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Best lenders for me? Self-employed


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Best lenders for me? Self-employed

 

First, thank you to everyone who contributes to this board. It has really helped me over the years.

 

I currently have about 40k at penfed that I need to move.

 

I need to decrease overall utilization and interest rates on my balances and would like suggestions on who else I should apply with for new cards aside from NFCU (currently only have checking and savings with them…. when I joined my credit was BAD.

 

In the last 30 days, I have paid off a substantial amount of my revolving debt and an installment loan to increase my fico’s (and help DTI) for this app spree. Now I am at Overall revolving utilization of 70%, none over 89%

 

I have worked for the same company for over a decade but for tax purposes I am self-employed and get a 1099 and a “statutory employee w2”.

 

FICO’s

EX 713 myfico

EQ 725 myfico (613 in March ’13, 641 in November ’13)

TU 699 walmart, 675 myfico

 

Overall revolving utilization of 70%, none over 89%

Total Accounts 33

Open 13

Revolving 6 out of 11 showing a balance; 2 more are paid off but waiting for cycle date (small balances)

Average Age 9 years

Longest age 16 years

Youngest acct 2.5 years

 

I considered getting CLI’s first, but hesitate due to a large amount of creditors who request documentation of income and then do not like self-employed. Also, income is a little lowed than when I got current lines.

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personally I've had less than stellar experience with CUs being SE.

 

my income is likely considerably higher than many others, yet others have reported getting large lines opened with no income docs, while I've been asked to submit multiple years of tax returns and subjected to immense scrutiny pretty much everywhere.

 

Logix pretty much refused to deal with me and came up with a BS reason to decline my app after giving out 15k CLs like candy to anyone with a pulse.

 

PenFed requested tax returns, but did pretty good overall.

 

DCU didn't request any docs and OCCU didn't ask employment type.

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Why aside from NFCU? They have been very generous to me. Even though I'm only partially self-employed, they have given me a lot of credit with only mediocre credit and a meager income, all without requesting documentation on my income. I don't know what I'd do without them.

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You might consider Lending Club.

 

Some pros: The app process is very fast. They soft pull TU only. No inquiries show at any point, even after the loan is issued. Takes a couple months for it to show as an installment on TU and EX. Shows on EQ in 6 months (YMMV). You can see how much they will lend, and the interest rate before you go forward. 2nd time borrowers get lower rates and larger amounts. Might be good to get foot in the door.

 

Some cons: The amount they lend is typically tied to stated income. I am guessing around 25% of stated income. Assume you will have to do a 4506T for 2 years of tax returns. There are upfront lending fees.

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