Originally Posted by
ohnodapopo
Hello,
I was about to sign up for the business card as a sole proprietor, but realized it may have implications for the FAFSA (federal student aid). Does anybody know anything about this? Would the credit bureaus report to the government that I have this sole proprietorship and would that make them question my assertion I had no income?
I would love the bonus miles from Citi, but not at the expense of thousands in grants and subsidized loans.
I really don't see how this would be an issue at all. Even if Chase did report to the credit bureau that you have a cc account under the name of a sole proprietorship (and some government agency had access to that report, which is doubtful in and of itself) doesn't mean that said business is profitable or that you are able to earn an income from said business (think how long it may take to make a "side" business profitable in many industries).
I wouldn't give it a second thought. You'll be fine.
You DO have a nonprofitable, non-income producing small business, right? ;-)