DCU Denial

[Rogue46]

So iv'e been wanting to get in with DCU for awhile now and finally pulled the trigger yesterday. Was approved for checking and savings after donating $10 to a school charity. Since I used a hp for membership I went ahead and apped for the Visa card which was referred to UW.

Within an hour received an email saying a decision has been reached and to call the 800 number. Rep was really nice but was denied due to too many cards since BK7 which was discharged 12/2014. Honestly I was surprised with that answer since I don't think I have a ton of cards compared to others? 

The good news is he said I can use the HP on any other product for 45 Days and tried to offer a car loan which I don't need since i'm leasing a vehicle until next April.  

I'd like to apply for a personal loan but i'm not sure it would be approved since the basic CC was denied. Any thoughts on my odds for that?

[pinkandgrey]

Sorry about the denial. I have no experience with this credit union, but I have seen people get denied for NFCU/Penfed CCs and then turn around and get huge loans. Good luck with whatever you decide! 

[Shooting-For-800]

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@Rogue46 wrote:

So iv'e been wanting to get in with DCU for awhile now and finally pulled the trigger yesterday. Was approved for checking and savings after donating $10 to a school charity. Since I used a hp for membership I went ahead and apped for the Visa card which was referred to UW.

Within an hour received an email saying a decision has been reached and to call the 800 number. Rep was really nice but was denied due to too many cards since BK7 which was discharged 12/2014. Honestly I was surprised with that answer since I don't think I have a ton of cards compared to others? 

The good news is he said I can use the HP on any other product for 45 Days and tried to offer a car loan which I don't need since i'm leasing a vehicle until next April.  

I'd like to apply for a personal loan but i'm not sure it would be approved since the basic CC was denied. Any thoughts on my odds for that?

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If you have too many cards, I will never join their cu.

GL!

[Anonymous]

I have more cards than you and all but one of my cards in my sig was obtained since 3/2018 and they approved me for $1K @ 13.75% in February. 

They definitely lean conservative and their cards aren’t really anything special. You have a relationship with PenFed who shot me down cold back in September for adding a whopping three cards in March (one of which was already closed), I would probably get loans from them unless you are planning to make DCU your primary. They’re known for relationship benefits so the more you do with them, the more they open up to you so doors that are closed now may be opened later. 

Keep in mind DCU uses your EQ 5 (mortgage) score for all lending decisions so they are a tough nut to crack for us BKers sometimes. 

[Rogue46]

I didn't know they used the mortage score. Good to know. My main purpose getting in with DCU is to bring my banking over and possible getting a loan eventually. Penfed has been good to me but they don't seem to want to extend anything but a CC to me. Maybe time will tell but in the meantime Iv'e read good things about DCU and thought i'd give them a look

[Anonymous]

My suggestion is to build the relationship with DCU first. If you bring your banking over, you’ll start getting preapproved offers for their products eventually. DCU is a lot more rewarding to their members that make them their primary than most. I really want to make them my primary but until they get Zelle, which may never happen, I can’t unfortunately. 

[MyDataMyChoice]

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@Anonymous wrote:

My suggestion is to build the relationship with DCU first. If you bring your banking over, you’ll start getting preapproved offers for their products eventually. DCU is a lot more rewarding to their members that make them their primary than most. I really want to make them my primary but until they get Zelle, which may never happen, I can’t unfortunately. 

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What are you using zelle for?   I find Zelle to be wonky

Why not next day ACH.... (DCU Does offer this)

[Anonymous]

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@MyDataMyChoice wrote:

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@Anonymous wrote:

My suggestion is to build the relationship with DCU first. If you bring your banking over, you’ll start getting preapproved offers for their products eventually. DCU is a lot more rewarding to their members that make them their primary than most. I really want to make them my primary but until they get Zelle, which may never happen, I can’t unfortunately. 

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What are you using zelle for?   I find Zelle to be wonky

Why not next day ACH.... (DCU Does offer this)

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I use it to pay my roommates for things quickly. I have never had a problem with it except when I did an NFCU transfer to my 1stBank account one time it went into 3 day status but the next time it was instant like anything else. 

DCU charges for outbound ACH and Zelle is free. I canceled my debit card with my current bank because I didn’t want to pay $10 a year for something I can use for free from NFCU or DCU, I’m definitely not going to pay $10 a month to pay my rent. I’ll just keep my current 1stBank primary, DCU and NFCU secondary setup. It works. 

[DaveInAZ]

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@Anonymous wrote:

My suggestion is to build the relationship with DCU first. If you bring your banking over, you’ll start getting preapproved offers for their products eventually. DCU is a lot more rewarding to their members that make them their primary than most. I really want to make them my primary but until they get Zelle, which may never happen, I can’t unfortunately. 

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I like DCU, but I haven't found that to be my case. I opened checking & savings in Oct. 2017 when I got a great rate on a car loan for a 1 year old used car, and moved my payroll direct deposit to them to get 'relationship status' which includes a 1/2% discount on loans. But the only pre-approved offer I've ever had is a personal loan up to $1k at 22%, a big No Thanks. But's that's just fine with me, their CCs are very meh. The best things about DCU are car loans and 6% interest on savings up to $1k, great for a rainy day fund.

But @MyDataMyChoice - One thing DCU is NOT great on are ACH transfers. Outbound Push ACH transfers are a $5 fee for 3 day, $10 for next day. Inbound Pull transfers are free for 3 day, $10 for next day.

[MyDataMyChoice]

I use bill pay for my Rent... they send a bank check (or electronic of possible)... money is never taken before the due date... and its free

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