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A quick backstory, I obtained the grants for 2 LLC and 1 as a personal contractor based on being involved with several things. Telecom business was denied for credit history but I made it to the next step as a personal contractor. I got an email this morning requesting I unlock my Experian again and provide some income verification. The loan officer was awesome and I happen to wake up early today. Approved within 15 mins after taking inquiry and sending fiance information. I am happy that this process only took 2 Inquires but in theory, the SBA would have given me more. I was the first person that I heard of that had to take an inquiry to get to the closing documents.
The trucking company is still pending.
Telecom/Smart Home was denied
Personal approved as of 5/28 but I got portal access last Thursday.
A nice 30 year loan to get back into the groove of things.
Congrats on the approval.!!!
I myself got one for my LLC and small advance/grant was deposited without any contact.
Took a while waiting and waiting.
Yesterday I was emailed from LO to unfreeze my credit, which I did and was approved for the loan.
took an instant 3 point hit for close to 6 figures at 3.75% is a nice trade off.
Now lets see if our businesses can continue on.
I am very optimistic
@Anonymous wrote:Congrats on the approval.!!!
I myself got one for my LLC and small advance/grant was deposited without any contact.
Took a while waiting and waiting.
Yesterday I was emailed from LO to unfreeze my credit, which I did and was approved for the loan.
took an instant 3 point hit for close to 6 figures at 3.75% is a nice trade off.
Now lets see if our businesses can continue on.
I am very optimistic
I am so encouraged now; it seems like it has been forever, without any word. To clarify @Anonymous and @Anonymous are you saying they pulled your credit once or TWICE?
It is all over the place. some once, some twice, some never (although may not be looking at correct place)
They pull personal experian score.
My personal experience is that they never tried until that LO tried.
But it was only once for me.
@Anonymous wrote:It is all over the place. some once, some twice, some never (although may not be looking at correct place)
They pull personal experian score.
My personal experience is that they never tried until that LO tried.
But it was only once for me.
Initially, I was under the impression that it was NOT credit based or if it was, it was your business credit. I see now that they pulled my personal EX on Easter Sunday, 4/12, (mine was unlocked for my DS2's apartment), and I RE-locked it , not sure 🤔 about a second pull, so will see if LO requests a SECOND HP, and advise.
What happened to me was the following:
Applied for two businesses and that I am 50/50 in(Also applied as a contractor). I got hit with the first inquiry and locked my Experian ASAP. I blocked the other 2 but still got the grants. Fast forward about 2 - 3 weeks and I got a denial for one business for credit history based on the loan amount potentially being 6 figures is me assuming. A day or two later I was sent portal access and approved as a personal contractor. I accepted the amount and noticed I had an inquiry blocked again. A day later my loan officer sent an email asking for me to unlock my report and again I am assuming because so much time had passed. I saw the inquiry come through and about 15 mins later got the approval email.
The LO responded so quickly that I wanted to ask about getting another inquiry but decided not to poke at them lol. I will walk away with the 2. It could have been much worse.
If I had left my profile unlocked, I would have received 4-5 Inquires!!! Yikes lol
@Anonymous wrote:What happened to me was the following:
Applied for two businesses and that I am 50/50 in(Also applied as a contractor). I got hit with the first inquiry and locked my Experian ASAP. I blocked the other 2 but still got the grants. Fast forward about 2 - 3 weeks and I got a denial for one business for credit history based on the loan amount potentially being 6 figures is me assuming. A day or two later I was sent portal access and approved as a personal contractor. I accepted the amount and noticed I had an inquiry blocked again. A day later my loan officer sent an email asking for me to unlock my report and again I am assuming because so much time had passed. I saw the inquiry come through and about 15 mins later got the approval email.
The LO responded so quickly that I wanted to ask about getting another inquiry but decided not to poke at them lol. I will walk away with the 2. It could have been much worse.
If I had left my profile unlocked, I would have received 4-5 Inquires!!! Yikes lol
Thank you so much @Anonymous, it seems like I have been waiting FOREVER...since EDIT--- April 1st. I did NOT get the grant (they said I did not check a box, I do not believe that, but can't prove it), so I have called and called, at least 3 times a week, if not more. I was shocked that pulled my credit, and I had basically figured I was denied a long time ago, since there was 0 communication, so I hope there won't be a second pull, only to be denied in the end, especially since I didn't get the grant 😡 ! I appreciate you laying out the timeline for me, I accepted in the portal.
EDIT---multiple reports in various online forums that there was a SBA glitch and some did not (and will not receive advance/grant $) , despite checking the grant box.
Q: also, did you have to submit additional documents to the loan officer or the HP alone was enough to get approval and your final docs for signature?
EDIT-- read in BIZ forum that with short app, add''l docs, may not be required, fingers crossed.
No problem. I did forget to add that financial information was requested. I submitted my 1099 from a business and a P&L to be safe after confirming my report was unlocked.