questions about DCU

[new_earth]

So I became a member on Wednesday, immediately approved (for membership). I plan to entirely switch my banking over to them. One of my main interests other than that is to refinance my car loan and possibly, get a CC with them. I am not interested in secured right now honestly. I have other new CC's to rebuild with.

I am curious for others who have been approved for car loans and CC"s how bad your credit was? I have around a 620+ (624 last time I checked) FICO score, 1 very new open CC account (FP), numerous store cards due to report in the next few weeks, an auto loan for a year with perfect payment history, one charged off HSBC, 2 collections (one of which is a CA collecting for the HSBC acct, the other for a T-mobile account that I closed early on) and one judgement ($194 for a small medical bill) to fall off in November. I am *hoping* to get rid of one of the collections some time next month by paying the OC directly (T-Mobile) but they require in full, but they will have the CA delete themselves from my CR once paid. I am not 100% sure if I will be able to pull it off though. If I can reduce my car payment I probably could!!!!

Also, is it better to call on the phone and speak with someone as opposed to applying online?

Should I bother trying now or just wait for my PIN in the mail, log into my account and see if I'm preapproved for anything first? Or just call and ask if I am preapproved? I am more desperate to refinance my car than get any CC's...

Just trying to figure out how it works.....thanks

[dddewdrop]

    I would recommend talking to someone on the phoe directly. They have an online loan application but you really need to talk to someone on the phone. I got approved online for a loan and it really didn't mean all that much. I still needed to call and work out the details over the phone and go through another approval process. I think your scores are borderline as you probably know. I think the judgement may be a sticking point also. I applied for their credit card after becoming a member. my scores were a lot lower than they are now. I tried for an unsecured credit card and they denied me. When I called the recon line the person informed me that i was also denied for a secured card which was frustrating. Seems to me if you can pony up the money for a secured card they should have to have a real serious reason to decline you. After all they are taking on no real financial risk if you have secured the card completely.

[new_earth]

yeah I don't understand being denied for secured cards either. My chances for any card with them  right now may be zero but if I can at least refinance it would be a godsend. This online estimator I found from their site seems like I would get one even with below average to poor credit and it would be much lower than my current rate.

I am sure a few months from now it will be much easier for me to get a card.

[new_earth]

and if you got approved for a loan but not CC that gives me some hope for myself...

[dddewdrop]

true true

[tray]

You can call over the phone on Monday with a credit analyst and inquire so you won't have to waste a hard pull, but believe me this cu is very lenient than regular banks, so  far speaking with 2 individuals from this cu there are very friendly to speak with.

[Revelate]

For car loans they rock.

Credit cards, meh.  It's a tradeline farm for me personally, even I have better ones and have had them for a while now.  BOFA secured card (w/1-2-3 rewards) is better than anything DCU offers.

Regarding secured cards, open judgements are a no fly zone.  You may be able to pony up the cash, but legally, it should be used to pay the judgement.  This makes banks wary, especially as with a judgement, the deposit can be summarily siezed and then the bank is left holding the bag with you as an unsecured borrower.

Judgements are nasty things, try to get it cleared up if you can.

Edit: it's due to fall off this year from SOL anyway?  Look at a better tier of cards than DCU secured sometime next year .  More than acceptable depository institution, credit card would be just for easy spending with a one-hop instant transfer from the checking account to pay for it... convenience factor, but wait till you can get unsecured with them would be my recommendation.

[tray]

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@Revelate wrote:

For car loans they rock.

Credit cards, meh.  It's a tradeline farm for me personally, even I have better ones and have had them for a while now.  BOFA secured card (w/1-2-3 rewards) is better than anything DCU offers.

Regarding secured cards, open judgements are a no fly zone.  You may be able to pony up the cash, but legally, it should be used to pay the judgement.  This makes banks wary, especially as with a judgement, the deposit can be summarily siezed and then the bank is left holding the bag with you as an unsecured borrower.

Judgements are nasty things, try to get it cleared up if you can.

Edit: it's due to fall off this year from SOL anyway?  Look at a better tier of cards than DCU secured sometime next year .  More than acceptable depository institution, credit card would be just for easy spending with a one-hop instant transfer from the checking account to pay for it... convenience factor, but wait till you can get unsecured with them would be my recommendation.

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For a car loan today the rep quoted a apr rate that was higher than what alliant credit union is offering, so I believe various credit union differs...

[09Lexie]

I opted for the no reward Visa cause quite frankly their reward Visa was not worth the higher APR IMO

[09Lexie]

@ tray

Did they offer you 1.99%. I know Alliant's is currently 1.49%