Source
r/EIDL•
cue378

5/16 Minor EIDL News: If you were disqualified for low credit score, you may add a co-borrower to your application if they have a better score.

Great news for some folks. u/Chance-Patience. This would allow you to gain reconsideration without having to boost your own score. You can also have them repull your own credit if your score goes above the 570 threshold. The closest approximation to the score they are using is credit karma TransUnion (yes it's Experian but not available on credit karma).

Keep in mind this is "unofficial" news and policy. Your milage may vary, but multiple confirmed reports of this being done.

Posted May 17, 2020, 12:48 AM UTC

3148
TBL-DESIGNS•

Thanks cue! I appreciate all the support you have given all of us. It's probably to late to get my left kidney back I sold to pay all my credit cards down 3 weeks ago ...LOL Shocking how much your score tanks when you reach 100% utilization.

4
mmalone120•

Same here. Thankfully conversely when you then get it down to 1% utilization, it jumps up a crap-ton.

2
cue378OP•

What's your situation did you get reconsideration or what?

1
mmalone120•

Still another week until creditors update Experian with paid off balances. I'm waiting 'til then to recon.

Did just receive the official denial email few minutes ago. And earlier today did call tier 2. Got a cool guy who said he was typing up a long explanation to a loan officer. I made sure he included a point saying the credit report wouldn't update until later in the month.

Waiting this week is going to suck. Don't think there's any way around it though.

1
mmalone120•

How's it going Cue, wouldn't Nav.com offer the best score? Considering that uses Experian data?

2
cue378OP•

Could be. I just know the confirmed scores I'm looking at right from the sba are near exact matches to credit karma.

2
mmalone120•

Gotcha. The score a rep quoted me was the exact same score I saw on Nav.

Suppose they're all close enough.

2
cue378OP•

It's definitely not fico 8 that's for sure

2
NeoMatrix5•

Credit Karma gives VantageScore (only Equifax and Transunion) so that gives further credence to Nav.com Experian VantageScore being on point.

2
leoamartinez•

How can you add a Co-signer? What would be the process to do that? Because calling a tier 2 won’t help... :(

My brother signs anything for me, 760 credit score, and he is willing to sign.

2
cue378OP•

I would assume via the reconsideration process email or fax

0
leoamartinez•

Thanks!

1
Jo19n•

u/cue378

Question re low credit decline solution of adding a co-applicant or guarantor.

Based on app number 3300786xxx, my application will probably be reviewed this week.

While my credit was pulled towards the end of April, I checked this morning my credit on experian 530 and on nav vantage it’s 500.

I assume that based on score I will be declined and need to ask for reconsideration. So my questions are;

-any way I can be proactive and reach out to SBA to add the co-applicant?

-If I add a coapplicant who has an application pending for their own EIDL, will this in any way jeopardize the co-applicants own application?

-Does the co-applicant need to have any relation to the business?

Your insight and guidance is tremendously appreciated.

1
Machiekitten•

u/cue378 I’ll post to my FB group. I started one because of all the insane messiness and misinformation abounding across fb groups.

https://www.facebook.com/groups/2714514732161355/?ref=share

Thanks... I had been advising people recently to start paying down any high utilization if they have the resources before attempting any reconsideration.

2
cue378OP•

Good if you post here you are definitely not misinformed. So your group is "cue approved" for sure

3
Machiekitten•

I’ve never seen so many newly minted “experts” and armchair quarterbacks in my life as I’ve seen on the PPP/EIDL FB groups... blind leading the blind for sure.

1
cue378OP•

I don't even want to look. I don't claim to be an expert but at least what I post is usually informed by someone who's job it is to work on hundreds of these loans every day.

4
lrduncan3•

One things for sure, I don't know about anyone else but when it comes to the EIDL Cue is the truth. Secondly, all I know is connection is EVERYTHING! We all need help along the way. Cue thank you for being a blessing would have still been stuck if it wasn't for you. Reps were saying all kinds of thing when in reality my process was hindered beyond what they could see. Less than 2 hours after cue help I was on my way!

1
mizzl508•

Whats the name of the group?

Alot of these group have alot of ppl asking questions that they shouldve known. Piss me off actually, alot of them dont read either 🤦🏼‍♀️🤦🏼‍♀️🤦🏼‍♀️

1
RedditAcctUser11•

Hey all!! Ok so here is my scoop.....I was declined as my fico 8 qas 618, vantage 552. Spoke with my senior loan officer today. He has been VERY good and kind working with me. He follows up and has handled everything. This morning he called and after pulling my credit a 2nd time, stated he could not work with my score. However, I asked him about adding a co-applicant and he said yes absolutely. He emailed a similar application and I basically completed it with my information as well as the co-applicant. We both signed and dated it and I scanned and sent back.

I am HOPING this is simply an add and not me being thrown to the back of the pile. I highly doubt it as he has remained in close contact with me.

So I am assuming in order to request a co-applicant, you must get in touch with your designated loan officer and request the application to add the co. I believe they jjst update your application with the co borrower's information and let it fly from there.

I hope this helps!!! Good luck all!! My co-borrower's credit surpasses mine as well as their vantagescore so I should be good!! Fingers crossed!

2
kohaku2020•

I received my denial email yesterday. I called T2 and he said he didn't have access to my LO. How do you get the contact information of your loan officer?

