Anyone had experience refing with DCU?

[vtguy25]

I am wondering if anyone has refied a car loan with Digital Credit Union? I am very interested in trying to do this I am in a 20% car loan right now and need to change that.  A little history score right now is about 600 had a BK7 discharge 11/13 current car loan 12 months perfect history and had a credit card with perfect history for about 3 months.  My DTI is low around 14% UTI on credit card is barley 10% and will be 0 when I apply.  Just looking to see what people have seen when they have used DCU.  It says on their website they will fianace up to 120% which I will need and I will have to pay about 1000 to get it down to that but that will be no problem.  Just don't know what the chances are of me getting approved with them.  Thanks for any advice you may have..

[pizzadude]

Take a look at this thread:   http://ficoforums.myfico.com/t5/Auto-Loans/To-consider-before-applying-to-DCU-Collecting-info/td-p/2...

Also if you do a search on DCU you should find several other threads.

[notfancy]

Yes, they are wonderful. I did not refi but got an auto loan. I have a repo falling off soon, and they pulled EQ which was my highest at 683. I spoke with a wonderful lady and she told me that they actually LIKE people like me. People who had issues but are in the 600s and improving, even more than people who might be in the 700s but showing signs of slipping. (ie: maxed out cards, etc)

My profile is basically I have a ton of inquiries and new accounts. About 12 ish inquiries, and 6?7? new accounts in the last year. However my UTL when I applied was under 10% on one card. Some collections, but they are VERY old and falling off soon. By no means is my score or report perfect, but it is obvious that I'm being more careful and on an upswing. I have student loans and some CC debt but again not a lot, and I qualified for not only their best rate, but for a credit card  a bit over 5k with one hard pull. I'd have gotten a better rate if I opened up a checking account, but that would have resulted in another hard pull so I didn't do it.

Also, they have a program where if you don't qualify for their best rate, every 3 months of on time payments, your APR will go down by 0.25% up to 1% total. Even if you slip, and miss a payment, you won't lose out completely, you'll just have to start over at month 1 and get 3 on time payments, so lets say you pay ontime for 9 months, you've gotten your rate down 0.75%. Now, you miss a payment by mistake. You simply have to start over and make three more on time payments and you'll get that final 0.25%. It won't reset or any of that completely. I hope that made sense.

Good luck to you. They really seem like very good people from my experiences and talks with them.

[Remember0]

I don't think they are that BK friendly. Plus I haven't seen approvals at below 620. You could try though. But I wouldn't be shocked if they did indeed decline.