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DCU Free Checking - no hard credit pull & free EQ mortgage FICO?

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Valued Member

DCU Free Checking - no hard credit pull & free EQ mortgage FICO?

I recently read on this forum ( https://ficoforums.myfico.com/t5/Auto-Loans/DCU/m-p/5169056/highlight/true#M76059 ) that DCU no longer does a hard credit pull for its checking/savings products. Is this correct?

 

If so, I also understand from the DCU website ( https://www.dcu.org/personal-banking/checking-choices.html ) that the free checking product has no minimums or fees and provides the EQ mortgage FICO score for free monthly?

 

If so, it seems like opening a checking account for someone planning to apply for a mortgage in the future is a no brainer. Any thoughts what I might be missing?

 

Thanks so much!

Message 1 of 55
54 REPLIES 54
Established Contributor

Re: DCU Free Checking - no hard credit pull & free EQ mortgage FICO?

 

DCU still has chexSys pull done not exactly EQ. ya they provide EQ 5 scores & look at EQ fico 5 for all products.

for checking, they also reimburse ATM fees upto $25/mo (avg fee charged is $3) and paychecks get direct deposits 2 days early.

 

 

Message 2 of 55
Valued Member

Re: DCU Free Checking - no hard credit pull & free EQ mortgage FICO?


@maharshi wrote:

 

DCU still has chexSys pull done not exactly EQ. ya they provide EQ 5 scores & look at EQ fico 5 for all products.

for checking, they also reimburse ATM fees upto $25/mo (avg fee charged is $3) and paychecks get direct deposits 2 days early.

 

 


I see, thanks so much for the clarification that they do a chex systems (hard) pull but not a hard credit pull on any of TU/EX/EQ. Thanks for also highlighting their other advantages.

Message 3 of 55
Community Leader
Valued Contributor

Re: DCU Free Checking - no hard credit pull & free EQ mortgage FICO?


@yourficouser wrote:

@maharshi wrote:

 

DCU still has chexSys pull done not exactly EQ. ya they provide EQ 5 scores & look at EQ fico 5 for all products.

for checking, they also reimburse ATM fees upto $25/mo (avg fee charged is $3) and paychecks get direct deposits 2 days early.

 

 


I see, thanks so much for the clarification that they do a chex systems (hard) pull but not a hard credit pull on any of TU/EX/EQ. Thanks for also highlighting their other advantages.


Another advantage of DCU is that their savings account - called a 'Share' account and one is required for membership - pays 5.12%  interest on the first $1,000 in the account, great for a rainy day fund.

In my opinion car loans are their best credit offering, I joined in Oct. 2017 and got 2.99% for 65 months on a 2016 used car I'd just purchased. I'm not sure I'd use them for a mortgage unless you're in their geographic area, MA & NH. But I don't have any experience with DCU for mortgage, that comment is based on my Home Equity Line of Credit from Penfed CU in 2017 that took them 5 months to close! I was thinking "I'm sure glad I didn't apply for a mortgage, no seller is going to wait 5 months for your mortgage to close". Maybe DCU is better, but that experience with Penfed makes me stay away from the large national credit unions for mortgage/home equity loans.


Fico 08: 720/721/719 TU/EX/EQ
Message 4 of 55
Valued Member

Re: DCU Free Checking - no hard credit pull & free EQ mortgage FICO?


@DaveInAZ wrote:

@yourficouser wrote:

@maharshi wrote:

 

DCU still has chexSys pull done not exactly EQ. ya they provide EQ 5 scores & look at EQ fico 5 for all products.

for checking, they also reimburse ATM fees upto $25/mo (avg fee charged is $3) and paychecks get direct deposits 2 days early.

 

 


I see, thanks so much for the clarification that they do a chex systems (hard) pull but not a hard credit pull on any of TU/EX/EQ. Thanks for also highlighting their other advantages.


