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

[Anonymous]

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@nash2vic wrote:

So I just called PNC and they offer this product only in states where they have no branches. Oh, well)

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That's disappointing. Sorry to hear that. 

[bizcredit11]

Just got turned down for the PNC business LOC.

Waiting for the letter at this point. 

My consumer Experian score for this PG account was 781 with less than 30% utilization. Not bad not great!

PNC pulled my Experian biz and Equifax biz which should have helped, but this is a PG business LOC soft pull.

No derogs/late payments anything like that. AAoA is 13.6 years. No HP's in 3 years/3 months.

Will share what the denial reason is when I receive it and move forward from there.

bizcredit11

[bourgogne]

very sorry about that.  pretty sure its the utilization that did you in .. of course we will never know for sure

[bizcredit11]

No worries. My gut feeling as well. Like Gretsky said, "You miss 100% of the shots you don't take." It's a SP!

Take that shot...everytime!

bizcredit11

P.S. Working towards my 800...lol!

[Anonymous]

Bummer about the denial, maybe when you get the reason you can recon? 

One issue I have is that I've yet to open a BIZ checking due to not wanting to open too many accounts in a year, but most FI's want you to have one. I've just been using a seperate personal account I've had for ages in the interim. 

I have to wait another year to be eligible for consideration by PNC anyways, so I have time.

[bizcredit11]

Just got off the phone with PNC regarding my denial...

We were unable to approve your application for the following reasons:

Type of business/industry

According to their letter it states that Health and Fitness/Physical Fitness Facilities have repayment histories that are less than desirable within PNC's scoring system. 

Been in business 11 years. Strong personal/business credit. I did ask about SBSS and whether it was pulled. It was. Of course they wouldn't say what it was. It was a strong number I am certain of that. Experian pulled on consumer/business.

Asked about 10 questions regarding the denial. Not much offered. I can re-apply in 6 months, but think I will steer elsewhere.

Hope the data helps,

bizcredit11

[bourgogne]

that is so strange, one of my business is porn production the other is weed production and I got approved for both locs.  these FIs are a wild bunch

[MansaMusa]

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@nash2vic wrote:

So I just called PNC and they offer this product only in states where they have no branches. Oh, well)

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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.

[bourgogne]

better terms are a byproduct of a totally different instrument.  selling different products into different markets is hardly anything new, they are testing new geographic areas.  it would be like being pissed that the us gets worst cars then the rest of the world, which we do.  as a side note I have had several friends get normal locs from them and it was a snap, no returns nothing out of the norm, just scores in the 800s.  my guess it that locs might be a tad harder to get for a while but things go in cycles, out of this mess we are in new products will come out of it and who knows maybe something even better than what pnc has

[MansaMusa]

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@bourgogne wrote:

better terms are a byproduct of a totally different instrument.  selling different products into different markets is hardly anything new, they are testing new geographic areas.  it would be like being pissed that the us gets worst cars then the rest of the world, which we do.  as a side note I have had several friends get normal locs from them and it was a snap, no returns nothing out of the norm, just scores in the 800s.  my guess it that locs might be a tad harder to get for a while but things go in cycles, out of this mess we are in new products will come out of it and who knows maybe something even better than what pnc has

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I understand and respect that perspective, but when one compares the two "products," there is not much of a difference. It's practically the same line of credit being offered with better terms to a different area. It's like getting the exact same car in Florida as in California, but in California it's called something different and is a few thousand dollars cheaper. I might app for it in the future, but I think I will pass for now.