So I applied through Bluevine using Dan's link and again got denied. At least they had the courtesy to email and tell me, unlike CR. BV also included a letter that said:
We have given Applicant's request careful consideration, and regret that we are unable to extend credit to Applicant at this time for the following reason(s):
1. Unable to corroborate provided information from the Applicant about the business or supporting documents with public records or external sources
I called BV for more info (another benefit over CR, though my callback came 6 (!) hours later), but the rep said that she can't even look up my application to see what the problem was.
I tried discussing various possible issues with her, and finally she told me what I had done wrong. I haven't yet filed my 2020 taxes, but I completed Schedule C for 2020 and uploaded it, since I made more than in 2019. She claimed that my application would have been declined since the IRS couldn't validate the document since it wasn't yet filed.
She suggested that I re-file using a DRAFT Schedule C, and if it's labeled DRAFT, it won't be flagged and will get through okay. I asked her if I can just write DRAFT at the top of the Schedule C I sent in, but she said that there's a specific DRAFT form that I have to get from my accountant. I've never heard of such a thing and couldn't find any online mention of it.
I'm happy to call my accountant tomorrow and would love for her to be right, because then I'd at least know what the problem is and can easily correct it, but has anyone heard of such a thing and does it sound legit? I thought I remembered CR saying that you can use your 2020 tax documents even if they're not yet filed. And if she's wrong, any other ideas about what could cause the reason for rejection above, when I had no problems getting approved for 1st draw in January?
@cgr @Dan
