We numerically investigate the dynamics of Vertical-Cavity Surface-Emitting Lasers (VCSELs) described by the current-dependent gain model and subjected to current in the form of amplitude modulation (AM) and frequency modulation (FM). Since VCSELs have two polarization modes (PMs), the competition between them offers more complex dynamical behaviors. It is found that when operating close to the threshold current, the laser converts the AM and FM currents into a series of pulse packages (PPs) that are globally irregular and modulated either in amplitude or frequency. In the particular case of FM current, both modulations occur in a unique signal. Besides, chaotic light is recovered even at low frequencies (few MHz) where it is not usually expected when sinusoidal current modulation is used. But, if the AM and the FM currents evolve over the threshold value, the laser does not alter the form of the current. Therefore, those currents are linearly converted into light signals.