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

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bizcredit11
Frequent Contributor

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

@bourgogne 

 

lol...and You used what exactly for your SIC codes?

Message 91 of 125
WayneSki
Regular Contributor

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


@MansaMusa wrote:

I'm in GA and TN and my app was not accepted for the product either. I feel slighted as a PNC customer that they are offering better terms to customer's outside of their branch states. If we want to apply for the same LOC we have to submit to a cavity search (extensive business and tax documentation, not just bank statements), use a PNC bank account, and pay $175 a year. If I didn't have myFICO I wouldn't even know how much I'm being stiffed. It's almost like finding out the guy in the next cubicle is being paid double for doing the exact same job (and that's why it's against company policy to discuss pay). I'm glad you guys get to take advantage of this product. I would jump on it if I had the opportunity.

I'm a PNC customer and I didn't have to provide any financials. The $175 annual fee doesn't make sense,because it doesn't apply to everyone.  But I dont made because I use their money to make money.

Message 92 of 125
startover909
Valued Member

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

Just a data point for those of you who have already had this product:

 

Around 3/10/2020 I made a relatively large withdraw from my line of credit to my business checking account, which amounts to about 80% of my CL.

 

One day later, I transferred that money out of the checking account.

 

About a week later, PNC attempted a debit against my checking account for the full amount, which was declined by my bank (NSF) and resulted in a NSF fee. 

 

No warning, no explanation. Everything looks normal in PNC's online banking side, still showing the remaining availble credit of the LOC.

 

Just FYI. These are special times folks.

 

 

Message 93 of 125
bourgogne
Valued Contributor

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


@startover909 wrote:

Just a data point for those of you who have already had this product:

 

Around 3/10/2020 I made a relatively large withdraw from my line of credit to my business checking account, which amounts to about 80% of my CL.

 

One day later, I transferred that money out of the checking account.

 

About a week later, PNC attempted a debit against my checking account for the full amount, which was declined by my bank (NSF) and resulted in a NSF fee. 

 

No warning, no explanation. Everything looks normal in PNC's online banking side, still showing the remaining availble credit of the LOC.

 

Just FYI. These are special times folks.

 

 


I am not sure this has anything to do with these 'times'  did you call them and ask them w-t-f?  I had the below dialog appear out of the blue when I drilled into the loc a few days ago.  I called and asked w-t-f.  after some research the csr came back and said that a min payment was part of the agreement when I signed up, that is the min does not show up they will pull from chase.  she also said that I can remove it but she suggested that I leave it in place, which I did.  your situation is very serious imo and I am interested in the response from them so please contact them and post back.  thank you

 

pnc auto.PNG

 

Message 94 of 125
startover909
Valued Member

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


@bourgogne wrote:


I am not sure this has anything to do with these 'times'  did you call them and ask them w-t-f?  I had the below dialog appear out of the blue when I drilled into the loc a few days ago.  I called and asked w-t-f.  after some research the csr came back and said that a min payment was part of the agreement when I signed up, that is the min does not show up they will pull from chase.  she also said that I can remove it but she suggested that I leave it in place, which I did.  your situation is very serious imo and I am interested in the response from them so please contact them and post back.  thank you

 

pnc auto.PNG

 


 

I will. I just don't want to poke something before I gather more information. It took me 2 days just to get a response from Chase. Phone support hold times are also brutal. I put it on speaker for more than 2 hours the other day before giving up and sent them an online message instead.

 

My understanding is that this LOC did have the "auto ACH minimum" disclosure from the very start. I wasn't aware that you can have it removed.

 

Now supposely we have to leave it in place, with these type of auto-draft arrangements, I don't believe banks are allowed to just attempt withdraws for repayment at any time, right? Can credit card companies do this?

Message 95 of 125
bourgogne
Valued Contributor

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


@startover909 wrote:

@bourgogne wrote:


I am not sure this has anything to do with these 'times'  did you call them and ask them w-t-f?  I had the below dialog appear out of the blue when I drilled into the loc a few days ago.  I called and asked w-t-f.  after some research the csr came back and said that a min payment was part of the agreement when I signed up, that is the min does not show up they will pull from chase.  she also said that I can remove it but she suggested that I leave it in place, which I did.  your situation is very serious imo and I am interested in the response from them so please contact them and post back.  thank you

 

pnc auto.PNG

 


 

I will. I just don't want to poke something before I gather more information. It took me 2 days just to get a response from Chase. Phone support hold times are also brutal. I put it on speaker for more than 2 hours the other day before giving up and sent them an online message instead.

 

My understanding is that this LOC did have the "auto ACH minimum" disclosure from the very start. I wasn't aware that you can have it removed.

 

Now supposely we have to leave it in place, with these type of auto-draft arrangements, I don't believe banks are allowed to just attempt withdraws for repayment at any time, right? Can credit card companies do this?


Thank you.  I called 877-287-2654 and a csr picked right up.  she was very nice and chipper.  first she went off line came back and said I put it in place.  I am like, huh?!  I said for what amount, she went off line again, came back and said the min, that its part of the T&A.  my understanding is no, they cannot, which is why this is so unnerving to me/us.  I 100% count on this loc being in place and functioning as normal.  when i went to 50% sometime last year I called them and asked just how far I could take it and the csr said all the way, that hitting 90%+ is not problem.  I don't see the issue in you calling, this is very important imo.  if there has been a change then I want to know about it

Message 96 of 125
MansaMusa
New Contributor

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

For those that were approved for this LOC, how much did you ask for, and were you granted that amount or did PNC counter?
Message 97 of 125
startover909
Valued Member

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

Anyone asked for APR reduction/waiver under COVID-19?

Message 98 of 125
bourgogne
Valued Contributor

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


@startover909 wrote:

Anyone asked for APR reduction/waiver under COVID-19?


do a refresh, do you have the pnc out of foot-print loc?  I think only a handful on this board have have it.  that said the last individual that got locked I heard of here was in the 3-4% range I believe.  I am at 4.99.  honestly the last thing I would do about now unless it was a supreme hardship is to contact a FI about anything.  this is not my first rodeo, I did this in 2008, my rule is to pay off everything even the 0% BBC I cherish and fly under the radar.  just my .02

 

EDIT, now i remember, you are the old that pnc did the forced payback on, what ever became of that?

Message 99 of 125
bizcredit11
Frequent Contributor

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

Just to update... this PNC LOC is an Experian soft pull as well as Experian biz pull. It is a PG.

 

Not sure I can get around my listed SIC/NAICS codes, but I am going to re-apply after 6 months which is anytime...

 

Utilization will be under 10% with plenty of business credit. It's definitely worth a shot.

 

bizcredit11

Message 100 of 125
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