Credit approval and "unverifiable income"

[Jess Leigh]

Hi all--
I am new to this forum and I actually decided to join to get advice regarding some woes of self-employment. While I absolutely LOVE being a self-employed private piano teacher, there are certain things that I would rather do without. For instance, I just got a call from my credit union that I recently opened an account with. They told me that I was not approved for a credit card due to "unverifiable income." They asked me for my 2006 Tax Return, which was reflective of income earned for only HALF the year because I was a full time student until June. This didn't matter to them...all they noted was that my 2006 income was so diminutive and that they are estimating my 2007 income to be the same, even though I am teaching FULL time for the FULL year with a FULL studio. I even gave them a roster with phone numbers of clients that they can call to verify as well as financial spreadsheets galore detailing my gross monthly income. Never mind the fact that my credit is INCREDIBLE. All they said was that I was not approved because my income (based on LAST year) is not sufficient to cover the payments if I were to max out on the card. I explained in clear detail that the reason why I need to utilize a credit card for my business is so that I can purchase materials for my students without being stuck with the bill until they reimburse me. I have no problem paying it off monthly. GAH! I'm so livid. Have any of you dealt with something like this? What are my options? What arguments can I offer to them?

Thanks!
Jess

[Old Welsh Guy]

Get a secured loan for working capital and deposit it in an interest paying account with a debit card!
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