DCU Loan approved! Questions about membership.

[Anonymous]

I was recently approved for my requested amount of $15500, at 4.74%. The stipulation is 20% down (first time installment loan). Which I’m fine with the terms. Also approved for a CL with a 1k limit, which isn’t bad considering my short history (since July of 17).

However. Knowing that DCU uses chexsystems I pulled my report, and found I was on there with chase for an over drafted account a few years ago that I totally forgot about. I got on the phone with chase and they’re sending me a settlement letter to pay the amount by 4/12/18.

I’ve seen people call DCU and provide them with evidence that they’re fulfilling obligations with a previous bank and DCU allowed them to open the account. Would this settlement letter fill that roll? I tried calling DCU today, but their branches are closed, and the woman who picked up the phone had no idea what I was talking about. Can anyone shed some light on this? Thank you much.

[Washin17]

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@Anonymouswrote:
I was recently approved for my requested amount of $15500, at 4.74%. The stipulation is 20% down (first time installment loan). Which I’m fine with the terms. Also approved for a CL with a 1k limit, which isn’t bad considering my short history (since July of 17).

However. Knowing that DCU uses chexsystems I pulled my report, and found I was on there with chase for an over drafted account a few years ago that I totally forgot about. I got on the phone with chase and they’re sending me a settlement letter to pay the amount by 4/12/18.

I’ve seen people call DCU and provide them with evidence that they’re fulfilling obligations with a previous bank and DCU allowed them to open the account. Would this settlement letter fill that roll? I tried calling DCU today, but their branches are closed, and the woman who picked up the phone had no idea what I was talking about. Can anyone shed some light on this? Thank you much.

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Did it work out for you?  Also may I ask why they required 20% down?  Do you know what you eq 5 score was?

[fltireguy]

As far as I know, DC you will not open account if you have a open item in chex. If you have something on the report shows that it's been paid or satisfied, they have no issue with it at that point.

[Ardecko]

I became a DCU member a few months ago with am open Chex baddie. FWIW, I started with only a savings account. A month or three later, I opened the checking online.

I don't, right now, remember if I opened the checking before or after being approved for an auto refinance by them.

[Anonymous]

I finally was able to do everything today. So I will report back if/when the account opens.

I’m assuming the 20% down is because I had no previous installment history. My score when it was pulled was 649, which was lower than I expected. I’m half tempted to reapply now that my util is <5%.