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Fifty thousand dollar business line of credit approved with no documents required what's going on YouTube Welcome to the credit plug Channel.

If you haven't already make sure you hit that subscribe, Button as well as smash the like button, so in today's video I'm gonna be giving you guys a seventy thousand dollar business funding play where you don't have to provide any financial statements.

That's right! So no bank statements, no tax, returns, no P L's, no balance sheets, none of that where you can get seventy thousand dollars.

So in today's video we're going to be talking about the truest business lines of credit and credit cards.

Now, as a lot of you guys know, I have done plenty of reviews on trues, but a lot of the videos that I published when I was actually able to go through the process of getting a business credit card, a business vehicle loan and a business line of credit was before it was actually truest.

So it was actually bb and t.

Now some of you might be aware, I think late, uh, 2021, SunTrust and BB T merged to form truest.

Now a lot of the data points actually did change from the time where the merger happened and when I was actually able to gather some first-hand data points.

So I just wanted to share that.

Another thing I wanted to point out was that you know if you guys are watching YouTube, some of my videos or any type of videos, just look at the published date, especially if it relates to financial information, because things are constantly changing right.

Data points are constantly changing.

So if you see something from like a year ago, two years ago, even six months ago, I would take that information with a grain of salt, because data points are always changing and in today's video I'm gonna be sharing with you.

Some of the new data points that I've discovered now I've confirmed these data points with individuals who shared this information with me.

So with the truest business lines of credit and credit cards, you can now get both so a credit card and a line of credit with just one hard inquiry.

Now some of you might be familiar before with BB T products.

You are getting hard pool for every single product, even let's say, for example, when I got pre-approved for a business vehicle.

Loan I actually had to get a new VIN number put on the check, because the first vehicle that I wanted was no longer available.

So when I went to get a new check cut for the vehicle that I ultimately purchased, I actually had to go through the application process again, and there was a double hard pool.

But now, it seems, like truest, has actually changed up the process slightly where you could actually get multiple credit products using the same hard inquiry as long as it's on the same day.

Now, let's go over this.

Seventy thousand dollar funding play right, so uh with the truest credit products right, one of the most consistent data points that they will be pulling your Equifax personal credit and on the business side they also pull your Equifax business.

So when you go to close on the loan right, when you go to sign your documents, uh, usually one of the business Representatives will give you a copy of your Equifax business.

Credit report and I'm actually going to do a separate video on uh, why this is important and why you should really focus on specific accounts that report to Equifax business, Experian business and pay net, not paydex, right, A, lot of people, you know, go about building business credit, focusing on dun and Bradstreet paydex But.

Ultimately, a lot of these big Banks, don't really care about your paydex they're, really focusing on Equifax as well as Experian, business and paynet, which houses a lot of financial trade data.

So that's business, credit cards, business loans and business lines of credit, so um with truest right.

One of the main data points they're going to pull Equifax personal, and this will be a hard inquiry.

So just keep that in mind as well as Equifax business.

Now in terms of business documents uh, you will need your articles of organization as well as your EIN.

Now, when I actually apply back when it was BB, T I did also provide an operating agreement that may be optional, so you may not have to provide that, but it's good practice just to have all of those documents, uh handy whenever you're opening up business accounts.

Now the data points you want to really focus on.

So when we're talking about the no doc up to a twenty thousand dollar business credit card in a fifty thousand dollar business line of credit, um no financials are required when the loan amount is 50 000 and under so there's.

You know no tax returns, no bank statements, no p, l, no balance sheets, nothing right as long as the amount is fifty thousand or less right.

Now, if you want to amount over fifty thousand, you will have to provide your most recent tax return.


This is one of the major differences because back when I applied for my business line of credit, I think you know, the initial amount was actually less than 50k and I still had to provide a business tax return right, and so that's when it was bb and t now, since then, I've gotten increases, and you know, of course the amounts over fifty thousand, so I did have to provide a business tax returns.

But if you're a brand new customer, you can get a fifty thousand dollar line of credit and a twenty thousand dollar credit card with no financials required and in fact uh the individual who supplied these data points with me and I'll post um.

You know a screen share, so they just went there in one day and opened up a business, checking account and applied for the line of credit in the credit card.

So no existing banking relationship and so I'm, always stressing you know having a banking relationship ship.

