Dover FCU tried to blow my socks off

[LADave]

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@ZackAttack wrote:

On top of what I got, I did happen to look a little bit more of this credit union ... this isn't exactly a nice credit union to throw your money in. This CU isn't setup with any CO-OP stuff. The only thing that the debit card may use is the Allpoint ATMs, but other than that, you would probably have to ACH money into this CU.

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I'm not sure if you meant they're not a "nice" CU in ways besides the ones you mentioned. While it's true that I didn't find them in the Co-Op Network directory, that's probably a non-issue for anyone who is primarily interested in their credit cards.

A lot of my cards are from banks with no local branches. And while local branches are nice to have, having a local branch is probably not in the top 5 or even the top 10 concerns for most people when they are considering a new credit card.

And almost everybody makes what are essentially ACH payments on their credit cards without thinking twice (or even once) about it.

[pip3man]

UPDATE: so I subnitted my last two paystubs as they requested. Tentatively denied. They said they do not consider quarterly bonuses and commissions as part of your income. And these compensation make up a significant portion of my total annual income. I am so pissed off and have to take this further cos it doesn't make any sense. I even submitted my most recent W2 form but instead they wanna strip off my quarterly payouts and determine my income solely on the base salary. Totally ridiculous. And in their defense, "we are a very small credit union so have to do things differently unlike the large institutions." We'll see how it goes, I'll update back with more info

[pgates]

@pip3man  that sucks... I was told the same thing when I tried to include my bonuses in my income. 

 However I just received an email stating I was approved for the 20k @11.99 pending membership approval. This was after submitting a month of paystubs.

I wonder if just opening a savings is sufficient? 

[Shann0n_marie]

Yes, opening a savings is sufficient. 

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@pgates wrote:

@pip3man  that sucks... I was told the same thing when I tried to include my bonuses in my income. 

 However I just received an email stating I was approved for the 20k @11.99 pending membership approval. This was after submitting a month of paystubs.

I wonder if just opening a savings is sufficient? 

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[AverageJoesCredit]

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@pip3man wrote:

UPDATE: so I subnitted my last two paystubs as they requested. Tentatively denied. They said they do not consider quarterly bonuses and commissions as part of your income. And these compensation make up a significant portion of my total annual income. I am so pissed off and have to take this further cos it doesn't make any sense. I even submitted my most recent W2 form but instead they wanna strip off my quarterly payouts and determine my income solely on the base salary. Totally ridiculous. And in their defense, "we are a very small credit union so have to do things differently unlike the large institutions." We'll see how it goes, I'll update back with more info

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We can't expect them to be a Penfed or Navy. I didn't even follow up on the request for the Hook membership and license.  I need to let these pop up FOTM cards /CU go. Have enough credit/creditors and don't need another who won't lend to me lol. Good luck to those who pursue this.

[pgates]

@Shann0n_marie  Sweet.. Thank you!  

[CreditMagic7]

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@AverageJoesCredit wrote:

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@pip3man wrote:

UPDATE: so I subnitted my last two paystubs as they requested. Tentatively denied. They said they do not consider quarterly bonuses and commissions as part of your income. And these compensation make up a significant portion of my total annual income. I am so pissed off and have to take this further cos it doesn't make any sense. I even submitted my most recent W2 form but instead they wanna strip off my quarterly payouts and determine my income solely on the base salary. Totally ridiculous. And in their defense, "we are a very small credit union so have to do things differently unlike the large institutions." We'll see how it goes, I'll update back with more info

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We can't expect them to be a Penfed or Navy. I didn't even follow up on the request for the Hook membership and license.  I need to let these pop up FOTM cards /CU go. Have enough credit/creditors and don't need another who won't lend to me lol. Good luck to those who pursue this.

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Would been cool if the CU was as fast as BombayHook membership. Already got in the USPS mail member card and introduction papers etc. However now that's done i'm content to wait since i have new accounts still yet to land on the CRAs. 

[pip3man]

Now my issue is, if I were to apply for a mortgage and submit my tax return and W2 forms, they mean to tell me my total income is not my income? This is not about being a large or small institution, earned income is income, it is part of a total compensation and it's listed on my job offer letter if I have to go dig around for it. If my tax forms and W2 shows I earn the same income year over year or slightly higher every year, what would be the rationale behind saying oh no this is not your actual income? That doesn't make any sense at all I'm sorry.

[Shann0n_marie]

Qualifying for a mortgage has a totally different set of guidelines and very often you have to have a two year history of receipt.  If your YTD bonus or commission shows considerally less than your prior years average then there would need to be a documentable reason -- only receive bonus at year end, etc and then we'd ask to see year end paystubs from prior years to support that.

[pip3man]

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@Shann0n_marie wrote:

Qualifying for a mortgage has a totally different set of guidelines and very often you have to have a two year history of receipt.  If your YTD bonus or commission shows considerally less than your prior years average then there would need to be a documentable reason -- only receive bonus at year end, etc and then we'd ask to see year end paystubs from prior years to support that.

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No my bonuses are paid out quarterly so I've only received one so far this year which was over $10k. As a matter of fact, my prior year payout are just about identical if not slightly higher this year. And it gets even crazy, I was just told they included my total credit card limits as part of my debt even though they all have zero balances but one with a balance under $7k. Reasoning that those credit cards could potentially become debt even though they have no balance at the moment. This is the craziest thing I ever heard working with any creditor. I voluntarily gave my W2, provided most recents paystubs and ready to furnish all prior year paystubs so what gives? I'm at my wits end here. I'm curious for those who got approved were y'all told the same thing?