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Denver Community Credit Union Credit Card Reviews
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John Brolic @johnbrolic
2 Star Rating
If you're thinking about getting their secured credit card... STOP! They do NOT report to all three major credit bureaus!!! The irony here is that their card touts as a credit building product to the community.
When asked why they didn't report to all three bureaus, I was told, "there is no mandate that requires them to."
I feel duped. Although, had I confirmed at the time, I'm sure they would have been entirely transparent about only reporting to two bureaus. My credit literacy was not where it could or should have been. I know much better now.
Let's take mortgage lenders, for instance. We know that some of them (if not most) will take an aggregate score of all three bureaus to better land at a comprehensive view of your creditworthiness. On the other end, it is also true that some might look at all three but still have a strong preference for one over the other. The same can be true for other financial industries, whether that's personal loans, auto loans, business loans, and yes, applying for revolving credit loans/credit cards, etc. The reality is, there are far too many scenarios that can easily depend on how any one (or all) of the major bureaus views your creditworthiness. Handpicking which ones count and which don't is short of malpractice of their secured credit card that's put in front of the community as a credit building product/service.
The nightmare gets even worse. I still have a secured credit card with a 2K limit (equaling the card's deposit). Some time later, after meeting their requirements for the deposit being returned, i was denied. And now short of two year later, my score has improved another 150+ points placing me comfortably in the “Excellent” credit range. I know I would qualify to have the deposit released now. Yet I don't even want to ask because it will be another inquiry on my report, which will undoubtedly hurt my score. I'd rather them keep the 2K at this point, which I've just had to come to terms with. I can cancel the card and take my money, but that also hurts my credit because closing accounts ultimately reduces the avg. lifetime of your credit relationships. So, I'm stuck in a pickle, and can't feel more terrible about having decided to use their product.
Product: Denver Community Credit Union Credit Cards
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