UPDATE ! Approved by DCU - page 4-Denied by chase, should I try a credit union?

[hatetheordinary]

Jesus this economy is for **bleep** isnt it? I have never seen lenders so picky. With a downpayment greater than 50% of the list price and they are still acting as if a measely 10k is going to break their backs, thats just absurd. Surprised chase hasnt asked for anything of you to borrow or leverage against. To hell with Chase.

[azguy13]

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@hatetheordinary wrote:

Jesus this economy is for **bleep** isnt it? I have never seen lenders so picky. With a downpayment greater than 50% of the list price and they are still acting as if a measely 10k is going to break their backs, thats just absurd. Surprised chase hasnt asked for anything of you to borrow or leverage against. To hell with Chase.

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It is a business and you must have been too big of a risk per their risk management model. With that being said, it is strange that with a score in the 600s you were denied with a 50% down payment. 

Have you tried Cap1?

[hatetheordinary]

I am not the OP just a guy who can empathize. However, you can take that "you must have been too much of a risk" higher than mighty attitude somewhere else. 

[09Lexie]

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@hatetheordinary wrote:

I am not the OP just a guy who can empathize. However, you can take that "you must have been too much of a risk" higher than mighty attitude somewhere else. 

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As a new member of myFICO, you may not be aware of our ToS. Please remember to friendly, supportive and respectful in posting comments.

~Lexie, myFICO Moderator. 

[Michigan23]

So I still havent heard anything from DCU.... does it typically take this long to hear anything? I submitted the application on.... Sunday I believe. 

[patrick00032001]

That is totally unacceptable! You should have had a decision by now! If I were you, I would check into Teachers Credit Union, Centra, or Forum, like I had previously suggested, they are located in the Indy area and are great to work with! With that kind of cash down, and equity in the vehicle, its a HUGE NO BRAINER! Im not a fan of DCU for multiple reasons, and even though there are people on this board that use them and have great luck, I still think there are better options for you! I manage a used car dealership, we used to have a great working relationship with Chase, but they backed away from multiple dealers because they wanted all our business! Its very hard to send everyone of my customers there when I can get better rates with credit unions.

[09Lexie]

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@Michigan23 wrote:

So I still havent heard anything from DCU.... does it typically take this long to hear anything? I submitted the application on.... Sunday I believe. 

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You probably won't hear from them until you become a member.  Some have been contacted to follow up on their membership but it's rare.  Your app is sitting waiting for you to become eligible. 

[Michigan23]

Just applied to forum credit union, I'll keep you guys updated! 

[juggalo9er]

If your in the Indy area, i would highly suggest Indiana Members Credit Union. I know for a fact they will do a HP upon account opening but will approve cc, car loan, refi, and most anything else off that one pull.

[Mutt]

Took DCU a week to let me know and I was not a member. I missed their call, was at work, and when I called back I got the automated run around, "for this dial this #, dial that #" when I finally reached the right department I always got vmail. With close to half a million members and in the top 25 of CU's, they don't seem to play around much. you should be able to check the status online with user id & pword you created while filling out the app but if memory serves me correctly, my status didn't change until after I missed their initial phone call.