I just got $66K loc on a softpull w no docs. really

[bizcredit11]

@bourgogne

Looks like you figured out a way to make it work best for you! Congrats!

Good customer service is hard to find/let alone experience.

bizcredit11

[bourgogne]

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@bizcredit11 wrote:

@bourgogne

Looks like you figured out a way to make it work best for you! Congrats!

Good customer service is hard to find/let alone experience.

bizcredit11

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thank you.  not quite necessity is the mother of invention...a $ 50 transfer is a lot better than $1K.  it looks like I will be able to transfer from their portal to an external checking but that is still @ $1K.  they are insanely great to deal with, if all goes to plan I am going to shift most of my banking to them I think.  they are creative and professional.  did you apply or did you end up with something else?

[bizcredit11]

@bourgogne

I was close to finishing the app, but I never completed it. 

I wanted my business credit pulled too. PNC said just personal. 

I know you say otherwise. I hope you're right. I may complete it later, but I'm letting it simmer for the time being.

Glad to hear your faring well with it so far. Keep me posted. Thanks!

bizcredit11

[bourgogne]

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@bizcredit11 wrote:

@bourgogne

I was close to finishing the app, but I never completed it. 

I wanted my business credit pulled too. PNC said just personal. 

I know you say otherwise. I hope you're right. I may complete it later, but I'm letting it simmer for the time being.

Glad to hear your faring well with it so far. Keep me posted. Thanks!

bizcredit11

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got it.  up until this past week when nfcu and dcu both pulled my eq my files have been clean since last year.  I know pnc soft pulled me because they called me and said to unfreeze my eq. I think it was the day after that call when I got an alert from nav that someone did an hp on my biz ex which I am certain was them.  the last page of the app had a bunch of legal jargon about pulling credit and them verifying info and at that point I was frothing at the mouth I was so excited about the app that I did not read or take a snap of it.   I thought not having personal pulled was a pipe dream but they did not pull it. 

I never wait when something like this comes around, for all we know if the program does not fly they could fold up shop but they seem pretty serious about keeping it going.  they want to expand to the west. you could use the virtual wallet like i did, its no big deal - $ 500 bal or being old make its free otherwise its $ 7/month.  still half of a biz checking account.  you must have proof that you own 100% of your company, that much is for sure.  have a fresh ein or they will want a return.  the bank statement is a requirement but there does not have to be anything in there.  scores have to be decent, over 750 I would think.  based on some friends doing it the higher the score the easier it is.  if you like to deal with pros its a no-brainer.  there are not going to nickle and dime a person for info like a cu will.  I leaned a lot this past week dealing with nfcu and dcu.  I tried to get a cloc with nfcu and they could not even tell me why I only got $ 500.  they said to reapply that it could have been a glitch.  dcu should tell everyone that is self employed that they will want 2 years of returns BEFORE they hp. that the returns are mandatory.  still not done dealing with them but I will want that hp changed to a sp if they do not give me a card.  anyway, really glad to put all this behind me

[bizcredit11]

@bourgogne

Lot of great information bourgogne. Thanks for sharing.

Did you notice if they double soft pulled you on Equifax? I can see that on my personal Experian not sure about Equifax though. Also, not sure but I believe this is how the bank/lender PG's the account. Behalf used the double sp.

Don't blame you a bit for not waiting! Did you happen to speak to any underwriters over at PNC?

bizcredit11

[bourgogne]

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@bizcredit11 wrote:

@bourgogne

Lot of great information bourgogne. Thanks for sharing.

Did you notice if they double soft pulled you on Equifax? I can see that on my personal Experian not sure about Equifax though. Also, not sure but I believe this is how the bank/lender PG's the account. Behalf used the double sp.

