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alexthegreat

DCU DENIED my CC application

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Oh Well.  I have been with DCU for a few years.  Have a FICO of 650 but a 2013 BK and some lates from 3 years ago plus a collection chargeoff from 1.5 years ago.  Was hoping because of my use in deposits and savings plus having used their $1k quick loan successfully that I'd have a shot.  Called rep and said because of past lates and collection.  HE said if they could have offered lowered they would.  

 

I am sending a reconsideration to the loan officer and see if it helps to get it.  Funny, Discover just gave me a $4K credit card 3 weeks ago. 

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27 minutes ago, alexthegreat said:

Discover just gave me a $4K credit card 3 weeks ago. 

Congrats!!!

 

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Is there a reason you want a DCU CC?  No rewards to speak of, and to get a CLI is a pain.   

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My experience with DCU has been very strong; we have a mortgage + HELOC with them, and have paid off a 60-mo auto loan.  (Only moment of remiss was when it seemed that they would never stop coming back for more docs to support the mortgage app.)

 

That said, the credit card is a dog and I've never been inclined to app.  I suggest putting this behind you and never looking back.  There are stronger candidates with whom to rebuild.

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I did do an auto loan with them, very easy.  I did a pre-approval for an auto loan recently with them, but even at their lowest rate, the dealer beat the rate.

 

I did get the CC about the same time as Discover, in about 2014.   The DCU CC is at $5,000, and it was a HP for the CLI I got.  I have tried several times for a CLI, but they seem to "lose" my application for one.  My Discover is at $25,000 through auto increased and SP Increases. 

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DCU hates recent (any just about any) negative items on your credit report. I applied for a secured card with them and was denied. Certainly, my report had multiple charged-off accounts reporting from 3 years ago, and I also had a car loan from 2016 with DCU that was paid in full and closed, but they didn't care. The negative items outweighed any other factor. But I am fine, because my Discover secured graduated a few months later from $700 to a $2k credit line.

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On 2/1/2019 at 2:18 PM, Glacier said:

I did do an auto loan with them, very easy.  I did a pre-approval for an auto loan recently with them, but even at their lowest rate, the dealer beat the rate.

 

I did get the CC about the same time as Discover, in about 2014.   The DCU CC is at $5,000, and it was a HP for the CLI I got.  I have tried several times for a CLI, but they seem to "lose" my application for one.  My Discover is at $25,000 through auto increased and SP Increases. 

 

Based upon my experience, I'd guess dealer financing would come out ahead with middle-of-the road FICO's.  But with 720+, or 760+ FICO in particular, DCU likely will beat the dealer by at least .5%.

 

Keep in mind that this is a apples-to-apples comparison.  If the best dealer rate involves forgoing a cash rebate, all cards are off the table (you'll still likely be best off with the DCU rate and dealer rebate combo).

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I recently noticed that DCU's "as low as" rate is now 4.24%.  

 

USSFCU's is still 1.99%, but make sure you allow at least 18 months for someone to get back to you if you choose to inquire.

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14 hours ago, hdporter said:

 

Based upon my experience, I'd guess dealer financing would come out ahead with middle-of-the road FICO's.  But with 720+, or 760+ FICO in particular, DCU likely will beat the dealer by at least .5%.

 

Keep in mind that this is a apples-to-apples comparison.  If the best dealer rate involves forgoing a cash rebate, all cards are off the table (you'll still likely be best off with the DCU rate and dealer rebate combo).

I would concur.  I was offered DCU lowest rate at the time of 2.49%, negotiated price of car, told dealer I had DCU, Dealer came back with 1.9%, which was MFG Financing Rate, and kept all rebates. 

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