Western Federal Credit Union PLOC

[Slim1Der]

Last September, I applied for a Signature Line of Credit in the amount of $25,000 based on a MyFico member previously being approved for the same amount. I was denied for the reason of having too many recently opened revolving lines of credit within the last 6 months. 

I contacted the rep that I was speaking with before on Thursday and asked if it would be a good time to try again. She said yes so I app'd again and was approved for the full amount. She requested my most recent pay stub and when I sent it to her, she said that since 25% or more of my income was from commission, I would have to provide a W2 from 2014 and my tax returns from 2013 and 2014 FULL SCHEDULES. I sent those over and she said she would send them to her underwriters for review. I havent heard back yet so I am curious, could they approve me then deny me if things dont check out? I listed my income at $150,000 because I'm currently tracking that much. Last years W2's (2014) showed I made $165k but the year before (2013)shows $90k. 

Thoughts?

[tufa4311]

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Slim1Der wrote: She requested my most recent pay stub and when I sent it to her, she said that since 25% or more of my income was from commission, I would have to provide a W2 from 2014 and my tax returns from 2013 and 2014 FULL SCHEDULES. I sent those over and she said she would send them to her underwriters for review.

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Based on this it doesn't sound like you were approved, perhaps a preliminary approval based on income verification, but not an outright approval. If you're approved, your approved. Here she is requesting additional verification so, no, you are not approved yet, the underwriters have not reviewed your income verification yet, and they can still deny you or lower your credit line amount, or raise it for that matter, it is still in the works. "Preliminary Approvals" are just code for you're close but not in yet. You know all those garbage credit card advert's you get in the mail - all those are "preliminary approvals" - you still need to apply, they will still do a hard pull, and you can still be denied.

[Slim1Der]

Thanks for your input! The timeline went like this, I DID apply and for $25,000 and she emailed back saying that I was approved! But I understand where you are coming from. I'm assuming that once she ran my credit, my score and profile was approved, but like you said, pending income verification.

I guess I'll find out tomorrow.