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Understanding Employment Status for Credit Applications and Self-Employment

L
Leanna
So when filling out things like credit apps and stuff, do we list TPC as employer and then mark self employed? Or just Self as employer?
 
I would say just self employed. With PC I believe we are outside contractors, therefore receiving a 1099
 
You are not employed by TPC, so it would be self.
 
Independent Consultant is the job title
Self-employed is the employer
 
  • Thread starter
  • #5
Cool- thanks. Kinda what I thought but new to this so wanted to make sure!
 

Related to Understanding Employment Status for Credit Applications and Self-Employment

1. What is the difference between "employer" and "self-employed" when filling out credit applications?

Employer refers to a company or organization that employs an individual and provides them with a steady salary or income. Self-employed individuals work for themselves and are responsible for generating their own income.

2. Should I list my self-employment as my employer on credit applications?

Yes, if you are self-employed, you should list your self-employment as your employer on credit applications. This will accurately reflect your current employment status and income.

3. Do I need to provide proof of my self-employment when applying for credit?

Yes, most credit applications will require some form of proof of income, including for self-employed individuals. This can include tax returns, bank statements, or invoices.

4. How does being self-employed affect my credit application?

Being self-employed may affect your credit application as lenders may view self-employment as a higher risk compared to traditional employment. This is because self-employed individuals may have fluctuating income and less stability in their income compared to traditional employees.

5. Can I list my business as my employer on credit applications if I am self-employed?

Yes, if you are self-employed through your own business, you can list your business as your employer on credit applications. However, you should also include your personal income as well as your business income to accurately reflect your overall income.

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