DCU & Chexsystems

[Anonymous]

1st post here, also kind of new to the whole using credit thing, and first of thank you to such great community, really valuable information!!!, after many years of using cash for everything (cars, furniture, etc...) last year I decided to start a credit life again, as i realized after pulling my credit that NOTHING was reporting on my name, so when the time came to think about getting a house that was a big fat IS NOT HAPPENING!!! so after getting a secured Cap1 and a Secured BOA 11 months ago (April 2013) and seeing that the progress was steady but slow I decided to have a little spree last December, in about 3 weeks time I got a furniture store card to GE Capital, Chase Amazon, Chase Freedom and a Barclays Rewards, every since I've been gardening, and I can honestly say that by following many of your advices here according to CK my score has gone up from a 654 in December to a healthier 711, however thats not what this post is about, a month ago I decided to apply for a car loan with my local CU and after a week or so of waiting I called and got informed that my application was declined due to my name being reported to chexsystems, apparently  someone has gone to a small time bank (4 branches) attempting to open bank accounts with my SSN but using a different nameonce in 2012 and a second time most recently about 7 weeks ago, so this caused a fraud alert to chexsystems so as I try to clarify that situation I became aware of DCU and I'm very tempted to put an application for a car loan with them, However I'm very hesitant as i don't know (but i believe they do) if when DCU gets my app will they check Chexsystems if so will it get automatically declined? Are there any other alternatives to pursue this car loan without a high interest rate? also will the spree from december have any bearing now? Transunion currently shows 5 hard inquiries and experian shows 4.

any information pertaining this will be greatly appreciated!

[Remember0]

First off, a dealer will most likely be able to get you in under 8%.

Secondly, there's going to be a bank/CU out there that doesn't check Chex. A lot of people here have experience with DCU, so I'll let them speak to that. No idea if they also check Chex, but I know they pull a hard on EQ, so they might not do chex. You sure fraud isn't also on your regular reports? You can get a free, annual credit report (no need for the credit score) at annualcreditreport.com .

The spree won't matter as long as your FICO stays healthy and all bills are paid on time.

Seriously consider digging deeper on this id theft to make sure it hasn't spilled onto your credit reports, etc... Also I'd keep a close eye on chex from now on to make sure there isn't a baddie there and that if there is you need to do the whole police report and dispute as id theft. Finally maybe even get into the habit of reviewing chex to make sure no new accounts are opened by fraudsters. Definitely don't want them bouncing checks in your name all over the place. I've heard a horror story where someone spent a night in jail over bounced checks before everyone figured out it was fraudsters...won't happen to you, but be careful and keep an eye out!

[Anonymous]

thanks for your reply, the regular reports seem ok as per CK, CS, Quizzle and Credit.com althought I think its time to find agood (maybe paid??) monitoring/Identity theft program, hopefully for all 3 bureaus, any suggestions? all my cards are kept below the 20% usage and are PIF now (that wasnt the case with the secured ones prior to getting the new ones last December),  also while disputing that fraudulent activity with Chex and the Small bank I found out there is a freeze for chex available, so that has been asked to Chex!

[Mish0817]

Yes, DCU checks Chexsystems and denies membership based on being in. You can send a dispute to Chexsystems since this was based on documented fraud.  

[Remember0]

IMO, if you use ck, credit.com, etc and do your annual pulls, no need for paid credit monitoring. If you want it anyways, maybe usaa or amex's? They tend to be cheaper from what I remember...

[thmgoodw]

I joined DCU a couple of months ago. As already noted, they did a HP on Equifax. They did not pull my ChexSystems report (as confirmed by my report that I pulled last week).

[Anonymous]

after considering taking a chance with DCU given my current dispute with Chexsystems I decided to roll the dice with Capital one auto, at first I got a message saying the load could not be approved right away and after about 3 minutes got an email with a decline... needless to say not a nice feeling, however when I called the number for capital one posted on the site after the application was completed (800-689-1789) was told that it could have been due to 1 of 3 reasons, not enough credit, or High debt to income or income, and was also told that once a loan is declined that ruling is final...(not sure if that is correct)???? like I said before the fico provided by my barclays account shows 701, income is 100K and my current debt is 1k in cards always PIF and rent 1.6k, any clues? is it true that the decision can't be re-evaluated?

as always thanks for any advice!

[Anonymous]

this is great news and the reason why I took another chance yesterday and after getting declined by cap1 called DCU took about 20 mins for the application to be completed (including hold times) and the end result? a nice approval! I guess given my short credit history the terms are ok ( 80%LTV up to 15K at 3.74% including the DD Discount or 4.24% without DD) the rep over the phone mentioned that the conditions weren't final until I speak with someone in the main office so I'm hopping I will be able to get the loan to cover up to 20k, as a sidenote, and I don't believe I have seen this posted before, since not my employer or place of residence is one of the ones serviced by DCU they asked me to donate a minimum of $10 in order to become a member, obvously not a big deal but I thought I mentioned it incase someone else is wondering about the enrollment process with DCU, I will post the final numbers once I finanlize the process and get the car both here and in the Approvals board. Also I'm thinking of maybe giving CAP1 another call.... It just kills me that hard extra HP... oh well

[Remember0]

Congrats on DCU!

I have NEVER seen Cap One reconsider. Up to you, but that in my experience that's just hitting your head against a table...won't produce results. It's Cap One after all haha.

[09Lexie]

As mentioned earlier, DCU definitely pulls chexsystems. I would definitely take care of the fraud on your report -hate to get a nice approval that you can't use.