Another DP for DCU. I have been a member of DCU for over 7 years. I opened an account with them during my 2 year post BK7 rebuild in hopes of getting a future CC from them. I opened several CU accounts at this time: NFCU, PenFed, Langley, Lake Michigan, DCU, Allient, State Dept, and NASA. At that time (2013~2014) NFCU, PenFed, NASA and State Dept all gave me a CC. Lake Michigan denied me in 2014, so I kept Langley, DCU and Allient on the bench for "later" app spree.
I had $5 a month tranferring to DCU checking to build a "relationship" (whatever that means). I lost track of time with these CUs and during my DEC19 App Spree, I decided to apply for the DCU Visa. I was denied.
Reason: * Too Much Revolving Debt
They used EQ Fico 09 Score (688).
I have about $40K out of $240K (17.5% utilization) revolving debt and ~$150K income. I have $3000 disposable monthly income. I did not know DCU was that conservative. During the recent app spree: NFCU gave me a 3rd card @ $8K; Citi DC @ ~$9K; Apple @ ~$5.5K; FNBO Ducks Unlimited @~$3K; and BECU @ ~$3K.
Needless to say, I took my DCU money and ran. They can keep the $5 minimum. I have too many CU accounts anyway. I still have Langley and Allient on the bench for another app spree later this year. IMO most CUs have the same benefits although some have a "trick pony" to entice membership with low load rates, BT offer, bonuses etc.
DCU is known for coming up with excuses not to grant credit. Don't feel bad I have been denied 3 times!! For the Platinum Visa. Even talked to a loan officer about my reports and at that time had many new accounts and some debt reporting, nothing major but I guess too much for their tastes. LO even mentioned if I got my DTI ratio down they would approve. Waited 6 months and got the ratio down. Reapplied, and still denied! I only keep them around for the free monthly Fico scores and savings account. I have found very few CU that aren't a bit spooked 😲 of much available credit and DTI.
Thanks for DP... 40k in revolving debt with a BK on file still will get some peoples attention as not really a small amount. Just my humble opinion
edit: Langley will most likely deny you a CC as well as they are very DTI sensitive.
I guess it's like a horse race, one will always come in last.
I think I am at 10-12 CU's. .. I have one I am not a fan of
@CreditCuriosity wrote:Thanks for DP... 40k in revolving debt with a BK on file still will get some peoples attention as not really a small amount. Just my humble opinion
edit: Langley will most likely deny you a CC as well as they are very DTI sensitive.
I would add that Alliant is somewhat conservative as well and would take a similar stance, OP.
Most CUs simply can't afford to take on risky revolving loans. The large ones like NFCU, BECU, and PenFed can but to give a size comparison, DCU's assets aren't even half of BECU's or a tenth of NFCU's and they're the 14th largest CU.
DCU is also a bit shy about BK. They approved me for their Platinum last February at 13.75% with a $1K limit but even after taking a HP, they declined to give me a CLI. Too much credit seeking combined with my BK for them to give me more.
@CreditCuriosity wrote:Thanks for DP... 40k in revolving debt with a BK on file still will get some peoples attention as not really a small amount. Just my humble opinion
edit: Langley will most likely deny you a CC as well as they are very DTI sensitive.
Bingo