I am also considered self-employed by many lenders. However, I have an LLC (I am the sole owner) with S Corp treatment, and I pay myself a salary. Then, when people request proof of income, I give them my two most recent paystubs. Obviously, I don't know your situation. Still, this information may be useful to you.
@Harvey26 wrote:@dtbecker I mean I would keep the card but I would strongly consider changing to another bank not sure if you have Chase in your area they have a $200 new account bonus for checking and I am sure they would give you nice SL on a card. Looking at Desert Financials Cards they are issued by US Bank and not the actual credit union
So I got the letter in the mail. The odd thing is the reason for denial on the letter differs from what a customer service representative told me over the phone. The letter mentions the following for denial:
Length of time accounts have been established (true, opened 2 credit cards in past year with 4 new student loans)
Too many accounts with balances (not my credit cards atleast, but my loans obviously do)
Too many inquiries last 12 months (true, I have like 6-7 inqs on Experian)
Too many accounts recently opened (I would also say this is true as well).
This differs from the customer service representative who said they were not able to verify income as the reason for denail. I'm going to take a 2 year break from applying and let all inqs drop off. This will let my current accounts age as well.
Also, I do have multiple Chase banks near me. I know this is a prime lender so I was waiting to apply for them until I have a super strong application. I used to have a Chase Checking account a few years ago but closed it in good standing.
@dtbecker You could open a savings and they can also check if your preapproved if you are thats your golden ticket.
