@Remember0 wrote:I feel I should clarify my position here. I'm not insinuating that DCU has a 15k cap or is lying at all when they say they don't have a cap. Also the internal approval shift to rebalance portfolio makes perfect sense to me.
But when I recommend someone apply at x bank or cu, I try and make it like a sure-ish thing. Given the new reports out of DCU, certainly some people will have no trouble getting approved for $30k+ like usual. BUT that said, I've seen reports of $15k. And I've seen enough of the $15k reports that I know some people I recommend will not be able to make DCU financing work.
If I knew who gets only $15k and who gets more, I'd have no issues recommending DCU to those who get more. But right now (due to the limited data), it's hard for me to tell. I don't personally want to recommend DCU to someone and have them take 1-2 hards when there is a chance they could get $15k. So that's why I personally won't recommend...before I could guess approvals with a far higher certainty than I can now with DCU. Since at this point I'm extremely uncertain who will get how much at DCU, I can't really recommend them.
Also I know some mentioned it could be a DTI thing. Also certainly possible, but at least in the past, people with lower incomes (and higher DTIs) have gotten more than $15k (source: approvals thread + prior PMs I've gotten from people). At this point, I think we need more data to see exactly what, if anything, happened at DCU. Until we get that data, I can't recommend people apply there only to get an inquiry and possibly a 15k approval.
Everyone is entitled to an opinion. My concern is that this thread sounded like an official announcement from the lender was being reported. Limited data is no reason to put up such a warning IMO. We may have had people for months who were denied at these same scores, I honestly don't know. I do not monitor Auto Loans as closely as I do Credit Cards and that will change.
Although I have the utmost confidence in myficoer's, this is an internet based forum and there is no way to verify user data.
I think what remember 0 was doing was sounding an alarm, that sth looks odd with DCU and he needed more info. It depends on individual vantage point, how to interpret it, but for someone like me that was about to get a first auto loan, I had to tread carefully, weigh, measure and see if DCU will be found wanting. With that said I went ahead and applied for a loan from them. I have to say that currently I do have decent scores...EQ @ 766 and I applied for 19K ( that is the max I wanted because the car I want is well below that). I dd get an instant approval with 1.74% APR but I applied with Wellsfargo and they approved same amount with a 4.02% APR.
What am saying is that remember0 highlighted that DCU might be acting funny and needed more info to prove it or disapprove it. From look of things it aint conclusive yet. My 2 cents.
@Remember0 wrote:The different FICOs are to be expected. I'm guessing they are pulling a different version. I think, but am not 100% certain, that DCU pulls 04 FICO, while the site here shows 08 FICO.
@09Lexie...no worries, thanks for the note! Just to make sure nobody misunderstands, I edited the original post with a disclaimar in bold at the top!
You are doing great! One thing I love about this forum, is the experience and knlwoedge that we all bring to this boards.
Keep up the good work!
