bad!).

And get a mortgage from an internet broker, rates are much lower than local institutions and once you are used to it, not much more hassle than working locally. And for refinancing, the closing takes place at your house.

My only experience of car loans is from the manufacturer so maybe CU would be better there (I got 0% from Toyota, but always hard to know if the price was adjusted to accomodate that!). And personal loans probably do need a relationship.

Re: DCU for Banking, etc

Jutz — Mon, 26 Nov 2012 16:21:34 GMT

At DCU it looks like you save .5% on consumer loans if you have direct deposit, electronic statements, and electronic loan payments, so that would be a plus. I agree with spreading it out, I guess when I say "Primary Bank" I mean, which one am I going to carry a debit card for

Re: DCU for Banking, etc

distantarray — Mon, 26 Nov 2012 17:55:06 GMT

personally I only carry my USAA for debit outside, and Chase for my local for deposits. besides my wallet has 3 slots on the left and it's nice putting in Chase Debit Chase Freedom Chase Sapphire all together looks nice lol Citi foward and Amex BCP and my drivers license sits on the other side lol

Re: DCU for Banking, etc

Jutz — Mon, 26 Nov 2012 20:08:20 GMT

I think I'm going to wait until I hear back about a PFD that's been taking forever to respond to me. If that goes through it will drastically change my outlook. (2x collections from the past 24 months, of my 3 total left on my profile)