cancel
Showing results for 
Search instead for 
Did you mean: 

Will DCU Finance me?

tag
Ewalker33
New Contributor

Will DCU Finance me?

I have a Fico Score of 625 and I need a new vehicle pretty bad. I'm worried to apply, because if I'm denied it will go on my credit report as a hard inquiry and probably drop my score lower. Any help would be great. Thanks.

Message 1 of 10
9 REPLIES 9
CAnNY
Frequent Contributor

Re: Will DCU Finance me?

Decent score I don't see why not. You do have to qualify for membership which is painless but if you have issues in CHEX system then u will be declined membership. 

 

If you have no baddies you shld be good. 

 

Best of Luck!!

 

edit: They use EQUIFAX BTW. 


Starting Score: TU 489 EQ 561 EX unknown (2/24/2013)
Current Score: Lender Pull (11/15/13) EQ 702, TU 679, EX 684
Goal Score: 720


Take the myFICO Fitness Challenge
Message 2 of 10
Ewalker33
New Contributor

Re: Will DCU Finance me?

I have two items in collections that I'm working on right now and and some late payments about 5 years ago from a divorce. How bad will that hurt my chances?

Message 3 of 10
Remember0
Valued Contributor

Re: Will DCU Finance me?

DCU uses FICO, primarily. If they pull below 620, I doubt you'll get approved from them. What bureau is your 625 from? Any chance you can peek at your EQ score?

 

Given your score, if DCU doesn't work out, definitely try Cap One and maybe even local CUs. You should get a decent rate somewhere...and don't worry so much about a few INQs. Yes they hurt your score, but not that much. And the hit wears out quickly (6 months-1 year).

Message 4 of 10
Ewalker33
New Contributor

Re: Will DCU Finance me?

The 625 is my EQ Score. Im not sure what my other two are. Thanks for the help.

Message 5 of 10
Remember0
Valued Contributor

Re: Will DCU Finance me?

I see. You can try DCU then, I suppose. Hopefully they will pull what they consider an acceptable score for you.

 

By the way is this your first auto loan? Like are there any other auto loans (good or bad history) reporting on your credit report at this time?

Message 6 of 10
Ewalker33
New Contributor

Re: Will DCU Finance me?

No this would be my third and I have cosigned on one in the past and all of them had/have a good history with no late payments.

Message 7 of 10
Remember0
Valued Contributor

Re: Will DCU Finance me?

Gotcha. Then yeah, try DCU if you want. If they decline, definitely look into Cap One or perhaps even BofA given your prior good history.

 

Since all the other auto loans have had good history, your auto enhanced will likely be better than your regular FICO. So I'm sure a dealer will be able to get you financed either way. I'm guessing your auto enhanced is 650+ if your regular is 625, so at a dealer you should easily be under 10% (you'll be 4-7% if I had to guess at a dealership).

Message 8 of 10
Ewalker33
New Contributor

Re: Will DCU Finance me?

How long does it normally take to get a response back from them? I applied Friday night, and still haven't heard anything from them.

Message 9 of 10
Remember0
Valued Contributor

Re: Will DCU Finance me?

Just call them tomorrow during business hours imo.

Message 10 of 10
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.