DCU Preapproval

[tcbofade]

Hmm.  Signed up for DCU's Fico score earlier in the month...  713.  

Log in screen shows that I'm preapproved for Visa, HELOC, car loan, etc...

Don't really need anything right now and am happily gardening.

I've read that DCU occassionaly offers balance transfers on their CCs and might want to have that in my pocket for the future.

Have any of you pulled the trigger on their pre approvals before?  I know that the Fico score is an EQ 5, but I assume that is the score that they're using for the preapproval.  

Do I jump on it, or let it pass?

[Hex]

I have the non-rewards version of this card with a 10K limit. Even the the rewards version isn’t that great because it only pays 1% but you can take cash advances for the same APR as purchases (I think you just transfer into your checking) and many people like that. You can’t specifically apply for the rewards version. You just have to apply and see what they give you. I got mine in September. I called about a week ago to see if I could upgrade without a hard pull and was told I would need to have a EQ 5 of 675 or above to upgrade and it would be a hard pull. They said upgrades are offered without a hard pull during quarterly reviews.

[Hex]

Forgot to mention that they usually pay 1% on the non-rewards version during the holiday shopping season. I think they up the rewards rate to 2% on the rewards version at that time too. They deposit the cash back into your deposit account automatically.

[jaxstraw]

As far as I know the pre-approval will just stay there almost indefinitely until....or if....you accept it.

Maybe someone else can chime in but that is my experience.

And DCU runs the BT special in January or near the end of the year and I believe.

[Jnbmom]

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@jaxstraw wrote:
As far as I know the pre-approval will just stay there almost indefinitely until....or if....you accept it.

Maybe someone else can chime in but that is my experience.

And DCU runs the BT special in January or near the end of the year and I believe.

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Oh yes my lovely preapproval for a 1K loan at 22%😯has been sitting there for 6+months, but no others.

[CreditInspired]

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@tcbofade wrote:

Hmm.  Signed up for DCU's Fico score earlier in the month...  713.  

Log in screen shows that I'm preapproved for Visa, HELOC, car loan, etc...

Don't really need anything right now and am happily gardening.

I've read that DCU occassionaly offers balance transfers on their CCs and might want to have that in my pocket for the future.

Have any of you pulled the trigger on their pre approvals before?  I know that the Fico score is an EQ 5, but I assume that is the score that they're using for the preapproval.  

Do I jump on it, or let it pass?

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Nope, I’m all for staying the course. Gardening is golden 😁

[Gmood1]

I jumped on it last November or December, can't remember. It was a SP for the initial app as well as accepting a $5k increase last month.

Up to you, I'll keep mine around for the BT offers.

[KLEXH25]

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@Hex wrote:
I have the non-rewards version of this card with a 10K limit. Even the the rewards version isn’t that great because it only pays 1% but you can take cash advances for the same APR as purchases (I think you just transfer into your checking) and many people like that. You can’t specifically apply for the rewards version. You just have to apply and see what they give you. I got mine in September. I called about a week ago to see if I could upgrade without a hard pull and was told I would need to have a EQ 5 of 675 or above to upgrade and it would be a hard pull. They said upgrades are offered without a hard pull during quarterly reviews.

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I wonder if the quarterly reviews start from when your account is opened or if they have a set timeframe that's the same for everyone? Also, it looks like the offer stays for a while unless something major changes, so I'd recommend OP sits on it until ready to come out of the garden.

[Anonymous]

Personally I would keep gardening especially if you really have no reason to apply other than the preapproval. Like others said it will stay there indefinitely so I would recommend hitting your garden goal and then considering applying at that point. With that out of the way, congrats on the preapproval! Takes a lot of stress out of applying when the right time comes around.

[mikesonthemend]

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@KLEXH25 wrote:

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I wonder if the quarterly reviews start from when your account is opened or if they have a set timeframe that's the same for everyone? Also, it looks like the offer stays for a while unless something major changes, so I'd recommend OP sits on it until ready to come out of the garden.

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Wondering the same