Don't blame you a bit for not waiting! Did you happen to speak to any underwriters over at PNC?

bizcredit11

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hey, here to help!  mostly lol...all I know is they asked me to unlock EQ, no clue if they did 0, 1, 2 or 10 sp's and I don't care because they don't mean anything to me.  not even curious, the result is all I care about.  never talked with anybody except csr's.  below is the original note they emailed me and that they keep emailing me ha-ha, I am not in an opt out sort of mood, I dont like rocking the boat. 

so re the below,  each of the 5 cells needs to have a file attached or it cannot be uploaded.  I gave them my may statement from chase which is a sweep account but actually had a bal that day but it does not matter, is for linkage and to see you have a biz account.  I told them what I do in a few lines and gave them a copy of my cdl.  I removed the freeze and sent them my eq report.  I sent them a copy of my mobile bill with an additional line listed and I sent them an ein dated the same day as the upload and no returns.  they want to verify ownership, they dont need a return to do that.  based on the verification dialog I was presented they dug deep, public records, business records, the works.  not sure if they sub it out to an agency but they asked me about old old stuff that I barely remembered.  the rest as they say is history

• MAY Bank Statements
• Please provide an explanation of the nature of the business, with online verification if possible
• Please remove Equifax credit freeze.
• Please provide an alternative phone number.
• Please provide either the 2018 full business tax return or the 2017 full business tax return with the 2018 extension.

[Uncle_Money]

Hey guys,

First, I'd like to thank bourgogne for this recommendation! It's 100% on the money!

I saw this post just last night and decided to check it out and apply. The webpage states it won't affect your credit score so it was a no-brainer. I also have to say it was the easiest business application I ever experienced. Quick and non invasive. I did, however, had to upload one bank statement, which I don't consider to be a big deal, especially if I'm applying for a credit line.

Anyway, I checked the status this morning and they requested an explanation on the nature of my business. I submitted a short letter with the explanation and shortly thereafter I received a call with an approval for a $53,000 LOC! It's hard to believe it was so simple but it really was. The rate is not at all terrible either at 10.99%. We all know the cost for alternative business lending so this is low compared to some. Let's face it, as business owners, we also know that there's a premium to pay when borrowing money. That's just the way it is.

Just wanted to share my experience with this offer. I told the rep who called me that I would help spread the word on this great offer so I hope it helps!

Uncle Money

[bourgogne]

see, once in a while I do come up with decent stuff!  lol .. thrilled it worked out for you, not sure if you are a pnc customer but I am blown away of how great a bank this is.  outstanding out of this world customer service, they are without peer imo.  not sure if you are in their footprint but it does not matter, the easy way to access the loc is via the virtual wallet.  aside from getting approved anyone geographically can get the product.  the loc is NOT linked with the VW, its secondary spend protection.  a transfer to a external account is $1K, an overdraft pull is $50.  both work flawlessly from bill pay or an atm.  I have fully tested it, it works as it should.  only neg is the $2.5k mobile deposit.  this is where nfcu burns the pack, they have a $10k max.  I am doing deposits @nfcu and then doing a overnight transfer to pnc.  it works.  pnc will not refresh the credit line for 1-2 days on the portal but it does update in real time.  the last csr I talked with said its a soft pull for a cli, I am like no way, that is all I need!  put a fork in me, I am done

[jgodfrey82]

Thanks for the update, I've still had the tab open deciding when to apply. Maybe this week will be it.

[bourgogne]

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@jgodfrey82 wrote:
Thanks for the update, I've still had the tab open deciding when to apply. Maybe this week will be it.

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I covered most of the basics I think.  be prepared to prove ownership.  you dont need taxes to prove this, your sos or ein fresh off the press will do this.  they want to see a second phone #, I have the 55+ @ tmo so I sent them the bill.  face page of your biz checking account, you dont need to show a bal.  have eq unfrozen.  have a good score.  have a doc that describes the nature of your biz + inc the face of your dl# or passport.  once you do it online call and have the csr update the app with your middle init if you use one and your biz name.  once you get approved set up an online account, they will pin you over the phone with verification.  the second you are online apply for the virtual wallet.  no need to spend the $ for biz checking imo.  it will take 2-3 days to approve the vw and another 2-3 days for it to get built out in the portal.  I believe in giving it all up front to make it flow better but that is me.  after you pull the pin report back, let see how you did.  best of luck