It will increase the odds if you get in the proof, but this just goes to show that you know these new data points are in play right now, because this individual was able to go into truest with no money in their business, checking account and just a hard pool on their personal and business Equifax and got 20 000 business credit card and a 50 000 line of credit with no financial documents whatsoever.

Now, let's say you want an amount 50 000 or over.

Yes, you will have to provide uh your most recent tax return now who should apply for amounts over 50 000 right.

So if you filed your business tax returns and if your gross revenue is over 300 000 right and so the reason why you know you're, you want to evaluate you know what your gross revenue is on.

Your tax return is because the way the truest evaluates your uh line of credit, the limit uh when the amount is over 50, 000 and they're going to be looking at two times your average monthly gross revenue from the previous year right.

So that's going to set your limit and let's say if it's like an odd number, so it's not a clean number.

They usually just rounded right to kind of figure out what that break.

Even point is right.

So take this, for example, uh.

Let's take 50 000 right, so let's say you know that that's a limit and then divide it by two right, because it's two times your monthly gross right from the previous year, so twenty five thousand dollars average monthly gross from the previous year, and so that's times that by 12 months in the year, so sort of the break even point.

If you're considering, let's say you want an amount over fifty thousand, then you wanna make sure that your gross revenue is at least 300K on your business tax returns, because anything less than that you might as well just go for the no doc option right because uh you're not going to get an amount over fifty thousand if your gross revenue is less than 300 000 from the previous year.

So that's one way to to kind of determine okay uh.

Should you shoot for the highest limit, or should you just you know, go for the 50 000 with no Doc and that's just kind of the break-even point all right.

So just the recap.

So some of the new data points about the truest business credit products you can get up to seventy thousand dollars in the form of a twenty thousand business credit card and a fifty thousand dollar business line of credit with absolutely no docs and no business banking relationship established now again that goes against what I always preach about building a banking relationship, uh building multiple products uh with a financial institution, so that you're, you know more deeply ingrained and embedded in terms of a relationship before you start applying for credit products.

But this just goes to show that that's not always necessarily the case in from the data points that I was able to gather, and these were data points that were shared with me uh, so an individual with no existing relationship was able to go into truest in one day using the same hard pull on Equifax get a twenty thousand dollar business line of credit or a twenty thousand dollar business credit card.

Fifty thousand dollar business line of credit, no financials required, and so that's one of the data points I wanted to share with you guys and uh.

One thing I also wanted to just remind you guys, is that data points are always changing, constantly evolving, a lot of financial institutions.

You know, watch these videos on YouTube, so uh, if you're watching this right now just take mine of you know the published date, so this information may not be relevant six months a year from now or even a month.

From now who knows now again, this is not Financial advice.

This is for informational purposes only now, if anyone has any other data points, make sure you leave them in the comments section right down below.

That's all for today until next time take it easy and we'll talk to you soon.



What credit score does not require income verification? ›

In order to do this, the eligibility requirements are often higher than those lenders offering traditional mortgages. The basic requirements for a no-income verification loan include: A credit score of 700 or higher. The ability to make a large down payment, often 20-30% or more.

How do banks verify proof of income? ›

Bank statements are among the most common documents used for income verification. Bank statements show the movement of funds into and out of an account and provide insight into the borrower's income, spending, and debt repayment history. Retired and self-employed borrowers often use bank statements as proof of income.

Which lenders don t require bank statements? ›

Most residential mortgages require borrowers to submit at least three months' worth of bank statements. Some lenders including Santander, Halifax and Virgin Money have told borrowers that they do not want to see bank statements. Instead, they are relying on a borrower's credit score to assess affordability.

How many bank statements do you need to get a mortgage? ›

How Many Bank Statements Do I Need To Provide? You'll usually need to provide at least 2 months' worth of bank statements. Lenders ask for more than one monthly statement because they want to be sure you haven't taken out a loan or borrowed money from someone to be able to qualify for your home loan.

Can you get a loan with no proof of income? ›

Only a few lenders, like Upgrade and Universal Credit, offer unsecured loans for a single borrower with no income verification. Secured loan lenders, car title loan lenders, and pawnshops may issue loans without considering your income or credit.

How can I build credit without proof of income? ›

How to get a credit card with no job
  1. Apply for a secured card. A secured card can be a way to get access to credit even if you have limited income. ...
  2. Become an authorized user. Another option to access credit is to become an authorized user on a trusted friend's or family member's credit card account. ...
  3. Consider a co-signer.