Another advantage of DCU is that their savings account - called a 'Share' account and one is required for membership - pays 5.12%  interest on the first $1,000 in the account, great for a rainy day fund.

In my opinion car loans are their best credit offering, I joined in Oct. 2017 and got 2.99% for 65 months on a 2016 used car I'd just purchased. I'm not sure I'd use them for a mortgage unless you're in their geographic area, MA & NH. But I don't have any experience with DCU for mortgage, that comment is based on my Home Equity Line of Credit from Penfed CU in 2017 that took them 5 months to close! I was thinking "I'm sure glad I didn't apply for a mortgage, no seller is going to wait 5 months for your mortgage to close". Maybe DCU is better, but that experience with Penfed makes me stay away from the large national credit unions for mortgage/home equity loans.


Thanks so much for the note re 5.12% interest on first $1,000 in savings, and for sharing your experience with DCU auto loan and PenFed HELOC.

 

I am sorry if I was not clear. My plan was for DW and I each to join DCU and open checking/savings to be able to follow our EQ mortgage FICO scores, and NOT in order to open a mortgage with DCU. 

 

As long as there is no hard credit pull involved in joining and opening checking and savings, seems like a reasonable way to have access to EQ mortgage FICO...

Message 5 of 55
Valued Member

Re: DCU Free Checking - no hard credit pull & free EQ mortgage FICO?

I guess my other question would be whether I should just open a savings accounts and NO checking account? Would FICO still be included in this case? Thank you so much!

Message 6 of 55
Established Contributor

Re: DCU Free Checking - no hard credit pull & free EQ mortgage FICO?

hi

Yes EQ FICO 5 score comes on monthly on the anniversary of your savings account opening in an email .They only display EQ Fico5 score not exactly FICO 8 scores.

its just what i have right now a savings account and a DCU visa card which when i applied for my account i was insisting only a savings account plus credit card (with lowest APR credit card & no balance transfer fee if EQ Fico5 > 700).  They will use the same pull if applying for savings/credit card. I believe their Tier2 rates are upto Fico5 of 690. Getting $2k limit is normal, getting 5k & above requires Tier1. (720+ EQ Fico 5). Paystub is required.

You can make maximum of 6 transactions in a month if you have savings account. Their 5.0% savings account is upto $1k max.

Message 7 of 55
Valued Member

Re: DCU Free Checking - no hard credit pull & free EQ mortgage FICO?


@maharshi wrote:

hi

Yes EQ FICO 5 score comes on monthly on the anniversary of your savings account opening in an email .They only display EQ Fico5 score not exactly FICO 8 scores.

its just what i have right now a savings account and a DCU visa card which when i applied for my account i was insisting only a savings account plus credit card (with lowest APR credit card & no balance transfer fee if EQ Fico5 > 700).  They will use the same pull if applying for savings/credit card. I believe their Tier2 rates are upto Fico5 of 690. Getting $2k limit is normal, getting 5k & above requires Tier1. (720+ EQ Fico 5). Paystub is required.

You can make maximum of 6 transactions in a month if you have savings account. Their 5.0% savings account is upto $1k max.


Thanks so much for confirming that the savings account also comes with the EQ Fico5 and for highlighting the benefits of the savings account.

 

Just to double check - my understanding is that, currently, there is NO hard credit pull to open a savings account with DCU. Did you open your account some time ago (you mention that the hard credit pulls to open the savings account & credit card are combined)? Thank you again!

Message 8 of 55
Valued Member

Re: DCU Free Checking - no hard credit pull & free EQ mortgage FICO?

Anyone know if DCU is Chex sensistive (high number of inquiries on chex report)?



Message 9 of 55
Community Leader
Super Contributor

Re: DCU Free Checking - no hard credit pull & free EQ mortgage FICO?

Question for our OP:

 

When do you plan to buy a house?  A best guess is fine: three months from now, six months, 12 months, 24 months, etc.

Message 10 of 55