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Ever see what happens when you apply for a loan or credit card when you write freelance or self employed? A big red flag that says unsteady income! If that muc
by cloudjacker 10y ago
Ever see what happens when you apply for a loan or credit card when you write freelance or self employed? A big red flag that says unsteady income!
If that much of the workforce was shut out of the credit markets that would suggest a big adjustment in spending patterns in this country.
- themagician 10y agoThere is no red flag. They ask for two years of tax returns in most cases. In a lot of cases (most?) a freelancer is an FTE, just for a single person company.
- cloudjacker 10y agoIn which case they shouldn't write freelancer, they should write Creative Director at Visual Consulting Company LLC with a salary of $XYZ,ABC unless its a mortgage application.
- 1812Overture 10y agoI believe when I applied for a mortgage my income from sources other than my salary was discounted by about 1/3 by the mortgage broker as it wasn't considered "steady" despite being steady over the tax returns I handed over. Might depend from broker to broker, I don't know what the federal rules are.