How can I prove my income without bank statements? ›

Pay Stubs

A pay stub, also known as a paycheck or pay slip, is received by employees each pay period and shows their net take-home pay. Pay stubs are easy proof of income for rental applications, but they're also easy for renters to forge.

What documents can be used to verify income? ›

Supporting Documents
  • Paystubs.
  • W2s or other wage statements.
  • IRS Form 1099s.
  • Tax filings.
  • Bank statements demonstrating regular income.
  • Attestation from a current or former employer.

Can you use an offer letter as proof of income? ›

The offer letter you're submitting will be the substitute for paystubs and other proof of income. This means the letter needs to meet certain requirements for home loan lenders to take it seriously and make a decision. At a minimum, the letter should show a clear, non-contingent job offer.

How far back do lenders look at bank statements? ›

How far back do lenders look at bank statements? Lenders typically seek two months of recent bank statements during your home loan application process. You need to provide bank statements for any accounts holding funds you'll use to qualify for the loan, including money market, checking, and savings accounts.

Can lenders see all your bank accounts? ›

Yes. Most mortgage lenders will require borrowers to submit bank statements when submitting a home loan application. In addition to your overall account balances, bank statements provide an overview of your monthly transactions, whether it's income, debt payments or other types of expenses.

How do lenders verify bank statements? ›

The borrower typically provides the bank or mortgage company two of the most recent bank statements in which the company will contact the borrower's bank to verify the information.

What credit score is needed for a bank statement mortgage? ›

Generally, you can qualify for a bank statement loan with a score as low as 620, but a 700 or higher gets you a better rate and terms.

What do underwriters look for in bank statements? ›

Generally, they are looking for unusual deposits, sources of funds and reserves. I'll explain each of them below. Simply having money in your bank when you're at the closing table is not enough. The underwriter will review your bank statements, look for unusual deposits, and see how long the money has been in there.

What do underwriters look at? ›

An underwriter is a financial expert who takes a look at your finances and assesses how much risk a lender will take on if they decide to give you a loan. More specifically, underwriters evaluate your credit history, assets, the size of the loan you request and how well they anticipate that you can pay back your loan.

What is a no income loan? ›

No Income / No Asset mortgages are a type of reduced documentation mortgage program where the lender does not require the borrower to disclose income or assets as part of loan calculations. However, the lender does verify the borrower's employment status before issuing the loan.

What is CashSpotUSA? ›

CashSpotUSA is an app that offers loans online. Aventura, Florida, United States. cashspotusa.com.

Does Best Egg verify income? ›

Verify application information.

To proceed through the application and underwriting process, Best Egg must verify your personal information. To do so, you may be asked to provide documentation to verify your identity, address, income and credit score. This information will also be used to verify your DTI.

Does Capital One ask for proof of income? ›

Applicants must provide their previous two years' W-2's, and their most recent pay stub. The pay stub must be computer-generated, include year-to-date earnings and taxes withheld, contain no alterations, and must have been issued within 40 days of the faxed date.

What is open sky credit card? ›

The OpenSky Secured Visa credit card allows people building or rebuilding their credit to apply for a secured credit card without a credit check. The card has a $35 annual fee and reports to all three major credit bureaus.

How do I get a disability credit card? ›

If you're a person with a disability who's found it tough to be approved for credit, consider applying for a secured credit card. When you obtain a secured credit card, you must deposit cash into an account set up by the issuer of the card.

What is the easiest proof of income? ›

Pay stub

A pay stub is usually the easiest way to show proof of income. That's because it shows the income you earned during a specific pay period as well as your year-to-date (YTD) income.

How do I provide proof of income if I paid cash? ›

How to Show Proof of Income if Paid in Cash Without Pay Stubs
  1. Create your own paystubs. ...
  2. Use bookkeeping software. ...
  3. Maintain an income-tracking spreadsheet. ...
  4. Deposit the cash into your bank account. ...
  5. Create receipts for those paying you in cash. ...
  6. Show your tax returns.
Jun 20, 2023

What is a self-employed proof of income letter? ›

Independent contractors can use employment verification letters to show when they worked for a particular company, what their duties were and what they were paid. This letter can also be submitted with pay stubs, tax returns or bank statements as employment confirmation for independent contractors.

