Brenda Gray5 said:Look, I pay my taxes and stay current on everything, but whenever I walk into a bank and tell them I run my own small business—like a local cobbler shop—they practically laugh in my face. It’s why they give me such a hard time about my creditworthiness.
They’re probably laughing because you’re likely paying the bare minimum in taxes—maybe just a hair over—and since you're running things solo (like my late grandpa used to), you probably aren't reporting every single cent of revenue. It’s not like you're pulling in millions, so the paper trail looks thin, and that's your main issue right there. Honestly? Just go talk to your personal banker—you should have one since you're a business owner—and ask what kind of income they actually need to see for a loan that size. Then, try bumping up your reported earnings for three months and give it another shot. Though, without co-signers... I doubt you'll hit that number.
Most importantly though—think long and hard about this. $100,000 over 20 years is no joke. I can't do the math perfectly, but I've got a $75,000 loan over 15 years, and my monthly payment is around $725. I've got less than three years left and it feels like it's been forever. Every month, you're scrambling to find the cash, and if you haven't paid by the 20th, the bank starts breathing down your co-signers' necks. In places like Omaha, once you miss three payments, they come straight for your co-signers' paychecks. I had four people backing me back in the day because that was just how it worked. Seriously, don't screw over your friends or end up losing your house.
