How strict is DCU with approvals?

[LCB80]

Wasn't sure where to post this since it's for a solar loan so hopefully someone here can help. DCU has a program for financing solar installs which I'd like to apply for.

Fico score is 730 but I have a bankruptcy that was discharged Jan 2010, aside from that the credit is solid, no late payments, have a couple credit cards, mortgage, car loan.

Are they pretty strict regarding bankruptcies? Do I have a decent shot? I know I have to join as well but it looks like that isn't too difficult.

[Revelate]

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@LCB80 wrote:

Wasn't sure where to post this since it's for a solar loan so hopefully someone here can help. DCU has a program for financing solar installs which I'd like to apply for.

Fico score is 730 but I have a bankruptcy that was discharged Jan 2010, aside from that the credit is solid, no late payments, have a couple credit cards, mortgage, car loan.

Are they pretty strict regarding bankruptcies? Do I have a decent shot? I know I have to join as well but it looks like that isn't too difficult.

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I'd call and ask in this instance; you obviously clear the FICO hurdle but I don't know how they are with BK's; might be able to Google that but never tried honestly as a BK is one of the few credit sins I don't have.

DCU Bankruptcy Friendly seems to indicate they are via Google at least with their credit card and presumably that holds with the rest of their products.

[Countingpennies]

You should have no problem becoming a member. For a CC or auto financing, they seem to like 2 years post-BK, although I've read of a number of folks being approved sooner. You can apply for membership and CC at the same time, but it still might be 2 separate EQ pulls. They have also been known to offer preapprovals for a CC when you apply for membership. I'm 1.5 yrs. post BK and I've been a member now for 3 weeks. Haven't tried for a CC yet, Trying to hold out until I'm at 2 yrs. It's definitely worth it just for the EQ Fico, if you don't mind an EQ pull when you apply.

[LCB80]

Thanks for the replies. I did end up calling them as well and they said with 4+ years since discharge it shouldn't be an issue, but it's on a case by case basis and it depends on who was not paid as part of the BK, for example if DCU was one of the creditors then they would no approve a loan. They were not though so it should be ok.

The bigger problem might be the DTI. I am self employed so with the tax deductions my income doesn't look as good as it might otherwise be. On the phone the gentleman I spoke with said it's a 55% ratio which would be fine and online I foudn somehwere that said it was 50% which should be ok too. If it's 45% or less then I probably will be denied. I applied this morning and it said someone should be contacting me in the next couple of days.

[LCB80]

Well, I was not approved which really pisses me off. The reason was because the Equifax credit score came back at 690 and they needed a minimum of 700. I checked before applying here at MyFico.com and it came back at 713 so I was shocked. I would have never applied if I didn't think the score was at least high enough.

[user5387]

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@LCB80 wrote:

Well, I was not approved which really pisses me off. The reason was because the Equifax credit score came back at 690 and they needed a minimum of 700. I checked before applying here at MyFico.com and it came back at 713 so I was shocked. I would have never applied if I didn't think the score was at least high enough.

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MyFico is EQ 08.

DCU is EQ 04 for the scores they provide.  Not sure what they use for underwriting.

[LCB80]

FYI, the DCU Equifax credit score seems to differ exactly 23 points from MyFico's. My previous MyFico score was 713 and DCU showed 690. I just paid down a balance and the MyFico score went up to 728, I applied for a DCU credit card and they came in at 705, so both went up by 15 points but still 23 point difference.

Also FYI DCU uses the same pull if within 30 days, you have to insist for them to rerun it if you know your score has improved from the last time they pulled it if within 30 days.

[Revelate]

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@LCB80 wrote:

FYI, the DCU Equifax credit score seems to differ exactly 23 points from MyFico's. My previous MyFico score was 713 and DCU showed 690. I just paid down a balance and the MyFico score went up to 728, I applied for a DCU credit card and they came in at 705, so both went up by 15 points but still 23 point difference.

Also FYI DCU uses the same pull if within 30 days, you have to insist for them to rerun it if you know your score has improved from the last time they pulled it if within 30 days.

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I'm not certain that DCU uses the same algorithm they give to us on a monthly basis when we're talking credit card or auto loan applications.

Also any different algorithm isn't going to track identically like that, probably not for you even as an individual over time, and approaching zero for any other consumer statistically.