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DCU Loan approved! Questions about membership.

New Member

DCU Loan approved! Questions about membership.

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.
Message 1 of 5
4 REPLIES
Regular Contributor

Re: DCU Loan approved! Questions about membership.


@Mikeysfcwrote:
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.

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

Starting Score: 530EQ, 531TU, 514EX (0/2016)
Current Score: 686EQ, 710TU, 686EX (03/2017)
Goal Score: 750+ (01/2018)


Take the myFICO Fitness Challenge
Message 2 of 5
Valued Contributor

Re: DCU Loan approved! Questions about membership.

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.
NFCU $60.4k/PenFed $22.5k/Commerce $15K/53 $11K/Synovus $14K/BBT $11K/CapOne $12K/DCU $7.5K/BMO $7.5K/Chase $14.5k/Cabelas $10K/ and many many more!
Total CL $398600, plus car and RV loan.
Ooh. Ooh. Getting closer to that $500K mark!
Message 3 of 5
Regular Contributor

Re: DCU Loan approved! Questions about membership.

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.
2017-09-09 FICO 08: EQ 677, TU 640, EX 705
2018-06-16 FICO 08: EQ 688, TU 718, EX 718
Gardening again until... undecided

Message 4 of 5
New Member

Re: DCU Loan approved! Questions about membership.

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%.
Message 5 of 5