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Marcus Goldman Sachs approved but could not verify income

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Gotta share the good, bad, and ugly...

 

I had about 719 score on TU , UTIL in the high 20s..Was approved for 26k at 8.99 so I decided to go thru with it.

 

I have a business and pay all my bills and stuff thru that and this was the problem...I even submitted a w2 but they wanted to see my personal bank account, which has no activity..just a lesson for those going forward. I tried to get them to take the inquiry off but no dice..Got kinda pissed off at the end and just hung up. Anyway, hope this helps someone if they are in the same boat.

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You don't have a real business. Paying personal bills out of a business account is comingling funds and it's dangerous as it could allow someone to sue your business and take everything you own. You need to adjust how you do business.

 

Pay yourself regularly out of the business account into your personal account. Then pay your personal bills from the personal account.

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An inquiry is just a record that you requested the loan. No reason to request or expect the inquiry to be deleted.

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You don't have a real business. Paying personal bills out of a business account is comingling funds and it's dangerous as it could allow someone to sue your business and take everything you own. You need to adjust how you do business.

 

Pay yourself regularly out of the business account into your personal account. Then pay your personal bills from the personal account.

hey trollboy, "you don't have a real business", stick your comment bro. Trying to help people out. You don't know what kind of money I bring in.

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An inquiry is just a record that you requested the loan. No reason to request or expect the inquiry to be deleted.

 

wasn't expecting it, but, being that w2 was one of their self described ways of proving income, I thought I would be ok...it misled me to apping,

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You don't know what kind of money I bring in.

You missed the entire point of my post. But good luck! Glad you're bringing in the Benjamins!

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An inquiry is just a record that you requested the loan. No reason to request or expect the inquiry to be deleted.

 

wasn't expecting it, but, being that w2 was one of their self described ways of proving income, I thought I would be ok...it misled me to apping,

 

 

Income verification is obviously only one part of their underwriting process. No one is going to turn over all of their underwriting procedures and requirements before you submit an application -- or ever.

 

BTW, shifter gave you some great feedback. I hope you take it to heart.

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You don't have a real business. Paying personal bills out of a business account is comingling funds and it's dangerous as it could allow someone to sue your business and take everything you own. You need to adjust how you do business.

 

Pay yourself regularly out of the business account into your personal account. Then pay your personal bills from the personal account.

This ^^^

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I have a business and pay all my bills and stuff thru that and this was the problem...I even submitted a w2 but they wanted to see my personal bank account, which has no activity..just a lesson for those going forward. I tried to get them to take the inquiry off but no dice..Got kinda pissed off at the end and just hung up. Anyway, hope this helps someone if they are in the same boat.

 

How is this even possible? How are you even able to generate a W2 if you don't pay yourself into a separate bank account? Who does your taxes? What an accounting nightmare.

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I have a business and pay all my bills and stuff thru that and this was the problem...I even submitted a w2 but they wanted to see my personal bank account, which has no activity..just a lesson for those going forward. I tried to get them to take the inquiry off but no dice..Got kinda pissed off at the end and just hung up. Anyway, hope this helps someone if they are in the same boat.

 

How is this even possible? How are you even able to generate a W2 if you don't pay yourself into a separate bank account? Who does your taxes? What an accounting nightmare.

 

 

From the context of this thread, I am guessing this is possible with QuickBooks, creativity, and an inkjet printer.

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Everyone is right. Never pay personal expenses from a business account as it opens you up to liability of being sued. You pierce the corporate veil and now even if your a corporation, You personally and the corporation are one in the same. If the company is paying for stuff like a mortgage, then the house is up for grabs even if not in the companies name during a lawsuit.

 

On that side, many banks expect to review personal bank statements, so this should not have been unexpected. Many lenders do this in an automated way even. In terms of Marcus point of view, anyone with a printer and some photoshop can easily make a W2. You could always suggest them reviewing your tax transcripts.

Edited by EvilMan

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You could always suggest them reviewing your tax transcripts.

somehow I doubt those "are available" either. :blush:

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