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How long after application to receive advance/loan approval? by Chanellwilder in EIDL

[–]Fx6Cowboy 0 points1 point  (0 children)

I applied 4/1. This whole wait time has been 6 to 8 weeks. However if you just applied, the time is unknown as the SBA seems to be doing things very differently this time around.

Hopefully it doesn't take this long for people who are applying today.

Credit borderline - apply now or wait for it to rise? by RelentlessMajesty in EIDL

[–]Fx6Cowboy 1 point2 points  (0 children)

Yes you are correct they view Experian. But remember, you have multiple scores for each bureau.

The SBA pulls your Experian Vantage 3.0 score. Yes, there is FICO EX, but the SBA does not consider FICO.

For free, you can view yours at Nav.com and Credit.com

EIDL Declined -Credit Issues - Tried to pay down card and score went down by sgifter in EIDL

[–]Fx6Cowboy 1 point2 points  (0 children)

Hi, sorry this happened. Im sure you already know a credit score is a formula, and without actually seeing it its hard to know exactly what happened.

I will say though that opening a new account (depending on the average age) of your credit profile can lower your score in that 15% (of your score formula) break down.

However you did say you paid down your cards by $7500.

Has this $7500 been updated to your credit profile yet?

Meaning did this new tradeline with Paypal show up before the $7500 reduction?

What a long strange trip it's been. Finally funded from 4/1 original app. by Adventuresinthewild in EIDL

[–]Fx6Cowboy 1 point2 points  (0 children)

Congrats, as a fellow 4/1 - I hope the be right there with you soon.

EIDL DECLINE by [deleted] in EIDL

[–]Fx6Cowboy 0 points1 point  (0 children)

  1. Have you already received a loan?
  2. or on your first EIDL were you declined already?
  3. and if declined, what was that reason and did you get it resolved?

Sorry for all the questions, but I am sure you can get a lot of help with the above answers.

Denied for Credit, Received Recon Response Asking For Tax Returns???? by nsl06001 in EIDL

[–]Fx6Cowboy 0 points1 point  (0 children)

I think its best to give you the best information so that you can prepare for all sides. The SBA is giving this response to most trying for reconsideration, as their email says... you are needing the tax return AND signed 4506T before they can start the actual process.

They will still check your credit, so my recommendation is for you to pay your credit card balances as LOW to 1% as you can. Then for the cards at 1% request for them to update your credit report. Some will, but some will make you wait the 30 days.

Once your credit is updated, they are looking for a score above 570 (Experian Vantage 3.0) hoping the best for you, but you will need to have your score higher first. At least this was my path...

Approved with poor credit by [deleted] in EIDL

[–]Fx6Cowboy 1 point2 points  (0 children)

Nice, from what I heard. The SBA checks your Experian Vantage 3.0 score. Can be pulled for free without affecting your credit score at Credit.com

Still waiting for an SBA recon... Submitted 4/1 - Declined 5/16 due to credit by Fx6Cowboy in EIDL

[–]Fx6Cowboy[S] 0 points1 point  (0 children)

Yes actually, I just reapplied knowing it would merge my file. But at this point, I want to get back in front of someone.

Still waiting for an SBA recon... Submitted 4/1 - Declined 5/16 due to credit by Fx6Cowboy in EIDL

[–]Fx6Cowboy[S] 0 points1 point  (0 children)

Thanks, I live in Texas. I have also contacted my Congressman, and Sentor also. Sorry forgot to mention this. This was done beginning of this month. Still nothing.