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Thread: New credit card application problem

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    Veteran Member charlygirl's Avatar
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    Default New credit card application problem

    Girls, my head is about to explode through stress! I really need to apply for a new secured credit card (never ever had any kind before) BUT on the application it asks who my employer is, how long I've been there and their phone number.

    As an independent contractor am I the employer? and if not is there any way around not having to tell them that I work at a club?

    Also I have no clue what to write aroundabout how much I earn a week/year/month as I'm sure anything I write will be much higher than the bank is expect which may lead to questions and subsequently a denial of a secured credit card.
    What do I do?

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    Banned Melonie's Avatar
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    Default Re: New credit card application problem

    in regard to filling in the 'employer' related stuff, put down that you're self-employed, the amount of time that you've been self-employed, and your cell phone number (or any number besides your home phone or the club's phone)

    in regard to stating your earnings, realize that you're about start/add to a 'paper trail' which ultimately ties your Social Security number to your personal finances. This 'paper trail' is also potentially subject to investigation. Therefore you need to keep in mind that whatever income numbers you provide to banks / lenders must be consistent with the income numbers you filed on your tax return, the income numbers you have provided /will provide to other agencies (like student loans, car loans) etc. With today's interconnected computer systems, any major inconsistencies along these lines will eventually wave red flags.

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    Veteran Member charlygirl's Avatar
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    Default Re: New credit card application problem

    Aahh, for real? My lazy boyfriend hasn't helped me set up taxes yet and I haven't gt a clue how to do it! Does that matter?
    Thanks for the information Melonie.

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    Banned Melonie's Avatar
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    Default Re: New credit card application problem

    well it could matter if you miss filing and paying your April 15th estimated tax payments for your earnings in Jan, Feb and Mar. The federal form is a 1040-ES and the Georgia form is 500-ES. Also, assuming that you were working prior to January, your federal and state tax returns for last year's income are also due April 15th (in other words, the end of next week !).

    From the standpoint of an IRS auditor and major corporations like credit card companies, anybody who does not report and pay taxes on an income to the IRS does not HAVE an income. Thus if/when you start creating a 'paper trail' i.e. signing a credit card application form that states you have XYZ in average monthly income, this potentially puts you in direct conflict with the IRS if the amount of income you reported on your tax return and the amount of income you paid estimated taxes on every three months doesn't jive with the amount of income you are claiming on the credit card application.
    ~
    Last edited by Melonie; 04-08-2006 at 05:02 PM.

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