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Kinda odds- US BANK more DP

Janneman
Regular Contributor

Kinda odds- US BANK more DP

3 weeks i got approved for myvery first us bank cc...business cc..hv no any personal cc. Last week i applied for their personal cc...connect one...i received a msg from them and they are demanding tax returns...on business application, I mentioned i have a business...and on personal cc application i mentioned that im employed. I work but on the side i hv business too...but i get paid under the table from my employer, so i hv nothing to provide now...and business income hasn't generated yet as its a brand new business...so dont know what to provide them. I think I received this request because of one application is saying that I have a business while other is saying that i am employed...and irony is that i can not prove my income as of now.

 

my friend who has personal card with US bank for 3 years and he applied for business cc and he received the request for tax returns too and many other income related documents from SSA and from IRS. We both have10-15 ccs from most major lenders and never have had any asking for income documents..I didn't notice either over here people to hv asked for tax documents by US bank...another dp for the community, i guess. 

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CH-7-Mission-Accomplished
Valued Contributor

Re: Kinda odds- US BANK more DP


@Janneman wrote:

3 weeks i got approved for myvery first us bank cc...business cc..hv no any personal cc. Last week i applied for their personal cc...connect one...i received a msg from them and they are demanding tax returns...on business application, I mentioned i have a business...and on personal cc application i mentioned that im employed. I work but on the side i hv business too...but i get paid under the table from my employer, so i hv nothing to provide now...and business income hasn't generated yet as its a brand new business...so dont know what to provide them. I think I received this request because of one application is saying that I have a business while other is saying that i am employed...and irony is that i can not prove my income as of now.

 

my friend who has personal card with US bank for 3 years and he applied for business cc and he received the request for tax returns too and many other income related documents from SSA and from IRS. We both have10-15 ccs from most major lenders and never have had any asking for income documents..I didn't notice either over here people to hv asked for tax documents by US bank...another dp for the community, i guess. 


Sorry to hear that.  US Bank is one of the most conservative card issuers out there.   They underwrite nearly every app and issue low limits to start.   In your case, since your business makes no money, your business income is zero.   Lenders only count money that shows up on tax returns, so under the table pay doesn't work.   Technically between your job and your self-employment, your income is zero.

I would just move on and not bother with US Bank until you have a solid documented income showing on two years of tax returns.

 

Good luck.

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