I just got my 1st prime preapproved offer. BY NFCU. What do i do.

[jgodfrey82]

You can be self employed without an LLC or any separate entity... do you deposit cash into a bank account? If you can show bank statements or tax retuns you should be ok if they request.

[Legions36]

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@jgodfrey82 wrote:
You can be self employed without an LLC or any separate entity... do you deposit cash into a bank account? If you can show bank statements or tax retuns you should be ok if they request.

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Yes i deposit cash and checks into my bank. Tax returns not at the moment because I just started making this good money this year. 

[jgodfrey82]

Do you deposit it at nfcu or another bank? If its NFCU they likely wont even ask. I have been self employed for almost 9 years, I dont pay myself through payroll, just transfer money to my personal account from my business and I have never been asked for docs for a CC. I do file income taxes with a schedule C for my LLC, so I do have tax returns, but the only time they were ever needed was my chase mortgage that I got in 2010.

[Legions36]

I also want u guys to know its not like i wasn't planning on starting a business so i can build credit that way as well seperate from my personal credit. Also to pay taxes. So if i need to get it started i could. 

All this is unexpected right now and i went from having bad credit to great credit this year.

[09Lexie]

Unfortunately, it's almost to say what UW will require. Usually, if they ask its tax returns and/or bank statements for S/E. All you can do is try and see what if anything they require.

[Legions36]

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@jgodfrey82 wrote:
Do you deposit it at nfcu or another bank? If its NFCU they likely wont even ask. I have been self employed for almost 9 years, I dont pay myself through payroll, just transfer money to my personal account from my business and I have never been asked for docs for a CC. I do file income taxes with a schedule C for my LLC, so I do have tax returns, but the only time they were ever needed was my chase mortgage that I got in 2010.

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Unfortunately no . I use my chase bank for deposits. 

[jgodfrey82]

Sorry Lexie is right, my probablies and likelies dont mean anything, im just giving you my experiences. I always encourage going for an app if its just a technicality you are worried about. Ive had great luck and hope you do too.

[Creditaddict]

if it's pre-approved and waiting for you... I would say it's 1% chance it won't instantly approve it with no questions asked.

stop over thinking these things peeps

you stress me out and I'm not the one concerned about getting it... Navy's pre-approvals I have never heard not being approved or getting held up for anything!!

[jgodfrey82]

You could always just offer the bank statements if they request docs. I also keep my income recorded in quick books, so I can generate reports for them as well. Even if its cash you take in, generate an invoice and payment record so you can run reports. Also in Florida, an LLC can be filed online and have an active IRS tax id number within the same day.. look into how your state works.

[Legions36]

Ok guys i think im going for it right now. I dont think i cant wait any longer. If u think this is wrong stop me now. I think i can wait 5 mins lol....