topic Re: NFCU approved 25k.....but.... in Credit Cards

NFCU approved 25k.....but....

creditwatcher2012 — Mon, 16 Sep 2013 06:21:16 GMT

Are they going to request income verification? I'm self employed so I hope not!

Re: NFCU approved 25k.....but....

09Lexie — Mon, 16 Sep 2013 06:25:27 GMT

If you are a new member and ESP if you are self-employed probably.

Re: NFCU approved 25k.....but....

creditwatcher2012 — Mon, 16 Sep 2013 06:29:27 GMT

On the application I did not indicate self employed, I put employed and my biz name?

Re: NFCU approved 25k.....but....

creditwatcher2012 — Mon, 16 Sep 2013 06:30:45 GMT

I can prove it all with bank statements, and cancled checks, just I don't have YTD paystubs

Re: NFCU approved 25k.....but....

09Lexie — Mon, 16 Sep 2013 06:35:33 GMT

Since you don't have pay stubs, they will ask for tax returns. Your income matches, correct?

Re: NFCU approved 25k.....but....

creditwatcher2012 — Mon, 16 Sep 2013 06:38:14 GMT

What my "real" income is can be supported with bank statements, my 1099's and tax forms have a lot of deductions bringing my net income down.... If they were gonna request income verification don't you think they would be doing that prior to sending the cards out?

Re: NFCU approved 25k.....but....

09Lexie — Mon, 16 Sep 2013 06:46:18 GMT

The income disparity is the reason why self employment vs employed may come into play. Hopefully you will be fine but I would caution any future apps with NFCU until you can document your 'real' income.

If and when they ask, they can be just as quick to freeze accounts as they are generous with CL's.

Re: NFCU approved 25k.....but....

creditwatcher2012 — Mon, 16 Sep 2013 06:50:34 GMT

Okay, yea thanks for the information... I'm going to handle my account well, nothing crazy, manage the line well... They did ask for the income verification on the auto loan refi? Do you think me not following thru with the refi is going to be a "red flag" to them and there gonna ask for income verification?

Re: NFCU approved 25k.....but....

iwazl71 — Mon, 16 Sep 2013 06:55:22 GMT

You should be okay for now as long as you don't ask for cli or any new lines of credit. I was originally approved for 25k cc and was fine until I asked for a cli one month later. They asked me for income verification. I provided it and they obliged my cli request.

Re: NFCU approved 25k.....but....

09Lexie — Mon, 16 Sep 2013 07:01:10 GMT

Idk - they seem to change their policies. My concern is your account was just established and the high CL issued. Assuming, they won't want a second look at your membership-I would call tomorrow and ask regarding the refi -whether or not it resulted in an additional inquiry.
Hopefully, you'll be able to feel out what they are going to need.

Re: NFCU approved 25k.....but....

creditwatcher2012 — Mon, 16 Sep 2013 07:10:32 GMT

For the refi they want 2 YTD pay stubs, which I could send in canceled checks written to my business, but then they would know I'm self employed And bank statements, which I can fax in right now

Re: NFCU approved 25k.....but....

09Lexie — Mon, 16 Sep 2013 07:17:57 GMT

Bank statements are not going to be used to prove income. There's a reason why they want YTD stubs. Before you start facing anything and raising red flags by giving them something they didn't ask for-why not call and ask them what they may accept for income documentation.

Re: NFCU approved 25k.....but....

creditwatcher2012 — Mon, 16 Sep 2013 07:20:52 GMT

bank statements they do want, they also want the YTD paystubs(which I dont have). Should I just let it go and forget about the refi, they never asked me for income verification on the 25k cash rewards? thanks for the input lexi

Re: NFCU approved 25k.....but....

09Lexie — Mon, 16 Sep 2013 07:33:18 GMT

They ask for the bank statements for dti. From other posts it seems like future CLI or loan apps could trigger a req for docs

http://ficoforums.myfico.com/t5/Credit-Cards/NFCU-Check-Income-for-Over-15k-Limit/td-p/1268831

Re: NFCU approved 25k.....but....

creditwatcher2012 — Mon, 16 Sep 2013 08:02:04 GMT

Okay, would you say it's safe to say there not gonna ask for them, if I don't request a CLI or app?

Re: NFCU approved 25k.....but....

azguy13 — Mon, 16 Sep 2013 08:17:16 GMT

As a member of NFCU and speaking with them on a regular basis, I would say that they will ask for Income verification when applying for a refi or new auto loan. I am not sure of the repercussions if they find out you misled them on your credit app (self employed vs employed).

Re: NFCU approved 25k.....but....

Creditaddict — Mon, 16 Sep 2013 08:17:18 GMT

If the app was approved instantly? then it's a done deal.

If you see after applying in your like loan status... Approved... Verification or I forget Navy's language this late... but it will say it's approved condingent or something... that usually means income and they will not accept bank statements... they would accept taxes if you have been in business for over a year... they want to see income that you pay taxes on.

I would not suggest CLI above the $25k

Also most likely the 1 credit card usually gets through with no verification but any future apps will most likely get triggered for income verification so if you don't want to show or can't... don't push other apps.

Re: NFCU approved 25k.....but....

09Lexie — Mon, 16 Sep 2013 08:21:12 GMT

OP already apped for refi -that's when the income verification was triggered.

Re: NFCU approved 25k.....but....

Creditaddict — Mon, 16 Sep 2013 08:23:32 GMT

@09Lexie wrote:
OP already apped for refi -that's when the income verification was triggered.

I just saw this... I wouldn't worry about the credit card... I posted on the auto post just now too.

Re: NFCU approved 25k.....but....

09Lexie — Mon, 16 Sep 2013 08:24:06 GMT

@ Creditaddict

OP did the membership plus cc and auto loan was all apped for in the same day. Since the income is now questionable what's your opinion on them moving forward with the cc? Usually new memberships still go through security and review-which hasn't occurred yet.