Self Employed Proof of Income when applying for CCs

[ChargeItPlease]

I'm self-employed. Only DCU asked me for proof of income, and I provided my tax return.

[DrDG]

DCU?

[ChargeItPlease]

DCU=Digital Federal Credit Union.

[DrDG]

Oh ok, thank you 

[enharu]

It depends on the lender.

Some, such as Amex, insist on tax returns. Some are okay with bank statements. Some are okay with letters from your CPA.

As long as you have some sort of paper trail proving your income, you should be fine with most lenders. 

[JSS3]

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@taxi818 wrote:

I am also self employed and most of the banks online do not require anything they will take your word. but sometimes. like credit unions they want proof of income.

Bank statements will not do. they will help but the main thing they want are tax returns. plan and simple. 2 years worth even. so i had to back file in order to get what i wanted.

i also helps if you get reviewed like from american express. so it matchs everything on my applications.

i hope this helps even its not the news you want. but its factual.

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Can you explain this please?

[taxi818]

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@JSS3 wrote:

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@taxi818 wrote:

I am also self employed and most of the banks online do not require anything they will take your word. but sometimes. like credit unions they want proof of income.

Bank statements will not do. they will help but the main thing they want are tax returns. plan and simple. 2 years worth even. so i had to back file in order to get what i wanted.

i also helps if you get reviewed like from american express. so it matchs everything on my applications.

i hope this helps even its not the news you want. but its factual.

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Can you explain this please?

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Ok. So if you applying for personal credit cads. Most banks. Will not ask for proof of income. However. Even if for personal. The small credit unions will ask. They mostly want two years of tax returns. 1040 schedule c and 1040 se. 

As for business credit cards. They want the same. Including fed tax Id. And corporate papers. 

When I first opened secure loan to improve person credit. The bank asked for two years tax returns. I explained had 1 year and had filed extension for 2nd year. Hence. Not yet complete   So they called and said since secure. It's waived. 

As far as loans. . Thru bank. Personal. They all want tax returns. Maybe at a car dealer. They don't.  Bank accounts will do. But best rates are at banks or credit unions. Not finance companies. 

And when credit card companies. Like amex want to review your finances. They want tax records. Directly from IRS. Hence. 4506-t. 

Of course it's not 100%. Your method could be different. This is just majority of cases. 

[JSS3]

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@taxi818 wrote:

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@JSS3 wrote:

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@taxi818 wrote:

I am also self employed and most of the banks online do not require anything they will take your word. but sometimes. like credit unions they want proof of income.

Bank statements will not do. they will help but the main thing they want are tax returns. plan and simple. 2 years worth even. so i had to back file in order to get what i wanted.

i also helps if you get reviewed like from american express. so it matchs everything on my applications.

i hope this helps even its not the news you want. but its factual.

---

Can you explain this please?

---

Ok. So if you applying for personal credit cads. Most banks. Will not ask for proof of income. However. Even if for personal. The small credit unions will ask. They mostly want two years of tax returns. 1040 schedule c and 1040 se. 

As for business credit cards. They want the same. Including fed tax Id. And corporate papers. 

When I first opened secure loan to improve person credit. The bank asked for two years tax returns. I explained had 1 year and had filed extension for 2nd year. Hence. Not yet complete   So they called and said since secure. It's waived. 

As far as loans. . Thru bank. Personal. They all want tax returns. Maybe at a car dealer. They don't.  Bank accounts will do. But best rates are at banks or credit unions. Not finance companies. 

And when credit card companies. Like amex want to review your finances. They want tax records. Directly from IRS. Hence. 4506-t. 

Of course it's not 100%. Your method could be different. This is just majority of cases. 

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Thank You. 

[Luscher]

Usually Credit Unions want to see income before giving credit cards. AMEX will ask if they see something suspicious or you meet a certain threshold of CL and want more

[Billybob_TX]

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@Luscher wrote:
Usually Credit Unions want to see income before giving credit cards. AMEX will ask if they see something suspicious or you meet a certain threshold of CL and want more

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Agree with this, since I work for my own LLC I can say I am "employed" instead of "self-employed" with most, but a few CU's and Amex will want to know more and see your taxes or bank statements.