Should I state that I don't pay taxes on a no-doc "liar loan?"

[JimmiS]

Sorry if this is OT but I'm beside myself. I'm not sure if I will be filing taxes .I'm not too happy with the killing my taxes are reposible for. Anyway, I want to apply to TD Bank for their 100k BLOC. It says there's no documentation but it DOES ask if the business filed taxes in the last 18 months. Why if it's a no doc?

If not, they ask for a financial projection. But since it's "no doc" is it better to just tick the box that says you filed taxes? What bothers me is they either ask you to state you haven't filed taxes, which is illegal. Yet if you lie that you filed, that's illegal too!

Please can someone clue me in. It's like a Catch 22. My understanding is the only way to get started in high credit is to "lie." in some way. On credit card apps and "liar loans" people lie like hell. I understand the public boyscout answer is don't EVER lie, so I don't need that answer. I need some real answers. Feel free to pm me.

[SouthJamaica]

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@JimmiS wrote:

Sorry if this is OT but I'm beside myself. I'm not sure if I will be filing taxes .I'm not too happy with the killing my taxes are reposible for. Anyway, I want to apply to TD Bank for their 100k BLOC. It says there's no documentation but it DOES ask if the business filed taxes in the last 18 months. Why if it's a no doc?

If not, they ask for a financial projection. But since it's "no doc" is it better to just tick the box that says you filed taxes? What bothers me is they either ask you to state you haven't filed taxes, which is illegal. Yet if you lie that you filed, that's illegal too!

Please can someone clue me in. It's like a Catch 22. My understanding is the only way to get started in high credit is to "lie." in some way.  On credit card apps and "liar loans" people lie like hell. I understand the public boyscout answer is don't EVER lie, so I don't need that answer. I need some real answers. Feel free to pm me.

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The "real answer" is that you're not getting any 100k BLOC.

[JoeRockhead]

They're asking about taxes and projections likely because their BLOCs are open to new, or start up businesses.

As such, the business may not have filed taxes yet (not illegal), so they'd want projected income. If the projected income is far fetched they're going to ask for more detailed information as to how you came up with that number. Worst case they don't buy it and reject the application.

If you tell them you filed taxes  (to help sell a lie about the income) and you didn't. They can then at anytime ask for transcripts. In that case you've committed a felony. Worst case, big hefty fines and federal prison time are the potential consequences.

I'd recommend the truth on the taxes and try your luck with projections. 

[youngandcreditwrthy]

don't ever LIE on loan documents. This is resulting in credit card companies making approval processes even more arduous than they already were. I've been asked for POI 2x this year after having never been asked in 20 years. People gotta realize they can't lie or make up fake documents. I have a friend who owns a car dealership and he said people ahve been faking their credit scores (im not sure how) and using paystubs from someone else that they just put their name and addy on. this stuff is FRAUD and you DONT DO IT!