@SSR wrote:
So I applied for Penfed card and got a conditional approval with providing 2 years of tax return. I'm in Real Estate and get a 1099 at end of year. Of course just as any good accountant, mine gets me a lot of write offs so my Schedule C doesn't show me making that much. Should I just send in my 1099 and explain?
@SSR , This is one of the reasons I don't send tax returns for credit cards. Mortgage, Fed/State Business & Loans/Grants no problem. I've had no issue with sending 1099s and bank statements (business and personal) as proof of income and assets.
If you want the credit card, I would send both the 1099 and Schedule C. In my experience, depending on lender, they've used line 1 or line 7 from Schedule C. Line 1 captures all income (incl 1099s) so you should be all good. I can't imagine in RE you have returns/refunds or COGS? If that's not good enough for them, you can then decide if you want to send the full return or go elsewhere.
Good luck, hope it works out for you!.
[1/26] Scores 8/9: 7-800s. Util: ≤ 1%. AoOA: 18.6y, AoYA: 1m. New Acct: 1/12, 2/24. Inq/12: EQ 0, EX 1, TU 0.
TCL $716K: Personal $585K, Business $131K.