How does someone verify your income? ›

Pay stubs, earnings statement or W- 2 form identifying employee and showing amount earned period of time covered by employment. Signed and dated form or letter from employer specifying amount to be earned per pay period and length of pay period.

What is verifiable income? ›

It's exactly as the name implies: a lender (or landlord) is able to verify exactly how much you earn. This can be done a multitude of ways and depends on the lender.

How do companies verify income? ›

Some hiring managers do it themselves, reaching out directly (typically via phone) to your current or previous employers to request official verification. Alternatively, employers may use professional background screening firms and/or an employment verification service such as The Work Number® from Equifax.

What is an example of a letter for proof of income? ›

My name is [full name] and I am [professional position and how it relates to the employee or former employee]. I'm writing to confirm that [employee name] has worked for [company name] for [length of time worked] as an [employee job title]. [Employee name] earns [hourly, monthly or yearly salary or wages].

How do I prove my income when starting a new job? ›

If you are starting a new job, you will need to provide paystubs from the last 60 days of your previous job as well as a copy of your new employment offer letter.

What is considered a large deposit to an underwriter? ›

A large deposit is defined as a single deposit that exceeds 50% of the total monthly qualifying income for the loan. When bank statements (typically covering the most recent two months) are used, the lender must evaluate large deposits.

What credit score is good for buying a house? ›

It's recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, lenders either won't be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly payments.

Are banks required to provide statements? ›

General. Institutions are not required to provide periodic statements. If they do provide statements, disclosures need only be furnished to the extent applicable. For example, if no interest is earned for a statement period, institutions need not state that fact.

What is a predatory financial service? ›

Lending and mortgage origination practices become "predatory" when the borrower is led into a transaction that is not what they expected. Predatory lending practices may involve lenders, mortgage brokers, real estate brokers, attorneys, and home improvement contractors.

How do mortgage lenders verify income? ›

Mortgage lenders usually verify employment by contacting the borrower's employer directly and reviewing recent income documentation. These documents can include an employment verification letter, a recent pay stub, or anything else to prove an employment history and confirm income.

Do loan officers verify bank statements? ›

Lenders request bank statements to determine your eligibility for a loan or to satisfy the requirements of government-backed mortgages. Do lenders verify bank statements? Yes. Lenders use bank statements as evidence of specific financial information.

What counts as bank verification? ›

It usually involves the customer providing credible information that proves their account ownership, such as a bank statement. In some cases, consumers can prove their identity by providing data that matches the data on file at a credit bureau or held with their bank.

Can you forge bank statements? ›

According to U.S. law, forgery (which includes faking a bank stub and passing it off as an original statement) is a federal crime. Depending on the type of document that was altered and the exact charges, punishments for individuals convicted of forgery are jail time and paying fines of up to $10,000, or both.

Why are underwriters so picky? ›

The reason is this: an underwriter must show that all funds for a purchase transaction come from an acceptable source. Basically, this means that none of the funds used in the purchase can be borrowed from a friend or from an unsecured loan, i.e. a credit card advance or personal line of credit.

How much income needed for bank statement loan? ›

For example, if you regularly make a monthly $10,000 deposit directly into your personal bank account, the lender uses $5,000 to $6,000 (50% to 60% of the deposit) in monthly gross income to determine the loan you qualify for.

How much down do you need for a bank statement loan? ›

You can get a bank statement home loan for as little as 10 percent down. You can do a cash-out refinance loan of up to 80 percent of the value of your property. You can borrow up to $5 million. Typically, bank statement lenders will accept a debt to income ratio of a maximum 50 percent.

Is it hard to get a bank statement loan? ›

Is It Hard to Get a Bank Statement Loan? Bank statement loans are hard to find because only a few lenders offer them. For this reason, lenders that provide this type of mortgage loan require larger down payments and often charge high-interest rates.

What gets you denied in underwriting? ›

An underwriter can deny a home loan for a multitude of reasons, including a low credit score, a change in employment status or a high debt-to-income (DTI) ratio. If they deny your loan application, legally, they have to provide you with a disclosure letter that explains why.

What do underwriters look for in final approval? ›

These are the three C's of underwriting: credit, capacity and collateral. To help them understand your three C's, the underwriter will go through all the documentation you provided.

