I have been working really hard the last 8 or 9 months to knock out my debt by refinancing my house and car, balance transfers, etc and I am at the point where my highest interest debt is a personal loan w/ Upstart (balance $18,549 @ 10.5%). As part of my auto refinance journey, I applied/joined DCU, Penfed and NFCU (ended up getting 3.75% for 72 months @ my local credit union though!). I am still waiting for everything to properly report.. right now my credit report shows both the old and new auto loans even though I got the payoff letter from State Farm Bank and my mortgage shows paid off, but the new one hasn't reported yet. I am currently still within that window where DCU for example will use the original hard pull from the auto app to see if I can get approved for any of their other products. I actually just got approved for their Platinum Visa @ 10% today! It was only a $5000 limit due to my high DTI (largely caused by my old mortgage payment being over half of my monthly income!).. they actually said that normally I would have been declined, but they made an exception due to my high credit score (EQ5 Mortgage Score is 762 as of that pull).
My question is what is does anyone know what the max DTI that these 3 credit unions will approve a personal loan for? What kind of percentage can I expect? Should I just bite the bullet and wait until everything properly reports and take another hard hit later to apply? (I believe that due to my high mortgage and auto payments, my DTI was shown as like 78% at the time that I applied). What kind of odds do I have that if I call DCU back that they might look the other way on the DTI again like they did with the credit card app due to my 762 score?
Thanks in advance for the advice! I am happy to provide whatever account info is necessary to help answer these questions if necessary.
IMHO I suggest waiting. Patience really is a virtue. A CU allowing DTI a little over 50% because of high scores is a world of a difference from DTI being 78%. I believe you would be instantly denied. Since it's not paramount to do it now, take advantage of the time to allow everything to report.
If you really need a loan then try LendingClub or Prosper - I'm sure you will have no issue getting approved.
LendingClub is offering me a 4th loan at 10% APR verses PenFed's offer at 14%.
LendingClub has a loan oringination fee and PenFed does not have a LO fee.
Maybe the below will help you... compare your profile to mine... I'm just trying to help you out some:
I have been receiving a pre-approved Penfed Personal Loan check for the last 6 months.
I'm always approved up to $25k with several repayment terms (12 - 60 months).
My entire credit profile UTL is roughly 12%.
I’m carrying $6k (promo balance) on Discover and $7k (promo balance) on GO.
Per all the above creditor’s my FICO Scores run between 738-780. As of 11/11/19 my mortgage
credit score was 720 (refinancing my mortgage with Provident Funding).
Again, I'm just trying to help you by sharing my currently situation, so that you might be able to get an idea of what they're looking for in credit criteria. I also recommend calling anyone of these instituations with all your questions.