Originally Posted by
Pencegeri
For me nothing was asked about that, had it been asked I would have said I sell from craigs list, amazon, and ebay.
+1, as far as I use my real name, I think I am honest.
I need the business card for my potential future business, thus I input zero for years in business and expected revenue.
Using fake business name for the application is more problematic in my opinion, especially when claiming nonexistent fake business as real established business.
Originally Posted by
CFFrost
I have stayed away from business apps because I don't have a plausible business (I suppose I could say I am beginning to work as a consultant or an independent contractor but I am not actually pursuing anything like that). For those of you who input 0 years and 0 income for business income, do you have something legit to explain as your business? I always thought the "fake" businesses were kind of dubious but it sounds like it is prevalent here.
Just my $0.02.
If we use a fake business name for the application, banks must try to identify/review the fake business even if banks may know we use the fake business.
At first, banks try to identify the fake business from all their available data sources but they fail to do it because the fake business is actually nonexistent.
Now they may have 2 options, 1) ask the applicant to submit additional docs for further review only if banks think it's worth doing that. 2) just decline the application as they believe the application is fake and/or it's not worth for making further effort to get the business.
If 1), bank may ask the applicant to submit the 4506-T form or something like that as bank need to stick to the fake business.
This means essentially the game is over for the applicant who don't have a legit business.
If we use our real name, banks also fail to identify our fake business as "business" but may identity it as "individual".
I guess now the banks may be allowed to assume the individual as a guarantor of the business and all they need is just identity/review the individual.
Now the banks may just ask the applicant to submit bank statement and utility bill to identify the individual and can review his credit by usual FICO.
I think this is the reason banks gives $$$ CL for the application with zero revenue/years in business.