topic Re: What is stated for a self-employed person? in General Credit Topics

What is stated for a self-employed person?

Anonymous — Mon, 23 Jul 2007 20:18:44 GMT

How would you verify the income and how much will the fico scores impact the credit decision?

Re: What is stated for a self-employed person?

Anonymous — Mon, 23 Jul 2007 20:30:39 GMT

Have you been filing a 1099 on your taxes and paying taxes on the self employeed money you make?

If you aren't filing a tax return, or paying taxes on your income, you don't won't to get into trying to verify your income. If the IRS gets hold of it, you will be using that CC to pay Uncle Sam his back taxes.

Back several years ago I was a self employeed contaractor as an engineering consultant. I contracted work from a International Company here in the US. I took a chance hopeing they wouldn't turn in a 1099 on me since it was international. IRS came back for their $6000.00, I had to pay it. IRS even put a lein on everything I owned, and it was on my public record and CRA's.

Re: What is stated for a self-employed person?

Anonymous — Mon, 23 Jul 2007 20:40:16 GMT

myhearts07 wrote:
How would you verify the income and how much will the fico scores impact the credit decision?
.

Forgot to add, the credit decision can go either way-could increase or decrease a few points. In the long run, if the decision is made to give credit, then on down the road as time builds on the TL, your score will increase.

You probably already know, but to make sure. Your income, race, religion and sex does not effect your Fico Score.

Re: What is stated for a self-employed person?

Anonymous — Mon, 23 Jul 2007 21:03:45 GMT

Not a problem. I pay taxes every year on my income so that won't be an issue.

Re: What is stated for a self-employed person?

Jacque383 — Mon, 23 Jul 2007 21:23:08 GMT

Normally, you have to be self-employed for at least 2 years. Most verify by your income tax forms. They will ask you for your taxes, rent rolls (if applicable), Profit and Loss Statements, last two months bank statements, and some will require you to submit a statement showing what you own versus what you owe.

As long as you've been in business for two years and have shown it all on your taxes then you'll be fine.