- NEXTRECORD -
Petitioner contends that his sister and cousin had income
but bad credit, whereas he had minimal income but good credit.
Therefore, according to petitioner, he permitted his sister and
cousin to trade on his credit and reimburse him in cash for
expenditures made on their behalf.
Petitioner failed to prove the premise of his contention by
introducing credit reports or other documentary evidence showing
that his sister and cousin had bad credit. Petitioner likewise
failed to prove that his sister was employed or had income in
1991. In any event, the record demonstrates that petitioner's
credit cards and charge accounts were used only infrequently in
1991 and then only to make relatively modest purchases, with one
exception. Thus, petitioner rarely used his American Express
card, and he never had a monthly balance greater than $100.
Moreover, petitioner made no charges to his Citibank MasterCard
account, and he made but a single purchase (in the amount of
$23.70) using his Discover card. In addition, petitioner made no
charges to his account with Foley's, and he made only one charge
(in the amount of $261) to his account with Metropolitan.
Regarding the latter purchase, a prospective customer with
poor credit, including a history of repossessions, could probably
have obtained credit from Metropolitan with a $130 downpayment.
Thus, even if petitioner's sister or cousin had a bad credit
history, there was no showing that she could not have handled the
Page: Previous 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 NextLast modified: May 25, 2011