Langley Federal Credit Union

[CreditCuriosity]

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@Anonymous wrote:
Credit unions care about DTI far more than big banks, this is not a surprise at all. Big banks want you to be deep in debt because that’s how they make their money. Credit unions are only as successful as their members so they have a more vested interest in keeping them above water.

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Very very broad statement imo as I have 80k in CC alone with NFCU(which is their max in unsecured CC they offer) and 27k CC with Penfed, etc.. It all depends on the CU.. Langley is VERY sensitive to DTI or indebtness.  PenFed wants higher incomes which I have and well NFCU don't really know what they look at, but DTI isnt a huge thing they look at.  All credit unions are just different and gotta do your reserach about them and as stated criteria for each CU changes over time and isn't static either just like banks.  I have a decent amount of assets which Langley didn't take into consideration where-as NFCU and PenFed and other big FI's might of?  We will never know everything about every lender and what they like was just pointing out this particular CU's kinks as they don't mind lower incomes as long as DTI is good being langley.

Edit: also have had a 70k Car loan through PenFed along with a 13k PL which has both been paid off now.  So clearly all CU's work a bit differently and PenFed is suppose to have gone conservative which in my case I have never had an issue of getting approved for anything.  So take it with a grain of salt CU's are DTI sensitive as more goes into equation that ones DTI.

[Anonymous]

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@Gonzozap wrote:

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@Anonymous wrote:
Credit unions care about DTI far more than big banks, this is not a surprise at all. Big banks want you to be deep in debt because that’s how they make their money. Credit unions are only as successful as their members so they have a more vested interest in keeping them above water.

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Oh, I totally agree and understand Saeren.  Not at all trying to say that CUs are never concerned about DTI.  CUs are completely different financial entities than banks. I just didn't buy it in my case - mainly because it did not add up.  Even if I were to max out all my cards, combined with all other debt, my DTI would only be 19%.  Being an ex-mortgage broker, I know that creditors will sometimes deny credit for a reason they want to keep to themselves.  In my case, I think it "may" be self-employment.

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Self employment seems to be a big sticking point with a lot of CUs so I would believe that. 

[Anonymous]

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@CreditCuriosity wrote:

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@Anonymous wrote:
Credit unions care about DTI far more than big banks, this is not a surprise at all. Big banks want you to be deep in debt because that’s how they make their money. Credit unions are only as successful as their members so they have a more vested interest in keeping them above water.

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Very very broad statement imo as I have 80k in CC alone with NFCU(which is their max in unsecured CC they offer) and 27k CC with Penfed, etc.. It all depends on the CU.. Langley is VERY sensitive to DTI or indebtness.  PenFed wants higher incomes which I have and well NFCU don't really know what they look at, but DTI isnt a huge thing they look at.  All credit unions are just different and gotta do your reserach about them and as stated criteria for each CU changes over time and isn't static either just like banks.  I have a decent amount of assets which Langley didn't take into consideration where-as NFCU and PenFed and other big FI's might of?  We will never know everything about every lender and what they like was just pointing out this particular CU's kinks as they don't mind lower incomes as long as DTI is good being langley.

Edit: also have had a 70k Car loan through PenFed along with a 13k PL which has both been paid off now.  So clearly all CU's work a bit differently and PenFed is suppose to have gone conservative which in my case I have never had an issue of getting approved for anything.  So take it with a grain of salt CU's are DTI sensitive as more goes into equation that ones DTI.

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We can’t make blanket statements about any FIs but DTI issues tend to be far more common with CUs than with banks when it comes to denial reasons. That was my point about it not being surprising. 

[Gonzozap]

I didn't take Saeren's statement as a blanket statement.  Unless we are on the udw team at the lending institution, we can never know for certain what their criteria may be.

On this forum, all we can do is speak in generalities.  Nothing is 100%.  Still, generalities can be helpful.

Even in mortgage approval, rarely is the "criteria" 100 %.  Though the guidelines state the minimum credit score is 620, an underwriter can override an automated denial if the applicant has substantial assets, higher income, low debt, etc.

[creditfan]

sorry to bring up the old thread

I have questions regarding card funding when you open the account. I see you can fund with card up to $1k, did anyone able to fund with Amex, visa, master card?

thanks

[AverageJoesCredit]

Lol, never be sorry to bring up an old thread if it can help you out. Im sorry i cant help though. I cant recall how i funded my account . Maybe @Mahraja can help out here

[Mahraja]

Joe did everything with them OTP.. verification etc than  afterwards just do the ACH from a existing checking account *by adding Langley account number with that bank and that is it .. with them a new membership i suggest do it on the phone...

[coldfusion]

lol I suspect the question was posed because someone got a new CC and is looking to use a technique we don't discuss here to meet the SUB 

[creditfan]

I have other ways to meet it, but what if I have more way to meet it faster. why not

I'm here for DP

it's nothing funny to laugh about

[radicaL]

I figure I'd bring this old thread back to life as well. Since I was experiencing the same issues with PenFed, I decided to switch and give Langley a try as well. Very happy with there Customer Service. Super nice people. I opened an account and then applied for the Select Visa and was approved for 5K!!! I couldnt even get PenFed to budge on any of there products. Oh well, So long PenFed!