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Tentative Approval/Decline

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Valued Member

Tentative Approval/Decline

Lord help me and my pitiful soul ya'll. I app'd and was tentatively approved for credit card with Georgia's Own credit Union. They requested proof of income. I am an independent contractor. They requested my last two years tax returns. I file joint with my spouse. They then denied me stating that my income was insufficient in relation to my debt. They said they will not consider spousal income if he isn't on the application. Initially I accepted defeat but then decided to go at it a different route. I waited 90 dys credit score climed a bit and I reapplied using income I earned this year. I took on additional work with a company that pays me weekly earlier this year, so that income is not on last years taxes. This company writes me a check weekly(I am still a freelancer) I used that income only on the new app and sent in copies of my checks and my bank statements showing deposits. They replied that they DO NOT accept copies of bank statements and checks as proof of income and thus they referred back to the tax returns from prev. app for income and declined for same reason insufficient income. Is there something else I can provide or should I just give up on this one?
10/17 453-TU, 511-EQ, 544-EX
01/18 560-TU, 574-EQ, 542-EX
04/18 629-TU, 650-EQ, 617-EX 1st goal 600's across the board *goal met 04/1/18
next goal 680's across the board*goal met 09/08/18
10/03/18 718-TU, 727-EQ, 715-EX next goal 750's
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Senior Contributor

Re: Tentative Approval/Decline

Did both of those applications result in a hard pull inquiry? If so (and possibly regardless), i'd reach out to the bank and ask them what other ways can you provide POI. If no other options, i'd probably abandon their card and go with a different product - one that offers a prequal.

FICO 8 (Feb 2018):EX- 519, TU- 530, EQ- 545
FICO 8 (Mar 2020):EX- 689, TU- 665, EQ- 670
What's in my wallet:



On the chopping block:

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Moderator

Re: Tentative Approval/Decline

Unfortunately, some institutions can only accept tax return information. So copies of bank statements or payroll stubs in most cases will not suffice.

As mentioned above, you can try reaching out to them to determine whether other alternatives for POI are acceptable, but if they won't budge then not the end of the world. Try a different CU or lender.
Message 3 of 4
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Senior Contributor

Re: Tentative Approval/Decline


@FinStar wrote:
Unfortunately, some institutions can only accept tax return information. So copies of bank statements or payroll stubs in most cases will not suffice.

As mentioned above, you can try reaching out to them to determine whether other alternatives for POI are acceptable, but if they won't budge then not the end of the world. Try a different CU or lender.

+1

8-2019 / Fico 8 EX 8013 , EQ 8016 , TR 810
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