New DCU Member

[britt585]

Recently approved for DCU membership took 3 trys . lol. I am in the process of rebuilding ! Can anyone share if they still offer rebuild loan  or any helpful information about DCU. Thanks

[AndySoCal]

@britt585  Is this what you are referring to?

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

[FicoMike0]

I looked at dcu, they have a ssl ( you borrow your own money), but they shorten the term if you pay it down.

Penfed has a ssl, but don't list it on website, you have to call. They will do $25 x loan term in months, $1500 for 60 months.  Interest is 2%. You have to deposit into regular savings (pays 0.01% lol), let it age 30 days. Call for the loan, no hp. Once set up, they deposit the $1500 in the same account, or you can open another account. Recommend online premium, pays 3%. Then prepay 91%, $1365 for $1500, to $135 balance. Pay it online, just like monthly payment, don't call for principal only or they shorten the loan. When you pay the $1365, it shows back up in your account, you can transfer it back to wherever you got the $1500. You only end up with $135 tied up. Total interest is less than $10. Now you have an installment loan, paid to 9%, no payment due for 4.5 years. I got 30-40 points on fico8. Mark your 📅 so you don't forget to pay it!

[britt585]

@FicoMike0 Thanks for the info . Working on membersip with Penfed .

[SouthJamaica]

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@britt585 wrote:

Recently approved for DCU membership took 3 trys . lol. I am in the process of rebuilding ! Can anyone share if they still offer rebuild loan  or any helpful information about DCU. Thanks

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Positive features of DCU:

1. 2-day early direct deposit in checking account.

2. Low interest, no cash advance fee, no balance transfer fee platinum card.

3. Ability to use platinum card as overdraft line of credit linked to checking account.

4. Periodic 0% APR balance transfer offers.

[FicoMike0]

Thanks @SouthJamaica , maybe my dcu account isn't a total waste. I do keep $1000 in the 6% account.

[SouthJamaica]

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@FicoMike0 wrote:

Thanks @SouthJamaica , maybe my dcu account isn't a total waste. I do keep $1000 in the 6% account.

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Yeah, there's that too

[boostcreds]

I keep getting auto denied somehting along the lines of their auto identity verification failed. Is this what you experienced? If so, what did you do differently?

[SouthJamaica]

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@boostcreds wrote:

I keep getting auto denied somehting along the lines of their auto identity verification failed. Is this what you experienced? If so, what did you do differently?

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This is a common problem with credit unions. I don't recall if I had the problem with DCU in particular, but probably not.

In my opinion a common reason for this is a plethora of erroneous and conflicting entries in one's Lexis Nexis report.  The way to resolve that is to get a copy of your Lexis Nexis report, and then send LN a detailed letter describing the erroneous entries and requesting their deletion or correction.