To consider before applying to DCU+Collecting info

[Remember0]

Update (April 22, 2014): Several members have reported back that they have got decently sized loans without issue. Some of them are 700+ and have decent (3k+/month) income. For these kinds of profiles, DCU seems to be fine. I'm hoping the same applies to <675 scores and folks with lower income (~2k/month)...I'll wait for maybe a couple more reports on these sorts of profiles (lower FICO/low income).

Hey Guys,

I want to preface thus post with this: This is not an official announcement by DCU, just speculation based on the relatively small number of third party reports I've seen. DCU has stated to another moderator that nothing has changed with applications. I think the situation deserves monitoring and that people should know if they will be applying to DCU, hence this thread.

At this point, multiple people have alerted me to the fact that when they applied to DCU with FICO score <700 that they got 15k approvals.

I cannot decisively rule out DTI or LTV as the issue at this point, but all are well served to note that DCU might have pulled back with approvals.

15k is essentially not going to work for new cars. Some used and refis will work, but many won't.

If anyone gets approved by DCU (or rejected), please post in this thread so we can see what they are doing. Ideally, you can tell us this info. But if you don't want to say income or something, feel free to omit.

FICO score:

Approval Amount:

Instant online approval or did you need to call/wait a few days?

Monthly Income:

Rent/mortgage:

Aggregate minimum payments of all other debts (do not include rent/mortgage or car to be traded in):

[edavis]

FICO score:    Equifax 681

Approval Amount:    $15,000

Instant online approval or did you need to call/wait a few days?:   Called, told immediately.

Monthly Income:    $3500

Rent/mortgage:     $0 

Aggregate minimum payments of all other debts (do not include rent/mortgage or car to be traded in):   $225

I was told the reason was due to "never having a car loan", even though my DTI and payment-to-income is a great ratio! I wanted $30,000 and they wouldn't budge. Any suggestions?

[jbradey]

FICO score: 710

Approval Amount: $15,000

Called Instant approval

Monthly Income:$3000

Rent/mortgage:$200

Aggregate minimum payments of all other debts (do not include rent/mortgage or car to be traded in):$200

I was also told it was my first loan. But its not i had a 5k car loan in 2007. I wanted $20,000 but they wouldnt do it

[Remember0]

I'm not liking this one bit. Based on the two reports, I'm going to personally stop recommending DCU for the moment.

The above two posters clearly have enough income for what they desired, and DCU wouldn't budge off of 15k. I find 15k to be unreasonable because most new, used, and refi loans are above that number.

@Edavis: By any chance, do you happen to have a local CU or bank you have a relationship with? They might be the next best one. Honestly with a 681 FICO, most every finance company will finance you, the only question is APR. If no local bank/CU, my next recommendation would probably be a place like BofA. But seriously, if you're buying new, just go to the dealer. Tell him you got 1.79% from DCU (don't talk about the 15k) and you'd like him to beat it. My guess is he comes close if he doesn't quite beat it. Just say you prefer his to keep things simple and like the (insert dealer's bank here) customer service more. If used, I'd apply to BofA (or maybe Chase, preferably BofA based on what I've seen) and see what they give you. Then go to the dealer. Don't accept a dealer apr greater than like 3.75% on new, 4.75% on used in my opinion.

@jbradley: If you don't have another approval, same advice as Edavis. Apply maybe to a place like BofA. Regardless of what they give you, go to the dealer say DCU gave me 1.74%, beat it...

[edavis]

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@Remember0 wrote:

I'm not liking this one bit. Based on the two reports, I'm going to personally stop recommending DCU for the moment.

The above two posters clearly have enough income for what they desired, and DCU wouldn't budge off of 15k. I find 15k to be unreasonable because most new, used, and refi loans are above that number.

@edavis: By any chance, do you happen to have a local CU or bank you have a relationship with? They might be the next best one. Honestly with a 681 FICO, most every finance company will finance you, the only question is APR. If no local bank/CU, my next recommendation would probably be a place like BofA. But seriously, if you're buying new, just go to the dealer. Tell him you got 1.79% from DCU (don't talk about the 15k) and you'd like him to beat it. My guess is he comes close if he doesn't quite beat it. Just say you prefer his to keep things simple and like the (insert dealer's bank here) customer service more. If used, I'd apply to BofA (or maybe Chase, preferably BofA based on what I've seen) and see what they give you. Then go to the dealer. Don't accept a dealer apr greater than like 3.75% on new, 4.75% on used in my opinion.

@Anonymous: If you don't have another approval, same advice as Edavis. Apply maybe to a place like BofA. Regardless of what they give you, go to the dealer say DCU gave me 1.74%, beat it...

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Will be trying BofA now. Thank you very much!

Oh, and get this! They didnt even offer me 1.74%...they offered me 7.49%! (DCU that is)

[Remember0]

Just to make sure we're on the page, you had a 710 FICO that they pulled and they gave you 7.49%? You must be kidding me...

[edavis]

680 for my Equifax that they pulled (I have 727 on my TU though)

[Nola_Bee]

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@edavis wrote:

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@Remember0 wrote:

I'm not liking this one bit. Based on the two reports, I'm going to personally stop recommending DCU for the moment.

The above two posters clearly have enough income for what they desired, and DCU wouldn't budge off of 15k. I find 15k to be unreasonable because most new, used, and refi loans are above that number.

@edavis: By any chance, do you happen to have a local CU or bank you have a relationship with? They might be the next best one. Honestly with a 681 FICO, most every finance company will finance you, the only question is APR. If no local bank/CU, my next recommendation would probably be a place like BofA. But seriously, if you're buying new, just go to the dealer. Tell him you got 1.79% from DCU (don't talk about the 15k) and you'd like him to beat it. My guess is he comes close if he doesn't quite beat it. Just say you prefer his to keep things simple and like the (insert dealer's bank here) customer service more. If used, I'd apply to BofA (or maybe Chase, preferably BofA based on what I've seen) and see what they give you. Then go to the dealer. Don't accept a dealer apr greater than like 3.75% on new, 4.75% on used in my opinion.

@Anonymous: If you don't have another approval, same advice as Edavis. Apply maybe to a place like BofA. Regardless of what they give you, go to the dealer say DCU gave me 1.74%, beat it...

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Will be trying BofA now. Thank you very much!

Oh, and get this! They didnt even offer me 1.74%...they offered me 7.49%! (DCU that is)

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Wait...... whaaat?? I'm starting to have second thoughts about applying to DCU.

Especially considering that they're now asking for additional documentation to verify my identity.. info I have to jump thru some hoops to get.

I've already took the HP for membership though.. so I'm gonna get them what they've asked for.. but I'm gonna hold off on applying for the auto loan at this time. 

[Remember0]

If you're already a member and took the hard, may not hurt much to apply at this point?

[Nola_Bee]

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@Remember0 wrote:

If you're already a member and took the hard, may not hurt much to apply at this point?

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Well I'm not technically a member yet. They have asked me for a color copy of my drivers license and ss card. The ss card is gonna be a challenge for me to get.. but I'm working on it.