What types of information about a business would bankers want before extending a loan?
Answers: more than one option for info
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A loan package is going to include:
-Articles of Incorporation/Organization (If an LLC)
-Profit and loss (Income Statement) for the past 3 years
-Balance Sheet for the past 3 years
-Account Receivable Aging
-Accounts Payable Aging
-Tax Returns for the past 3 years
Often times they will want Personal credit/net worth information as a guarantor
Personal assets and liabilities.
Souce of any income you are making from outside the business.
A history of your back ground (if any) in this type of business.
If it is an existing business. 2 or 3 years of financial statements (Balance Sheet, Income Statement).
If it is a new business - a professional looking business plan with income projections for 2-3 years.
It would be worth while visiting the bank before you get too far invested (in terms of money and time) and see what they want - it will vary slightly from bank to bank.
If it looks promising after that initial visit, hire an accountant to help you put the plan together. It might be the best couple of hundred dollars you can spend.
I got a credit card from my bank and I am 17, but the acct was closed when they realized my age. Do I pay it?
Answers: If you ever want to get credit again... like when you turn 18... then PAY THE BILL
What did they say when they closed the account?
Did you lie to obtain it?
I guess my question is.if you lied to obtain the account, the card company might not be able to get the money from you since you were not legally able to enter into a contract. However, they might be able to charge you with a few other crimes for defrauding the bank by lying to obtain the card since when you signed up for it, you signed the form saying that all the information you provided was true.
If you sent this application in by mail, this is mail fraud (a federal offense). The can also charge you with defrauding a financial insitution. Will they do this, I dont know but they CAN!
As you probably know from at least one or two people in your school, you can be charged with 'adult' crimes while you are under the age of consent.
Thats upto you. Technically they cant come after you for the amount, as it is a VOIDABLE contract. ANd yes they can close it as it is in the terms of service.
However, voidable means that you can reneg on it because of the fact that you were under 18. Its a little tricky but its possible. If you decide not to pay it, make sure you ask any collection agency they may send for proof of debt.
That said, how much is the debt? If its low it may just be worth paying it to avoid being blacklisted by the issuer when you turn 18.
No do not pay it, it wasn't "legally binding" due to the fact that you were under 18.
Honestly I would personally pay it due to credit being so important these days but I'm just telling you not to pay because their case wouldn't hold up in a court room.
I cannot understand how you could be issued a credit card since the bank must verify your date of birth and a computer would reject that immediately. Are they still processing these applications on a typewriter?
I was wondering if putting a magnet up to a gift card or credit card line effects the amount of money on card?
Answers: The only thing it will do, is to negate all the numbers on the card which is the card numbers and the security code. The information on your account is in the mainframe of the credit card company, not on your card.
NO,
it might make that actual card hard to read but it will NOT change the amount of money on the card.
If a magnet can change an amount of money on the card itself, the bankers will face a bigger headache compared with fraud credit card . Wake up brother,we are now living in a modern high technology era....