DCU approval

[Anonymous]

So thank you, thank you for your suggestion to apply to DCU!  

Things have been going pretty smoothly.  Applied online for a joint savings account with my fiance on Sunday.  We received instant approval after answering the security questions and a member number.  Called that evening and spoke with an Auto Loan officer/rep.  I tried applying on my own but apparently my DTI was too high (just bought a home in March and I am the lower income earner).  My fiance co-signed.  We had Equifax scores of 703 and 710, but they only counted mine so we got either 72 months at 2.25 (or something along those lines) or 65 months with 1.99.  We asked for a 20k auto loan and got it but later rep told us we could've gotten more (no thanks).  Rep told us to send in last 14 days worth of paystubs to an email address. Also said I could get a credit card with a 3k limit.  Agreed.

Got an email from DCU today that congratulated me on being approved for an auto loan and asked me to provide additional information by clicking here. When I clicked, it referred me to a web site that showed me my required docs were just a Purchase Agreement..  Called and spoke with a customer service rep who said that their system was just showing the required docs as a Purchase Agreement but that was unusual since Income Verification was almost always required..  Also she said I didn't have anything about a credit card although my credit score would qualify me for their best.  She told me to call back tomorrow.

Soooo.. in a weird state of panic.  I emailed them our Income Verification hoping it would help just in case.  What do you guys think?  Also, has anyone else had this confusion? 

I know there have been other posts, but what was the process like for you?  Did you encounter these strange misunderstandings?  Any suggestions on what else I can do?

[Anonymous]

I may be talking to myself here (ha) but just thought I'd update this.  So after my panic (a bit overdramatic), I called DCU today and he told me we didn't need income verification since we were low risk.  I had sent it in to be safe and instead of a limit of 3000, he offered me 7500 for a cc.  I took it.  He also offered to send out a blank check for 20k and I accepted, good for 30 days.  He put the overnighting option on it.

Here are a few questions:  so we agreed to a 65 month term at 2.24%.  Isn't that a bit high?  Our scores are 703 and 710. Or is that normal because we'd get the .25% discount if we set up auto pay?  I don't think we'll do that.

Also, has anyone found that a blank check helps with negotions at the dealership?  He said it might.  If so, any tips?

[EddieK]

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@Anonymous wrote:

Here are a few questions:  so we agreed to a 65 month term at 2.24%.  Isn't that a bit high?  Our scores are 703 and 710. Or is that normal because we'd get the .25% discount if we set up auto pay?  I don't think we'll do that.

Also, has anyone found that a blank check helps with negotions at the dealership?  He said it might.  If so, any tips?

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2.24% is their best rate, 1.99% with DD.  It doesn't really help you negotiate any better, but it does help you in not getting screwed by the finance department.