No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
@babson wrote:
Well I received a phone call from Discover at 6pm CST asking for me to call them - again, the application status says approved online, so I will call them in the morning to determine what they say. Hopefully it's not some insane APR or I will decline - if in fact approved.
Called in this morning and was approved for a 30k loan for a term of 7 years at 9% APR. No type of origination fees or any penalties for paying off loan early. 30k is to be deposited in my bank account within 2 business days. Beyond the conufsion from the system indicating approved out of the gate, then going back to call us, it was painless experience. I did submit a picture of a pay stub, but honestly I also indicated to them that they could check my Discover bank account for the bi-weekly electronic deposits.
Here are some data points to help anyone out. My income is 120k per year. Relationship with Discover is about 2 years - Discover IT and bank accounts (checking/savings). Originally they were trying to push 11% APR, but when I was about to balk they transferred me to a senior analyst. He offered the 9% since I was having payments automatically withdrawn from my Discover bank account.
CONGRATULATIONS babson!!! Thanks so very much for sharing such a detailed account of your adventure through this process. I had always been curious at what all was involved,and how the process worked with the Discover personal loan. Thnaks again - I'm sure many folks found this interesting and educational.
@Anonymous wrote:CONGRATULATIONS babson!!! Thanks so very much for sharing such a detailed account of your adventure through this process. I had always been curious at what all was involved,and how the process worked with the Discover personal loan. Thnaks again - I'm sure many folks found this interesting and educational.
Thank you sir. I hope the data points will be useful for someone going forward.
babson, Congratulations on the approval and awesome terms!
Thank you so much for sharing your experience.
What kind of documentation did they ask for
Very interesting! Thanks!
Hello all.
Please if the OP can shed some light on this. Do they always require POI? 'Cause I do not have that and I am planning to apply mid-late next month, when I expect to see some major bump up in my scores (clean record plus planning to add at least 1 or 2 AUs).
I registered my non-profit last January (it's a charity/foundation...very beginning stages). We were able to raise $120,000 (we do this through investments), but I focused all the resources on setting things up, and even now, it is still too early to be thinking about paying myself a salary.
The best I can do is to set up payroll and print out the paystubs to show lenders that ask (please don't judge!). Paystubs showing that I started receiving a salary in December 2016. However, I do not want to have to do this. I understand that this will further complicate things, as that means I will have to send in money to the IRS (however that works, will have to find out), and make sure I file taxes next year....basically I don't want to focus on tax and accounting and tax-related issues yet until we've reached our next financial milestone (before the end of the year). Then I can start making arrangements for a salary (taxes, accouting, etc.).
I want to do all my borrowing strictly based on my score and profile. No running around for paper work, especially if my score will be in the high-600s to mid-700s by then (God willing).
I really want advice, please if sb can help out. This forum has been amazing! I can't even....I just started builiding in January (NOT re-building, mind you) and myfico has been my #1 resource.
I want to apply for a Discover loan , because they were the first credit card I opened-$500 unsecured- and I think I will have a great chance for a $25-30k loan. I am pretty sure at least 2 of the 3 bureaus report it as my oldest line.
Any thoughts and advice will be helpful.
Btw, my signature is not 100% accurate. Updated!
ETA:- Actually registered my non-profit in January 2016, not January 2017.