@Anonymous wrote:
I apped citi for the att Universal business card ( I already have another citi business card) and recieved an IRS 4506T for trascripts of my returns. I only report a small amount of income and on the app they ask for "household" income which is more then just my income right? They didnt ask for one on the business either. I dont want this to affect my other citi card. Anyone ever get one of these to fill out for a credit card? I also disputed my biz cap1 accountson my personal but they didnt remove,figured it was worth a try. I am starting a new biz and am going to run up my 50k credit line so its probably going to kill my score but hopefully the additional 100k of available credit helps, whats your thoughts? Thanks
Hi...and welcome...
My husband is self-employed, so this is something we often have to do when apping for credit...personal or business.
PenFed, for example, asked us to fax them certain schedules from our return (Sch C, K, the actual 1040, etc.). AmEx, on the other hand, went the route Citi has asked you to do and had us sign so that they could get our full returns.
This has always worked for us. We've never been denied after they've seen the forms. We are always very careful, however, to accurately state his business income per what we've shown the IRS, even though the business income he shows is much less than he actually "makes." For example, he works from home, so he can deduct a certain percentage of home expenses that we would have paid anyway (a portion of the new roof, new furnace, etc.). When they request our IRS forms, they are confirming what we've already told them.
When we app, we also use household income so that we can use my income as well.
If you were accurate in the total household income you told them, there shouldn't be a problem.
