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DCU

Regular Contributor

Re: DCU

There are no prepayment penalties. As far as which scores. I'm not sure. I didn't have access to my mortgage score before I got the new loan with dcu.



Starting Score: 491 Across the board (1/24/18)
Current Score: TU 623 EQ 639 EX 659 (2-23-18)
Goal: 669 then 700 club across the board
Inquiries: TU 17/EQ 22 /EX 23
Gardening 2/23/18 to Dec 2019?



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Current Scores: 2\25\2018 TU 684 EQ 638 EX 659

3\11\18 TU 669 EQ 640 EX 636
Message 31 of 43
Established Contributor

Re: DCU

In lieu of paystubs, they will accept last two years of Tax Returns with net income (schedule C) for 2017 & 2016. if net income is less than $1000 like i have, they will add the net income for last two years and divide by two to get your income.

If very low, its not worth getting a hardpull on your EQ for the auto refinancing. I want to think & believe PenFed would be exactly same for EQ fico 9 or Langley which also pulls Fico 9 scores.

Message 32 of 43
Established Member

Re: DCU

I know alot of this is already answered and posted here 

Today I spoke with 2 different reps and received some conflicting info

Just thought I'd share

 

Steve says:

-2 HPs, 1 for new account and 1 for Auto loan

-No pre-payment penalties

-They no longer lower your rate over time for good behavior payment history

-Generally like the loan to be paid off by the time the vehicle is 12 years old if it is 10 years old at the time of financing. Also varies by model, make and mileage. 

-The tier underneath Superior is 0.50% higer rate

-Superior rate: 2.49% (With opening of account w/ employer direct deposits) 2.99% without direct deposit

-Next Best Rate: 2.99% (With opening of account w/ employer direct deposits) 3.49% without direct deposit

 

 

Chloe says:

-No HP to open an account; only 1 HP for auto loan

-HP is just the EQ number straight from EQ and not a specific scoring model

-They go by A,B,C,D,E,F and G tiers for approval rates 

-Tier A is 730 and higher

-Tier B is 675-699 (She must have meant 700-729 because there's a gap)

-Preapproval good for 30 days

-Loans for cars as old as 1999

 

--Rep Commonalities--

Neither reps "knew" which EQ score they pull

Both said Superior was EQ 730 and higher

 

What we know thanks to Recent post on MyFico from members:

-They pull EQ Fico 5 Mortgage

-No longer do HPs for new accounts

-No pre-payment penalties

05/10/18: FICO 08: EQ 750, TU 751, EX 751; UTI: 13%
04/10/18: FICO 08: EQ 738, TU 736, EX 744 ; UTI: 18%
03/10/18: FICO 08: EQ 724, TU 727, EX 735 ; UTI: 27%
02/10/18: FICO 08: EQ 703, TU 719, EX 723 ; UTI: 31%
Starting: 01/10/18 FICO O8: EQ 641, TU 648, EX 675 ; 82% UTI
The Good: Never Missed a payment; No baddies; low inquiries
The Bad: 13% UTI
Gardening since 11/2017
*Goal: EQ 800 TU 800 EX 800*
Message 33 of 43
Regular Contributor

Re: DCU

I joined in the last 6 months(initially opening only a savings account), no hard pull, just verified on my EQ.

After you open an account, you can sign up for their monthly free FICO 5 scores from the website.
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 34 of 43
Member

Re: DCU

Thought I would go ahead and add what I was told today for an auto loan.

 

Was pre-approved for an $18k, up to 80% value, 65 month term loan. This is with a thin credit file (started July '17) with no negatives (other than inquiries), $36k salary, and an extremely low DTI (homeowner, no mortgage, PIF car, no credit debt).

 

-No hard pull was made for opening the account two weeks ago.

-Hard pull for auto loan, using Equifax FICO 5. (714)

-Interest rate based solely on credit score according to the rep I spoke with. 700-729 bracket is given 3.24%, before direct deposit discount, for up to 65 months term.

-No prepayment penalties. Can set online payments (greater than monthly due) to pay towards principal to shorten the loan's life.

-Offered a credit card on same hard inquiry.

-Was asked for paystub and three months employment history for verification. W-2s can be used.

-Preapproval good for 45 days before requiring another hard inquiry.

 

I do not have access to the associated email address until I get home, but will update with any pertinents or if the email/finalizing conflict with the above.

2017-July First Card opened; 671 vantagescore
2018-Jan First Score Generated; EQ 705, TU 717, EX 716
Message 35 of 43
Regular Contributor

Re: DCU

@Zhel and @LINYgirl GREAT info, much appreciated.
Rebuilding since 1/18: NavyFed CashRewards $3700 | Cap1 ̶P̶l̶a̶t̶ QuickSilver $750 ($300 SL) | Credit1 $450 ($300 SL) | Express $250 | NavCheck $10K

FICO 4/18: EX 686 | TU 694 | EQ 692
Message 36 of 43
Regular Contributor

Re: DCU


@Zhelwrote:

Thought I would go ahead and add what I was told today for an auto loan.

