topic Re: Self Employed Proof of Income when applying for CCs in Credit Cards

Self Employed Proof of Income when applying for CCs

DrDG — Mon, 13 Oct 2014 18:52:01 GMT

I have a question for everyone. I am waiting for a baddie to drop off and then I am going to start applying for a few cards. I was wondering about proof of income. I've read a few posts about paycheck stubs, but I am self employed. Do most credit card companies require you to submit proof of income? For me, that means having to submit bank statements and I'd prefer not to do that. Did any of you have to provide proof of income? Particulary those who may be self employed? Thanks so much.

Re: Self Employed Proof of Income when applying for CCs

Anonymous — Mon, 13 Oct 2014 18:55:02 GMT

@DrDG wrote:
I have a question for everyone. I am waiting for a baddie to drop off and then I am going to start applying for a few cards. I was wondering about proof of income. I've read a few posts about paycheck stubs, but I am self employed. Do most credit card companies require you to submit proof of income? For me, that means having to submit bank statements and I'd prefer not to do that. Did any of you have to provide proof of income? Particulary those who may be self employed? Thanks so much.

Depends on the company.

Re: Self Employed Proof of Income when applying for CCs

bigblue7722 — Mon, 13 Oct 2014 18:59:38 GMT

In my experince most bigger banks dont ask for proof of income. A lot of the smaller places like credit unions will ask for a proof of income. I think tax returns would also work depending on who asks. But my guess is as with a lot of self employed not everyhing is included in your taxes per say. You could also have you bank just print out the deposits you make and not the withdraws. Or atleast my credit union can.

Re: Self Employed Proof of Income when applying for CCs

thatguy1 — Mon, 13 Oct 2014 19:01:05 GMT

I have not had to prove income to any CC companies. My auto loan and real estate loans require my last two years tax returns.

Re: Self Employed Proof of Income when applying for CCs

DrDG — Mon, 13 Oct 2014 19:04:16 GMT

I'm thinking of Cards like Walmart CC, Barclaycard, Discover, and eventually, AMEX...

Re: Self Employed Proof of Income when applying for CCs

DrDG — Mon, 13 Oct 2014 19:05:20 GMT

That's a good idea. Didn't think of that. Thank you. The cards I am considering applying for are maybe Walmart CC, Barclaycard, Discover, and AmEx

Re: Self Employed Proof of Income when applying for CCs

Anonymous — Mon, 13 Oct 2014 19:13:51 GMT

@DrDG wrote:
That's a good idea. Didn't think of that. Thank you. The cards I am considering applying for are maybe Walmart CC, Barclaycard, Discover, and AmEx

Just don't do anything to spook them and you'll be fine.

Re: Self Employed Proof of Income when applying for CCs

DrDG — Mon, 13 Oct 2014 19:23:55 GMT

What do you mean? Please explain.

Re: Self Employed Proof of Income when applying for CCs

Anonymous — Mon, 13 Oct 2014 19:28:52 GMT

@DrDG wrote:
What do you mean? Please explain.

-Spending a lot more than your stated income would allow.

-Buying cash equivalents often

-Frequent cash advances

-Calling every month asking for a CLI

-Applying for too much credit too quickly

-Racking up too many Inquiries

-Sneezing. Etc.

Re: Self Employed Proof of Income when applying for CCs

DrDG — Mon, 13 Oct 2014 19:35:30 GMT

Lol, thanks so much for the info!

Re: Self Employed Proof of Income when applying for CCs

JSS3 — Mon, 13 Oct 2014 19:54:06 GMT

I have all but an Amex and none have asked for proof of income. They reserve the right to ask at any time though. Some will want you to fax in proof of income if you ask for increases...not just the Amex-over 25,000 either. I've seen stories of Capital One and the CEO asking for proof of income in order to grant an increase.

Re: Self Employed Proof of Income when applying for CCs

jgodfrey82 — Mon, 13 Oct 2014 22:43:28 GMT

I am self employeed and have about 130K of available credit card limits, I've never been asked for paystubs or tax returns and I am in with amex, discover, chase, cap one, and navy/nasa. I have pretty much perfect reports other than a lot of accounts for student loans and 14% util on my CC's.

I have been self employeed for 10 years and the only times I was asked was when I purchased my house (2 years taxes) and once during an auto app.

Its a completely YMMV situation, just be prepared if they ask to provide something or walk away.

Re: Self Employed Proof of Income when applying for CCs

taxi818 — Tue, 14 Oct 2014 00:44:59 GMT

I am also self employed and most of the banks online do not require anything they will take your word. but sometimes. like credit unions they want proof of income.

Bank statements will not do. they will help but the main thing they want are tax returns. plan and simple. 2 years worth even. so i had to back file in order to get what i wanted.

i also helps if you get reviewed like from american express. so it matchs everything on my applications.

i hope this helps even its not the news you want. but its factual.

Re: Self Employed Proof of Income when applying for CCs

Luscher — Tue, 14 Oct 2014 00:48:21 GMT

I have never been asked by any of my lenders.

Re: Self Employed Proof of Income when applying for CCs

taxi818 — Tue, 14 Oct 2014 00:56:14 GMT

@Luscher wrote:
I have never been asked by any of my lenders.

As stated. most lenders don;t ask for it for credit cards. unless it is for business credit cards. not personal. but for auto loans. home loans and personal loans. they will ask for the tax returns.

also. if they are suspicious of your income they will ask. why suspicious . if you are charging more than your stated personal income. so its best to have that. bank statements are good. but they are nothing compared to the lovely 4506-t

which is a authorization to release your transcripts from the Irs to financial institutions. they don't even want your copy. . capital one is the only want against self employed when it comes to auto loans everyone else is fine with it.

Re: Self Employed Proof of Income when applying for CCs

Kostya1992 — Tue, 14 Oct 2014 00:59:45 GMT

Those of you who have never been asked for proof og income and are self-employed, about how much are you making? Just curious. I think a proof of income comes into play if you put a rediculous income, which will make the lender wonder.

Re: Self Employed Proof of Income when applying for CCs

taxi818 — Tue, 14 Oct 2014 01:03:55 GMT

@kostyan1992 wrote:
Those of you who have never been asked for proof og income and are self-employed, about how much are you making? Just curious. I think a proof of income comes into play if you put a rediculous income, which will make the lender wonder.

Me i have not really been asked. i was asked by the credit unioin. and then they called me and said. i did not need it. as i told then i had not filed yet. and i only had 1 year. but i had filed extention for the second year.

but my income is 70k per year. give or take 5-10 k per year.

Re: Self Employed Proof of Income when applying for CCs

DrDG — Tue, 14 Oct 2014 01:53:41 GMT

Very helpful, thank you.

Re: Self Employed Proof of Income when applying for CCs

DrDG — Tue, 14 Oct 2014 01:54:33 GMT

This is very helpful also. I can provide one year tax returns, after next year, then I will be able to provide 2, so I might be ok. Thank you so much.

Re: Self Employed Proof of Income when applying for CCs

taxi818 — Tue, 14 Oct 2014 01:58:21 GMT

@DrDG wrote:
This is very helpful also. I can provide one year tax returns, after next year, then I will be able to provide 2, so I might be ok. Thank you so much.

you will be ok no matter what. the only issue. is because i asked for extention i now have to pay back taxes

surprised. the IRS actually gave me 6 years to pay it off. they just divided what i owed into 72. so easy. maybe i find lump sum and offer. but being self employed most of this money is going into social security.