Share secured loan at DCU- no credit inquiry (at least for existing member)

[Anonymous]

Hi,

Just thought I would pass this along. I called DCU- already have a checking, savings, and auto loan with them. I was just going to move 200 over from my savings to fund it.

She reiterated a few times that they don't do a credit check at all for it. I'll be approved because I'm providing the collateral, too. She said no inquiry will show, but, of course, it will report as a new account on my credit file.

Nice to know! From my experience thus far, DCU is pretty pull happy, so I figured they would squeeze one more out of me (took a hit for membership, for the auto loan, and for the checking). They can go pretty long and can start with as little as 200- figured I would pay it down to 60% for utilization (right now my installments are at 100%) and then let it ride for payment history and AAoA builder (in time, of course)

Not related, but a nice touch- I do get my direct deposit about 24 hours earlier with them, too.

Happy rebuilding, all! 

[Anonymous]

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@Anonymous wrote:

Hi,

Just thought I would pass this along. I called DCU- already have a checking, savings, and auto loan with them. I was just going to move 200 over from my savings to fund it.

She reiterated a few times that they don't do a credit check at all for it. I'll be approved because I'm providing the collateral, too. She said no inquiry will show, but, of course, it will report as a new account on my credit file.

Nice to know! From my experience thus far, DCU is pretty pull happy, so I figured they would squeeze one more out of me (took a hit for membership, for the auto loan, and for the checking). They can go pretty long and can start with as little as 200- figured I would pay it down to 60% for utilization (right now my installments are at 100%) and then let it ride for payment history and AAoA builder (in time, of course)

Not related, but a nice touch- I do get my direct deposit about 24 hours earlier with them, too.

Happy rebuilding, all! 

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If you already have an auto loan, don't both with a share secured loan. You only get FICO score juice for one installment loan. Unlike credit cards, adding more does not help.

[Anonymous]

Thanks- I know. This is planning ahead. I'm putting 1200 a month against the auto loan and it will be paid off in about 8 months. I just want it to start aging. These can be stretched out to ten years.

By hit I just meant inquiry. I only have 5 eq inquiries and don't plan on applying for any credit in the next two years. I'll have a nice seasoned profile with my little installment when I'm ready to apply for a new auto loan in 2018.

[Anonymous]

Sounds like you're good to go then.