 

Was pre-approved for an $18k, up to 80% value, 65 month term loan. This is with a thin credit file (started July '17) with no negatives (other than inquiries), $36k salary, and an extremely low DTI (homeowner, no mortgage, PIF car, no credit debt).

 

-No hard pull was made for opening the account two weeks ago.

-Hard pull for auto loan, using Equifax FICO 5. (714)

-Interest rate based solely on credit score according to the rep I spoke with. 700-729 bracket is given 3.24%, before direct deposit discount, for up to 65 months term.

-No prepayment penalties. Can set online payments (greater than monthly due) to pay towards principal to shorten the loan's life.

-Offered a credit card on same hard inquiry.

-Was asked for paystub and three months employment history for verification. W-2s can be used.

-Preapproval good for 45 days before requiring another hard inquiry.

 

I do not have access to the associated email address until I get home, but will update with any pertinents or if the email/finalizing conflict with the above.


Was the rate with direct deposit?  From what Ive been told it seems you should have qualified for Tier B.  Yesterday when I called I was told the following:

 

EQ 5 hard pull

(All with direct deposit)

730+ is Tier A- 2.49%

700-729 Tier B-2.74%

675-699 Tier C- 3.24%

 

 

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 37 of 43
Member

Re: DCU


@Washin17wrote:

 


Was the rate with direct deposit?  From what Ive been told it seems you should have qualified for Tier B.  Yesterday when I called I was told the following:

 

EQ 5 hard pull

(All with direct deposit)

730+ is Tier A- 2.49%

700-729 Tier B-2.74%

675-699 Tier C- 3.24%

 

 


Mine was before direct deposit. 2.74% after.

 

Had called back a couple of times. Each time I had asked what would qualify as direct deposit (and amounts), and the reps all stated the system checks for a payroll deposit, and that they communicate with payroll to determine the full amount the paycheck should be. They require the full paycheck to be deposited.

Has anyone had any experience to the contrary? It won't be much an issue for me as I planned to move away from my old brick/mortar bank completely at some point, but checking nonetheless.

2017-July First Card opened; 671 vantagescore
2018-Jan First Score Generated; EQ 705, TU 717, EX 716
Message 38 of 43
Regular Contributor

Re: DCU


@Zhelwrote:

@Washin17wrote:

 


Was the rate with direct deposit?  From what Ive been told it seems you should have qualified for Tier B.  Yesterday when I called I was told the following:

 

EQ 5 hard pull

(All with direct deposit)

730+ is Tier A- 2.49%

700-729 Tier B-2.74%

675-699 Tier C- 3.24%

 

 


Mine was before direct deposit. 2.74% after.

 

Had called back a couple of times. Each time I had asked what would qualify as direct deposit (and amounts), and the reps all stated the system checks for a payroll deposit, and that they communicate with payroll to determine the full amount the paycheck should be. They require the full paycheck to be deposited.

Has anyone had any experience to the contrary? It won't be much an issue for me as I planned to move away from my old brick/mortar bank completely at some point, but checking nonetheless.


WOW! That's weird many people, at least for me, have multiple accounts that they deposit money from their checks. For instance I send a small amount to my son's saving which will be his graduation gift, so if the DCU CSR is right a customer would not be able to do other deposits in order to get the discount. Definitely odd. 

Rebuilding since 1/18: NavyFed CashRewards $3700 | Cap1 ̶P̶l̶a̶t̶ QuickSilver $750 ($300 SL) | Credit1 $450 ($300 SL) | Express $250 | NavCheck $10K

FICO 4/18: EX 686 | TU 694 | EQ 692
Message 39 of 43
Regular Contributor

Re: DCU


@Zhelwrote:

@Washin17wrote:

 


Was the rate with direct deposit?  From what Ive been told it seems you should have qualified for Tier B.  Yesterday when I called I was told the following:

 

EQ 5 hard pull

(All with direct deposit)

730+ is Tier A- 2.49%

700-729 Tier B-2.74%

675-699 Tier C- 3.24%

 

 


Mine was before direct deposit. 2.74% after.

 

Had called back a couple of times. Each time I had asked what would qualify as direct deposit (and amounts), and the reps all stated the system checks for a payroll deposit, and that they communicate with payroll to determine the full amount the paycheck should be. They require the full paycheck to be deposited.

Has anyone had any experience to the contrary? It won't be much an issue for me as I planned to move away from my old brick/mortar bank completely at some point, but checking nonetheless.


Got it!  That makes a lot more since!  Im at 696 from the soft pull document they uploaded to my application status so Im going to see if I can hit 700 in the next month.  Thanks for your help.

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 40 of 43