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Does PenFed always ask for stubs?

Valued Contributor

Does PenFed always ask for stubs?

I am just getting back to work ('self-employed') after taking care of Dad last two years. Assuming I can make at least $50 given I made a lot more prior, but no 'stubs' since I am not on payroll or returns for 06 07.

What are the odds they ask for stubs, I don't want to waste an inq...
MyFico Scores (TU/Exp/Efx):

11/02/08 696 / 695/ 737- 5/4/08: 667 / 703 / 668 - 11/07 Low 500s All (Fako)
Message 1 of 9
8 REPLIES
Valued Contributor

Re: Does PenFed always ask for stubs?

Oh gosh...newly self employed...based on my recent experience, I would seriously reconsider applying with them.
 
I applied with a 740 EQ, NO baddies AT ALL and self-employed. I literally thought I was going to go postal on them towards the end. My company is incorporated and I HAVE been doing this for nearly 2 years. There should not have been anything fishy, but they treated me like a convict, I swear.
 
It took them a week to approve me for a whopping $1,000 CL. I had to fax over business bank statements, a personal bank statement (one account with 15-20k in assets) tax returns, P&L for the business, and more and all I got was 1000 bucks. It was a nightmare. I would call and ask for Loan department, but they  NEVER put me through. The closest I could get was a CS supervisor, who would tell me that the documention I was sending should be just fine. Yet, after I send in the fax with the required information, I would have a new message on the website requesting more or something else. Of course, they always updated the site on their way out of the door and then I'd have to wait until the next day.
 
 
 
Message 2 of 9
New Member

Re: Does PenFed always ask for stubs?

I am a student with relatively low income at the moment. I make $1,000 from job, and put in $1,000/month income from ebay selling/side business. 676/726/737 Fako from CreditSecure at time of application. My highest limit at time of application was $4,000 from a recent Amex. I asked for $8,000 and was instantly approved, as well as for a $13,000 car loan from the same inquiry.
Message 3 of 9
Valued Contributor

Re: Does PenFed always ask for stubs?



cjoconn22 wrote:
I am a student with relatively low income at the moment. I make $1,000 from job, and put in $1,000/month income from ebay selling/side business. 676/726/737 Fako from CreditSecure at time of application. My highest limit at time of application was $4,000 from a recent Amex. I asked for $8,000 and was instantly approved, as well as for a $13,000 car loan from the same inquiry.

Did you put down that your income was from an employer, or that you were self-employed. They have issue with the self-employed, the supervisor mentioned it was always an "issue" with loans.
Message 4 of 9
New Member

Re: Does PenFed always ask for stubs?

I believe i put $1,000/month as hourly labor, $1,000/month as "Other" or "Self Employed", cant recall precisely.
Message 5 of 9
Valued Contributor

Re: Does PenFed always ask for stubs?

I wonder if that was enough to make a difference.  Honestly, I was very excited to apply with them and really disappointed that the experience was so bad. I wish it had gone way different because I am still pretty bitter about it. But after a week of talking to all different people and getting the same types of response, I'm not convinced they'd be too kind to someone who has no verifiable income for 2 years and has just started working again as selfl-employed.  I'd hate to see the inquiry get wasted.
Message 6 of 9
Frequent Contributor

Re: Does PenFed always ask for stubs?

they did not ask for mine
God is keeping score....be good to others.
Message 7 of 9
Regular Contributor

Re: Does PenFed always ask for stubs?

Never say you are self employed on any credit application. For employer put your companies name and for position, president or whatever you like.
Message 8 of 9
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Valued Contributor

Re: Does PenFed always ask for stubs?



Carsalesmn wrote:
Never say you are self employed on any credit application. For employer put your companies name and for position, president or whatever you like.

I think you are right.  I would not be lying either, because this is how it is on my incorporation documents. Darn it! Lesson learned!
Message 9 of 9