DCU Denied

[Ewalker33]

DCU denied my auto loan even though I have a FICO Score of 624 EQ.

[ExplicitElicit]

Did they give you any reasons?

[Ewalker33]

Not over the phone. They said they will send the letter in the mail to let me know why. The lady I spoke with acted like she wasn't too happy to be at work today when she told me. Lol!

[ExplicitElicit]

Speaking from experience, it sucks having to explain to someone that they were denied. I do it everyday and it never gets easier. Other wise keep a look out for the letter and let us know!

[Remember0]

Their definite no tends to be <620, but I can see how a 624 is borderline for them.

Out of curiosity, is this your first car loan (aka do any other auto loans show on your credit)? Do you have a down payment (if so how much) and how long have you been with your current employer?

[Ewalker33]

I have had 2 car loans before with good history and I have been with my employer for 14 years. I was trying not to put any money down. I honestly think that I was trying to get a loan for too much for a car. ($40,000)

[Remember0]

Ah yes. DCU is conservative in approval amounts in my opinion. But that behavior is similar to a lot of small banks/CUs.

[ExplicitElicit]

X1. 40K is a little extreme for a CU especially with a lower score.