So again, DTI is a huge factor for them. They won't even count my employed job from last year even after emailing them all my w2s. I'm just salty even more now cause I paid off my balance transfers EARLY.
I am still going to keep my savings with them. Maybe after a few more months they'll give it to me after I go back to regular work.
So my questions is this - for those of you who were denied, what did you do with the salt? Did you apply for another bank and give them money with one of their credit cards? Is there a decent card with a good sign up bonus that has good spend for medical insurance or doctor's visits? That's why I wanted the 3% cause all my other cards cover everything else!
I also took out my every last cent (around 5k that I had with them - didn't want to put more in their 2.5% low rate (cause I bank with others WAY better rates and ATM accessibility to deposit CASH) from their Kasasa account. The people there are super nice, it's just their underwriting makes no sense (to me) 😂 They don't deserve my money then.
26k in UI benefits and NONE of it counts.
I wish there were another unicorn.
*sigh*
Rant over.
When you say UI benefits, do you mean unemployment? If so, is this your only source of income?
@Slabenstein wrote:When you say UI benefits, do you mean unemployment? If so, is this your only source of income?
I also only asked for 5k as well.... While BECU gave me 11k SL.
Yes UI is unemployment. I saved at least 90% of it through wise savings. So them not even considering it is ludicrous to me.
As for employment, no it's not. It was the majority of my income for just 2020.
They're still giving me UI benefits in 2021. I'm only working less because they'll take that money away if I earn more than $25 dollars a week doing say, Door Dash.
If I made over that they'll take it off my benefits and I'd basically be working for free.
Other wise, I easily be able to make $700-800 a week. Before all this started, I also worked in school teaching and made a decent income.
So It LOOKS bad but in reality, my income is solid.
Hopefully in a couple of months I can try again. I really feel like just apping for another card to pay medical insurance just to make a point. 😌
@MoneyBurns wrote:
@Slabenstein wrote:When you say UI benefits, do you mean unemployment? If so, is this your only source of income?
I also only asked for 5k as well.... While BECU gave me 11k SL.
Yes UI is unemployment. I saved at least 90% of it through wise savings. So them not even considering it is ludicrous to me.
As for employment, no it's not. It was the majority of my income for just 2020.
They're still giving me UI benefits in 2021. I'm only working less because they'll take that money away if I earn more than $25 dollars a week doing say, Door Dash.
If I made over that they'll take it off my benefits and I'd basically be working for free.
Other wise, I easily be able to make $700-800 a week. Before all this started, I also worked in school teaching and made a decent income.
So It LOOKS bad but in reality, my income is solid.
Hopefully in a couple of months I can try again. I really feel like just apping for another card to pay medical insurance just to make a point. 😌
Am I correct in understanding your current situation is the following: 1) you have $700-$800 coming in per week, some of it from unemployment and some of it from at least one other source, 2) if this number increases to $825 or greater, then you will lose your unemployment, and 3) you have been employed at the second source of your weekly income for a year or less? If unemployment is part of your current income, I think you would be hard pressed to find a lender that would accept that part as income for underwriting. Smaller CUs like AOD may also want to see 2 years of continuous employment in your current field before they will underwrite on that income.
@Slabenstein wrote:
@MoneyBurns wrote:
@Slabenstein wrote:When you say UI benefits, do you mean unemployment? If so, is this your only source of income?
I also only asked for 5k as well.... While BECU gave me 11k SL.
Yes UI is unemployment. I saved at least 90% of it through wise savings. So them not even considering it is ludicrous to me.
As for employment, no it's not. It was the majority of my income for just 2020.
They're still giving me UI benefits in 2021. I'm only working less because they'll take that money away if I earn more than $25 dollars a week doing say, Door Dash.
If I made over that they'll take it off my benefits and I'd basically be working for free.
Other wise, I easily be able to make $700-800 a week. Before all this started, I also worked in school teaching and made a decent income.
So It LOOKS bad but in reality, my income is solid.
Hopefully in a couple of months I can try again. I really feel like just apping for another card to pay medical insurance just to make a point. 😌
Am I correct in understanding your current situation is the following: 1) you have $700-$800 coming in per week, some of it from unemployment and some of it from at least one other source, 2) if this number increases to $825 or greater, then you will lose your unemployment, and 3) you have been employed at the second source of your weekly income for a year or less? If unemployment is part of your current income, I think you would be hard pressed to find a lender that would accept that part as income for underwriting. Smaller CUs like AOD may also want to see 2 years of continuous employment in your current field before they will underwrite on that income.
No that's not it.
I've worked in substitute teaching for 9 years already, so that was my source of income. Otherwise, my UI benefits would not have been high.
The pay rate here $175 a day (6 hours so that's good) and since my city is huge I got work every single day these 9 years and it was a good amount of money.
When the pandemic started we couldn't teach in the classrooms anymore, so I applied for UI benefits. So UI works like this IF I MADE MONEY while receiving benefits -
Benefit amount (from prior wages calculation) + $300 federal pandemic assistance (if they stop UI I'll just go back to working DD)
IF I made more than $100 a week from Dashing (it's always busy here) then the amount is taken out -25% for THAT WEEK.
So let's say you get $500 for illustrative UI purposes - if you made say, $400 DoorDash, then you take that amount -25% and subtract that out of UI.
$500 - $300 = $200 UI benefits for that week.
Now add what you work + UI benefits the amounts would be -
$400 (DoorDash) + $200 (UI) = $600 total gross income.
Now think about the time needed to make that amount.
You only gain $100 more for your $400 time worked because that would have been given to you in UI benefits.
I can easily Dash right now and make $150 to $200 a day down here if not teaching, but I'm not working for free or for basically 25% more income if it makes sense?
I totally get why AOD wouldn't give me the card; don't get me wrong. Its just SoFi was so much easier (even if it's just 2%). Its totally understandable that it isn't sustainable income.
Even BECU didn't have to prove all this paper work, and I got 11k right off the bat! They're a credit union but they didn't treat my assets like it didn't count. (Again, I get it, I'm just frustrated).
I'm gonna go sit on the couch and watch Discovery+ channel to cool off. Maybe watch how Whoopers candies are made... And if I want some chocolate, at least i get 4% back at Wal-Mart. AOD can't give me that! 😋😋😋😋😋😋😋