Prove Income for Credit Card if Self-Employed
Author: rmecseki
Posted: Sat Oct 08, 2005 1:23 pm
Post subject: Prove Income for Credit Card if Self-Employed
I just became self-employed this year. I have never filed my tax return as a self-employed before. What usually happens if someone claims that he is self -employed on a CC application form. Would a CC company call me up for sure to verify my income! What is the appropriate way to prove income to a CC company if you are self employed?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Sat Oct 08, 2005 5:43 pm
Post subject: Prove Income for Credit Card if Self-Employed
If you're called for verification, just answer the questions you're asked. Sometimes, in recent years, you'll be asked for "pay stubs, W2s, and tax returns" for verification. Basically, just give the bank whatever it asks for if you want the card badly, or tell it to withdraw your application if the requirements are too annoying for you...or if you lied. Bad idea to fake your tax returns to "prove" the income you claimed, by the way; you can get into serious trouble with that method, although odds are you'd get away with it.
Author: rmecseki
Posted: Sat Oct 08, 2005 7:30 pm
Post subject: Prove Income for Credit Card if Self-Employed
I am self-employed since January 2005, so I can give pay stubs, a W2 and a tax return only for 2004. But since this information does not predict my future income I do not think they would ask for it. The earliest date is May 2006 when I will be able to show them a tax return. But I would like to apply for cards now and not in April. I want to see a hard inquiry on my credit report only if I get approved for the CC. So I want to apply for a CC only if I can find a way of proving my income, because I think it is pretty sure they would call me.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: astounding
Posted: Sat Oct 08, 2005 8:14 pm
Post subject: Prove Income for Credit Card if Self-Employed
I've been in your situation a few years back.
I can't exactly remember what happened, but here's to what I
remember.
If you've been self-emplyeed for less than 1 year, majority of
banks will not approve of a card as they're concerned about the business
going bankrupt as it has no long-term and reliable track record.
I know. Even though your business is impossible to go bankrupt, to their
eyes, it is!
However, I still gotta credit card (even though I never had one) while
I was about 3 months into self-emplyment.
How?
The tradational way. Go from applicator to applicator.
Get rejected. So what. Go onto the next one UNTIL someone
approves you.
One thing for sure. They'll give you a low limit credit card. Perhaps
in the $1500 range.
Believe it or not, you will get approved by ingoring the rejection and
going onto the next one.
Author: CreditCardGuru
Posted: Sun Oct 09, 2005 7:49 am
Post subject: Prove Income for Credit Card if Self-Employed
It's easy to fake W2 forms with payroll software, but bad idea, most banks can easily find out and will deny you.
Another thing, I doubt they will ask, what I did when I was self employed for a bit, I just filled out EMPLOYED, and if you are self employed, just stay the hay away from Citibank, they want WAY too much info....almost yer life story, LOL.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: rmecseki
Posted: Sun Oct 09, 2005 10:21 am
Post subject: Prove Income for Credit Card if Self-Employed
That is exactly what I did! I filled out EMPLOYED but the first CC company I applied for AMEX called up the employer so I got denied. I thought I might have better luck with SELF-EMPLOYED. But I guess I was wrong! Thanks for the help!!!!
Any other CC companies to stay away from besides Citibank and Amex?
Posted: Sat Oct 08, 2005 1:23 pm
Post subject: Prove Income for Credit Card if Self-Employed
I just became self-employed this year. I have never filed my tax return as a self-employed before. What usually happens if someone claims that he is self -employed on a CC application form. Would a CC company call me up for sure to verify my income! What is the appropriate way to prove income to a CC company if you are self employed?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Sat Oct 08, 2005 5:43 pm
Post subject: Prove Income for Credit Card if Self-Employed
If you're called for verification, just answer the questions you're asked. Sometimes, in recent years, you'll be asked for "pay stubs, W2s, and tax returns" for verification. Basically, just give the bank whatever it asks for if you want the card badly, or tell it to withdraw your application if the requirements are too annoying for you...or if you lied. Bad idea to fake your tax returns to "prove" the income you claimed, by the way; you can get into serious trouble with that method, although odds are you'd get away with it.
Author: rmecseki
Posted: Sat Oct 08, 2005 7:30 pm
Post subject: Prove Income for Credit Card if Self-Employed
I am self-employed since January 2005, so I can give pay stubs, a W2 and a tax return only for 2004. But since this information does not predict my future income I do not think they would ask for it. The earliest date is May 2006 when I will be able to show them a tax return. But I would like to apply for cards now and not in April. I want to see a hard inquiry on my credit report only if I get approved for the CC. So I want to apply for a CC only if I can find a way of proving my income, because I think it is pretty sure they would call me.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: astounding
Posted: Sat Oct 08, 2005 8:14 pm
Post subject: Prove Income for Credit Card if Self-Employed
I've been in your situation a few years back.
I can't exactly remember what happened, but here's to what I
remember.
If you've been self-emplyeed for less than 1 year, majority of
banks will not approve of a card as they're concerned about the business
going bankrupt as it has no long-term and reliable track record.
I know. Even though your business is impossible to go bankrupt, to their
eyes, it is!
However, I still gotta credit card (even though I never had one) while
I was about 3 months into self-emplyment.
How?
The tradational way. Go from applicator to applicator.
Get rejected. So what. Go onto the next one UNTIL someone
approves you.
One thing for sure. They'll give you a low limit credit card. Perhaps
in the $1500 range.
Believe it or not, you will get approved by ingoring the rejection and
going onto the next one.
Author: CreditCardGuru
Posted: Sun Oct 09, 2005 7:49 am
Post subject: Prove Income for Credit Card if Self-Employed
It's easy to fake W2 forms with payroll software, but bad idea, most banks can easily find out and will deny you.
Another thing, I doubt they will ask, what I did when I was self employed for a bit, I just filled out EMPLOYED, and if you are self employed, just stay the hay away from Citibank, they want WAY too much info....almost yer life story, LOL.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: rmecseki
Posted: Sun Oct 09, 2005 10:21 am
Post subject: Prove Income for Credit Card if Self-Employed
That is exactly what I did! I filled out EMPLOYED but the first CC company I applied for AMEX called up the employer so I got denied. I thought I might have better luck with SELF-EMPLOYED. But I guess I was wrong! Thanks for the help!!!!
Any other CC companies to stay away from besides Citibank and Amex?
posted by CardRatings.com at 12:57 PM
0 Comments:
Post a Comment
<< Home