Can you be denied in underwriting? ›

An underwriter may deny a loan simply because they don't have enough information for an approval. A well-written letter of explanation may clarify gaps in employment, explain a debt that's paid by someone else or help the underwriter understand a large cash deposit in your account.

What is a red flag for underwriters? ›

Red flags for underwriters are issues that arise during processing and are questionable. Different types of underwriters have their red flags to look out for, but in general, underwriters are tasked to find suspicious discrepancies in applications to better assess financial risks.

How do you pass the underwriting process? ›

5 Tips for a Smooth Underwriting Submission Process:
  1. 1) Document your thought process and show your work. ...
  2. 3) Provide consistent information throughout the file. ...
  3. 4) Ask for additional information from your underwriter when needed. ...
  4. 5) Document red flag concerns. ...
  5. 1) Income concerns, including: ...
  6. 2) Asset concerns, including:
Jan 14, 2021

How long does it take the underwriter to make a decision? ›

The underwriting process typically takes between three to six weeks. In many cases, a closing date for your loan and home purchase will be set based on how long the lender expects the mortgage underwriting process to take.

Can I get approved for a credit card if I don't have an income? ›

Being unemployed doesn't disqualify you from credit card approval. While issuers do ask for your income, you may offer alternative forms of income on your application.

Do all credit cards require proof of income? ›

Credit card issuers are required by law to consider your ability to repay debt prior to extending a new line of credit. So, listing your annual income is a requirement on every credit card application. To that end, credit card issuers may also ask for proof of income, such as pay stubs, bank statements, or tax returns.

Does Experian verify income? ›

Our Verification of Income (VOI) Report allows you to confirm a borrower's income with up to 24 months of bank validated data. Through an online experience, your borrower identifies accounts where they receive income and permissions access for a review of their deposit transaction data.

Will credit card deny me if I lie about income? ›

While credit card companies often will not ask for verification of things like income, legally they can. And either way, lying on a credit card application could come back to bite you, especially if you end up overextending yourself on the card.

What is the minimum income to get a credit card? ›

Technically there is no minimum income, although credit card companies are legally required to ensure the applicant's income will be sufficient to support the card's monthly payments. They will also look at other factors like your credit score.

Can I get a Discover it card without a job? ›

You don't necessarily need to have a full-time job for your credit card application to be approved, as long as you can show your ability to make your monthly payments through other income.

What is the credit limit for 50000 salary? ›

What will be my credit limit for a salary of ₹50,000? Typically, your credit limit is 2 or 3 times of your current salary. So, if your salary is ₹50,000, you can expect your credit limit to be anywhere between ₹1 lakh and ₹1.5 lakh.

What should I put for annual income for credit card? ›

You will need to report your gross income on a credit card application. That's your annual salary before taxes and other deductions.

How do I prove my credit card income? ›

Proof of income documents may include, but aren't limited to:
  1. Pay stubs.
  2. Tax documents.
  3. Annuity statement.
  4. Pension distribution statement.
  5. Unemployment benefits.
  6. Bank statements.
  7. Profit and loss statements for business credit card applications.

Do credit card companies ever verify income? ›

Will a credit card company verify your income? Although a credit card company could ask you to provide income verification, this almost never happens. Instead, they'll take your word for it and use your reported income.

What do lenders use to verify income? ›

Mortgage lenders verify employment by contacting employers directly and requesting income information and related documentation. Most lenders only require verbal confirmation, but some will seek email or fax verification. Lenders can verify self-employment income by obtaining tax return transcripts from the IRS.

How does Equifax verify income? ›

We also provide income verification in the form of IRS tax transcripts, leveraging our strong relationship with the Internal Revenue Service to deliver that information with unparalleled efficiency. Social Security numbers are verified directly with the Social Security Administration.

What happens if you lie to bank about income? ›

Knowingly providing false information on a loan application is considered fraud and is a crime. For instance, putting an incorrect salary or falsifying documents would qualify as lying — and can impact you in serious ways. You could lose your loan.

What is the penalty for lying about income for credit card? ›

Lying on a credit application is a big deal. It's major fraud, a federal crime punishable by up to 30 years in jail and as much as $1 million in fines.

What happens if you put wrong income on credit card application? ›

Consequences of Wrong Income on a Credit Card Application

Application denial: If the credit card issuer discovers incorrect income information during the verification process, they may deny your application. Lying on a credit card application is considered fraudulent and can result in immediate rejection.

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