2
RedditAcctUser11•

I would email the general mailbox and the reconsideration dept together a few times with your request and also call the 800# back and ask for tier 2 or above. They can make the request for a LO to call you. You may have spoken to a rep who just did not want to be bothered.

1
dannydevan•

Hi! I just DMed you! 🙏

2
RedditAcctUser11•

Got it 👍👍

1
dannydevan•

Hi I think I have the co applicant form, but mines asks for % ownership even though my father owns no % what did you do for your husband??

2
w7ndfa11•

is the disqualification due to credit before or after portal? i applied on 3/30-3/31 3600178, received grant/advance on 4/21 and received portal today. i have the experian credit monitoring but don't see a personal credit check. they might have only pulled business credit.

1
mmalone120•

Before for me. I heard denial from reps weeks ago.

Still no portal or official word though.

2
mizzl508•

Should i post this on FB? 😂 somebody will eventually post it

1
cue378OP•

Nah someone else probably will. Facebook is a messy world I don't venture there.

3
Casey3131•

What about the lien? Are they risking anything there as cosigner?

1
cue378OP•

Good question no idea

1
rblindeman•

Chances they run out of funds for 33016xxxxx?

1
cue378OP•

Little to none

3
rblindeman•

Hope you right about this one too!!!! Any guesses as when we may get portal?

1
cue378OP•

That would be a total shot in the dark.

1
rblindeman•

Thanks anyway. Waiting is killing me....and my business......

1
AdditionalLie2•

Hey cue, I’m new to Reddit but you’ve been amazing throughout this journey we’re all on!

I want to get your input on my situation, my COGS and revenue were wrong and loan offer reflects it in portal, offered $7k but with correct numbers it should be about $95k. I’ve sent multiple messages and emails as well as tier 2 phone calls but seem to be stuck. Should I accept $7k and hope the LO sees the hundreds of notes on my file lol?? Thanks in advance!

1
cue378OP•

Don't accept It. PM me

1
SwampFusion•

Do we know the turnaround time on if we want them to re pull our updated credit? Do we think this is a 4-6 week wait time or something that can be done relatively quick? I am 3300481xxx and haven't received any notice of any kind. One time a rep said that I was declined but couldn't tell me my score or if that was the reason. No one else has confirmed that in my other calls. My score did drop around the time my credit was pulled due to utilization so I'm not sure exactly what the score was at the time it was pulled. I have already gotten it back in the 675 range if that was in fact the issue.

1
qwerasdf18•

Hello, cue. First of all, I appreciate all the support you have given in here. I realize my application was decline 2 days ago when I log in my portal while I'm waiting my request to correct my revenue and COGS. I've sent multiple messages and leave notes through tier2 rep, but didn't get any response. Only one lady told me accept my offer and wait until LO reach out to me. Is it only the way to reach out to LO?

Anyway, I didn't get any denial mail so far. Today, I got some email about Multiple SBA Economic Injury Disaster Loan Applications. In these mail, my earliest application will continue to be processed. That mean, my application is still process? Today, I did a lot of phone call to 800-659-2955, but nobody answer my question. Please let me know what is best thing I can do right now. The only concern is my low credit. If the reason for decline is due to low credit, the best thing is appeal after increase my credit score?

1
cue378OP•

Accecpting an offer but still wanting to change COGS is risky because if you get too far in the process it can't be changed. What's your credit score on TransUnion credit karma?

2
qwerasdf18•

It was 597 before credit pull by sba, but decreased to 536 after that. I still didn't receive denial email or letter. When I call this morning, tier 2 rep said my applicantion was declined, but can't see the reason. Just wait until get email.

Also, I didn't get 10k grant because I didn't check advance on my first application. After that, I submitted another application for advance.

Do you think I still have change to got a loan? Also, how to get 10k grant in this situation. I will payoff my credit card debt to increase credit score when I get 10k grant. So, I need it asap, but there is no way to reach out LO despite I leave a note everyday.

Thank you so much

1
Chance-Patience•

Omg!!! Yes!!!! When can we do this and how???I am still waiting with desperation to hear anything!! I can easily add someone as a co signer!! Should I send that in another reconsideration email and fax?? Thank you soooo much! You rock! Still no official letter it email on denial

1
[deleted]•

[deleted]

1
ShalomHakeemOlajuwon•

New to this sub but quickly learned you are the loan whisper!

I keep seeing everyone talking about they received the advance quickly after their credit pull. That wasn't the case for me though.

Applied 4/1

33011xxxxx

Credit ran 4/22

Haven't heard a thing besides the programs update email everyone got on 4/14. Guess I'll try calling tomorrow.

1
RPat29•

u/cue378 Which credit report does SBA relies on? Personal and Business or just personal.

Also what agency they request report from? Anyone has experience with locked credit report and getting decline?

1
dannydevan•

Hi! Does anyone have a co-applicant actual application? I don’t have access to a portal or loan officer so I want to have one prefilled and sent with my reconsideration request!

1
dshern1•

What if you’ve been denied for loan and mistakenly forgot to accept the advancement? Can they fix it?

1
adham911•

Please Cue I need your help, I emailed my co-borrower application 3501 almost 3 weeks ago and still nothing, can you help me please 🙏

1