BECU - Soft or hard for membership? Update: approved PLOC.

[Anonymous]

Do you know at what point they HP? Are you able to see that "pre-approval" before they HP your credit? 

I want to move to BECU but I require a PLOC that is large enough to cover my rent and my monthly credit card bill. The idea is that no matter what happens, my bills get paid, even if I am asleep at the switch when something goes wrong. At least for a month. I keep my emergency savings in a savings account elsewhere, and I can move to cover the PLOC if say my payroll didn't go through then my rent check and credit card autopayed. My PLOC has me covered, and I can avoid a lot of interest by then moving savings in to pay it--and in ordinary months where nothing goes wrong my savings earn higher interest.

So I don't want to go get a HP and find out they approved me for a smaller amount that wouldn't actually accomplish that purpose. In that case I'll stick with my current bank, where I have a $9000 PLOC that is more than adequate, until such time as BECU would give me the full amount.

I have been thinking that I should actually go into the branch and apply in person to explain what I want and find out whether it's going to happen, rather than rolling the dice with the online thing. But if the online thing tells you what you'll get before you take the HP then I'll save myself a trip to their branch by doing that.

[Anonymous]

The pre approval popped up while I was in the process of applying for membership and before I submitted anything, so it was based on a soft pull. And, so far, I still have no hard pull from them.

[Anonymous]

Followup post. It's been two weeks since this approval, and no hard pull showed up. They did soft pull both TU and EX at time of application, and soft pulled TU again on 10.28. Wow. No hard pull, didn't ask for income, didn't ask for housing cost, other than eSigning the loan agreement, no documents involved, and the whole process was completed in about a day. Almost seems too good to be true! I keep expecting to log in to my account to find that the line of credit has vanished like it did with NASA. 

[Anonymous]

Awesome!  Congratulations!(I had to edit because my post didn't show up at first.)

[Anonymous]

@Captool

Are you self-employed?

I ask because so many people on here say they got a PLOC from XYZ credit union without income verification (they almost never state on their posts if they're self-employed or not), and they still work for  "The MAN". As any long term business owner will  attest to, banks/credit unions don't like as much as safe W2 employees. Even if we have the same credit score and income different standards (harder) are applied to business owners usually like verifying income.

A post should be started with a list of credit unions/lenders where self-employed people can get PLOC lines without income verification.

Thanks

[Anonymous]

I am self employed, full time for over 26 years. Not only did they not ask for income verification, they didn't even ask for income amount.

[Anonymous]

Congrats Captool! Sounds like a great deal. (I keep thinking mine will go poof too.) 

[Anonymous]

@Captool
Since your TU is basically flawless (800+ score) and the lady told you with "Strong" credit profiles they don't ask for stuff. I would imagine us less unicorn-ish TU scorers that are self-employed would have to at the minimum list our income and probably verify it as well.

I would have good, not great 700+ score on TU with two baddies or zero baddies if I waited until June-2016 if I applied.

Thanks for the info.

[Anonymous]

BECU approved my PLOC with a 745 Experian score. Though they pulled TU and I don't know my TU score but my best guess is around 730 (last I checked it was 725 when EX was 736).

They asked for proof of my SSN, I went to as branch and showed it to them. They asked my income but performed no verification of it.

I applied for a $12k PLOC, they countered $10k and I accepted.

APR isn't great, 10.25%, that is what I will work on improving over time. As a backstop for my checking account to make sure my bills always get paid $10k is enough.

[Anonymous]

Were yours soft pulls or hard pulls?