DCU: Requested Credit Limit?

[bourgogne]

Hi

I am getting an 18 (4/20) year old started in the credit world.  he now has dcu membership, his F8 EQ is 722.  on the DCU portal it's 787.  no pre-approvals showing on the portal.  he has had a car loan for 1.5 years and 3 of my AUs, hence the decent scores.  just got him an ax cash mag @ $8K and a NFCU cash rewards @ $3K - happy with the results thus far.  I was going to use golden one for another visa as the perks are decent but the AX hp cost him a 16pt drop on EX and I want to keep it clear for a car refi this year as G1 also uses EX.  nfcu pulled tu.  eq is why the card with dcu + their car rates look good + I thought having a card to hook into overdraft would be a nice feature as he is a forgetful 18 year old. 

If he makes $35K a year and is a student what should be put in the slot for the requested amount?  I have heard income divided by 4 but it was from an ancient post

Will they counter or just shoot him down?  hate to leave $ on the table but I also dont want to mess with POI or get into a document war with them, I have been down that road with them myself.

re open to other EQ suggestions as well, USAA pulls EQ but he cannot get in, he used the grandfather route with nfcu.  paypal would be fine but they are sync and I am not a fan

Thank you!

[Anonymous]

If you are trying to avoid POI, you may want to look elsewhere. They ask for it most of the time. They were the second FI to ever ask me for it. 

As far as what to ask, I would ask for $5K. They're known to be conservative. 

[Mv350]

I would ask for 5k, I was given 5k SL @ 16.75% not to long ago with a far worse EQ5. They might ask for his 2 most recent pay stubs, but I don't think anything else. 

[Harvey26]

---

@bourgogne wrote:

Hi

I am getting an 18 (4/20) year old started in the credit world.  he now has dcu membership, his F8 EQ is 722.  on the DCU portal it's 787.  no pre-approvals showing on the portal.  he has had a car loan for 1.5 years and 3 of my AUs, hence the decent scores.  just got him an ax cash mag @ $8K and a NFCU cash rewards @ $3K - happy with the results thus far.  I was going to use golden one for another visa as the perks are decent but the AX hp cost him a 16pt drop on EX and I want to keep it clear for a car refi this year as G1 also uses EX.  nfcu pulled tu.  eq is why the card with dcu + their car rates look good + I thought having a card to hook into overdraft would be a nice feature as he is a forgetful 18 year old. 

If he makes $35K a year and is a student what should be put in the slot for the requested amount?  I have heard income divided by 4 but it was from an ancient post

Will they counter or just shoot him down?  hate to leave $ on the table but I also dont want to mess with POI or get into a document war with them, I have been down that road with them myself.

re open to other EQ suggestions as well, USAA pulls EQ but he cannot get in, he used the grandfather route with nfcu.  paypal would be fine but they are sync and I am not a fan

Thank you!

---

I think he should app for their student rewards card if you want him to refi the car loan having the credit card will establish the relationship.

[Anonymous]

@bourgogne  Super Congrats on your son's DCU membership approval! 

If your son's Amex 8k Cash Magnet and Navy Fed 3k Cash Rewards cards are

reporting to all 3 bureaus, then asking DCU for a 5k card sounds about right.

In addition, if your son is seriously looking to refi his car loan with DCU, then once

his membership hits the 3 month mark I'd recommend he apply for a Quick Loan

for $1,000. No credit check and he can setup autodraft so the 12 monthly payments

come straight out of his DCU checking account (if he has one). If not, he can open

free checking with no minimum deposit or monthly fees. Once your son proves he

can handle a Quick Loan installment loan, going after an auto refi will be much easier. 

Congrats again on your son's success. You'll be there to guide him since he is a

"forgetful" 18 year old. But autodraft will take his forgetfulness out of the equation.

Thanks so much for sharing! 

https://www.dcu.org/borrow/personal-loans/quick-loans.html

[bourgogne]

Hi, thx for the responses from everyone, much appreciated.  to add some clarity, I am a non-blood uncle to this kid, he is a stepson of an old friend of mine.  he turned 18 on 4/14/2020.  has had a car loan since he was 16.5 and 3 of my cards.  not looking for a car loan at the moment but will at some point in the year.  as it turns out a well known member of this community sent me a pm on this so I have another, and what appears to be a better, option for him to get a card and a card with better utility that pulls EQ.  I believe he is flying under the wire on the tip or he would have made the suggestion public so that is in process.  just trying to get him 3 cards, take the hit and let them all simmer.  thanks again, stay safe