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David said: "who knows the standards that banks use for thoes that are self employed.
I appled for a small 3K loan and the bank wanted my gross income.
I sent them my sched C
I got a reponse back that my income to debt ratio was too high.
I dont understand how they determine that since I recently bought and paid off a 3K heat pump.. at a way higher interest rate."
admin said: "Do you have payroll? I noticed that the banks have been stricter lately with self-employed income, as you have noticed also."
David said: "no payroll. just me.
I suppose banks dont expect thoes of us that work for ourselves to take as many deductions as possible to limit our tax base because it seems they want our gross income and only work off our adj income.
Pretty stupid on their part since my Fico is at 620."
kevin said: "Banks are very tough. A 620 FICO score will not cut it with your BOA's, Well's Fargo, WAMU, etc. Those banks need at least a 680 FICO, preferrably a 700+. I would suggest going with a refi, but getting 3K cash is not worth the closing costs. Too bad they can't go stated income on Small business loans."
David said: "Banks forget that 60% of their customers now are self employed.
I suppose banks figure that we grow money on tree's and dont actually work for the large deposits we make at their institutions."
abloans4u said: "Banks are very tough on Self Employed personal loans. I agree that it doesnt make much sense. A refi would be easy with your score but as posted above would not be worth it for only 3k."