DCU, opinions?

[Revelate]

To add one thing I believe their HELOC is actually at prime rate... which is quite possibly the best in America frankly.

The fact that it underwrites (or did) at a 685 EQ FICO 5 for that rate is absurdly generous as you can't even get Prime + .25 from many even with an absolutely gold plated credit file; just because their credit card limit extensions don't rival NFCU, that doesn't tell the complete story when it comes to underwriting criteria and generousity.

[coldfusion]

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@iced wrote:

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@coldfusion wrote:

Direct deposits are credited to your account up to 2 days early, as soon as they get the ACH notification.

They also have a program similar to PenFed's where members they deem credit-worthy get preapproved offers for loans and/or a CC each quarter.

Their credit card offerings are mediocre and they're fairly conservative with CL.

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I suspect the pre-approved credit card limits are capped at $10,000, unless someone has been able to verify that someone's received a higher offer. It is a little strange if so, given their other loan products tend to have rather high pre-approved amounts ($50,000 is pretty common).

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I've never heard of anyone getting a preapproval for more than $10K on a CC either.

I do get $50K offers for auto/auto refinance/HELOC loans, motorcycle and RV loans are less.

[coldfusion]

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@Revelate wrote:

To add one thing I believe their HELOC is actually at prime rate... which is quite possibly the best in America frankly.

The fact that it underwrites (or did) at a 685 EQ FICO 5 for that rate is absurdly generous as you can't even get Prime + .25 from many even with an absolutely gold plated credit file; just because their credit card limit extensions don't rival NFCU, that doesn't tell the complete story when it comes to underwriting criteria and generousity.

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Their best rate is Prime - 0.25% with LTV of up to 80% of market value, right now 4.5%.

[Revelate]

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@coldfusion wrote:

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@Revelate wrote:

To add one thing I believe their HELOC is actually at prime rate... which is quite possibly the best in America frankly.

The fact that it underwrites (or did) at a 685 EQ FICO 5 for that rate is absurdly generous as you can't even get Prime + .25 from many even with an absolutely gold plated credit file; just because their credit card limit extensions don't rival NFCU, that doesn't tell the complete story when it comes to underwriting criteria and generousity.

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Their best rate is Prime - 0.25% with LTV of up to 80% of market value, right now 4.5%.

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Good call, I hadn't even looked what it was and just made a sloppy assumption.

12/01/2019

FLX CHG / OLD RATE=4.750 NEW RATE=4.500

FWIW I qualified for that a few years ago with a 693 EQ FICO 5.

[coldfusion]

They're kind of funny in that they can be very aggressive with some rates and fairly non-competitive with other loan types but yours isn't the first example I've seen of them being fairly tolerant of a dirty file. 

IME like very other CU I've ever been a member of they definitely have their quirks and shortcomings but overall I've found them to be pretty solid and I use them actively as a secondary service provider to the tune of ~$500/month. 

[Revelate]

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@coldfusion wrote:

They're kind of funny in that they can be very aggressive with some rates and fairly non-competitive with other loan types but yours isn't the first example I've seen of them being fairly tolerant of a dirty file. 

IME like very other CU I've ever been a member of they definitely have their quirks and shortcomings but overall I've found them to be pretty solid and I use them actively as a secondary service provider to the tune of ~$500/month. 

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DCU is solid for auto, HELOC, and HEL's when it comes down to it.  Basically, secured loans of all sorts.

Unsecured lending not so much compared to others in my experience.   DCU will also tell you their underwriting lines which I was always pleased about, but their best rates were all 680-685 back in the day (small variations based on product) which is absurdly good when you think about it.

DCU is a keeper in my book, not awesome for everything but frankly no financial institution is.

[Anonymous]

$10,000 was my pre-qualified SL too. I called them and asked for an increase but no dice. At an 11% APR, it's a really nice backup card to have.

In my experience, opening an account was an incredible hassle. In order to activate your online banking, they mail you a pin code. So far, I received 4 pieces of mail from them (including my debit card), but still no pin. It's common to wait ~1 hr for chat support, although I believe their phone support has a callback option.