DCU CC APPROVAL AND PENDING LOAN APP

[Anonymous]

I applied for a DCU credit card and personal loan on Friday.  On Saturday, the credit card was approved with a 3k limit at 8.5% apr (3k is all I asked for and I qualified for their lowest apr).  The personal loan is still pending.  My Equifax Fico 5 score is 740.  No baddies or lates ever on my credit report.  2% util or less on all revolving credit.  Income 82k.  My question is, do you think I will be approved the personal loan?  If not, will they increase the credit limit at this point on my card?  Im asking because I need to purchase an air conditioner for my house (I own it free and clear - my house) and I was estimating the cost at 1,800 to find out today that it could be near 5,000 as it looks like they might have to replace the whole unit.  What are my chances on getting my personal loan request of $4000 approved?  I have a paid off quick loan with them and have been banking with them for about a year.  Any insight is greatly appreciated.

[AllZero]

---

@Anonymous wrote:

I applied for a DCU credit card and personal loan on Friday.  On Saturday, the credit card was approved with a 3k limit at 8.5% apr (3k is all I asked for and I qualified for their lowest apr).  The personal loan is still pending.  My Equifax Fico 5 score is 740.  No baddies or lates ever on my credit report.  2% util or less on all revolving credit.  Income 82k.  My question is, do you think I will be approved the personal loan?  If not, will they increase the credit limit at this point on my card?  Im asking because I need to purchase an air conditioner for my house (I own it free and clear - my house) and I was estimating the cost at 1,800 to find out today that it could be near 5,000 as it looks like they might have to replace the whole unit.  What are my chances on getting my personal loan request of $4000 approved?  I have a paid off quick loan with them and have been banking with them for about a year.  Any insight is greatly appreciated.

---

Congratulations on your CC approval!

Your EQ5 score looks great. Basing it on score only I think you stand a good chance of loan approval. Good luck.

If loan is denied, perhaps call DCU and ask for a reconsideration of the CC limit in anticipation of the spend required?

[Eagered2succeed]

Based off score and income  I don't see an issue. Would also call and see if the limit could be raised for utilization. You can wait until after the loan is approved.

[Appleman]

With the current contraction of the credit market, there are no guarantees. However, the stats you provided look promising.

There are many lenders that allow you to do pre-approval for a personal loan without impacting your credit. Google, 4 steps to Pre-qualify for a personal Loan. Once you complete a full application you will likely receive a hard pull of your credit which will have some impact on your score.

I would at least see what is out there as a back-up plan.

[jetsfan2013]

If your home is free and clear, why not open a HELOC? That would offer you all the flexibility you need to pull funds if and when you need, and the interest will be better than any personal loan.