Annual Income Question

Anonymous · ‎05-24-2009

I am getting ready to apply for my first credit card since I won't be allowed to next year thanks to that new legislation (because credit cards are too dangerous for 18-20 year olds but war isn't, amiright?), and I am unsure of something. Can I include my scholarships as part of my annual income? I have a full ride scholarship, leaving me with no debt and disposable income consisting of the extra money for expenses and any personal earnings, and I want to know whether or not I can list the scholarship as part of my income. Leaving it out doesn't really reflect my financial situation (when they ask how much I pay in rent it would look like I'm in debt otherwise), but I don't want to be accused of lying on my first application. Thank you for your assistance!

llecs · ‎05-24-2009

You could include it if you declare it on your taxes. Otherwise it isn't income.

kyobakes · ‎05-24-2009

apply for a student card(s) -- There are usually no income questions asked...and you pretty much always get approved...

Anonymous · ‎05-24-2009

I've heard of people claiming the part of their income that goes into their health savings accounts and other tax-free heath care payments, is this different, or is that just an exception to the rule that income=taxable money?

Edit: It was a student card app, but it still asked the income question.

Message Edited by J0lt_C0la on 05-24-2009 06:46 PM

Anonymous · ‎05-24-2009

@llecs wrote:
You could include it if you declare it on your taxes. Otherwise it isn't income.
Income is income regardless if it is taxable or not. OP, you can use whatever you want. Nobody has ever asked me to prove income for any credit preoduct other than a mortgage. If they do,skip them and move on.

Message Edited by hobojon on 05-24-2009 07:00 PM

llecs · ‎05-24-2009

hobojon wrote:
@llecs wrote:
You could include it if you declare it on your taxes. Otherwise it isn't income.
....OP, you can use whatever you want. Nobody has ever asked me to prove income for any credit preoduct other than a mortgage. If they do,skip them and move on.
Message Edited by hobojon on 05-24-2009 07:00 PM

Is it not lying when you falsify any information on an application, especially for a bank? Unethical? Illegal?

Anonymous · ‎05-24-2009

It's called "scholarship income". As far as I know, ccc's don't care whether your funding is taxable or non-taxable. They want to know whether you have enough money to pay back the credit they give you.

Anonymous · ‎05-24-2009

@llecs wrote:
@Anonymous wrote:
@llecs wrote:
You could include it if you declare it on your taxes. Otherwise it isn't income.
....OP, you can use whatever you want. Nobody has ever asked me to prove income for any credit preoduct other than a mortgage. If they do,skip them and move on.
Message Edited by hobojon on 05-24-2009 07:00 PM

Is it not lying when you falsify any information on an application, especially for a bank? Unethical? Illegal?

Who said anybody is lying? The fact is that income doesn't have to be taxable to be considered income. What is being falsified? Unethical, illegal? Not sure what you are referring to.

Logical · ‎05-24-2009

Certain types of interest are not taxable by feds or state, but it is income.

For a lot of folks social security is not taxable, but it is income.

UpNUp · ‎05-24-2009

Logical:

Point well made.

My pension is taxable. My interest income is taxable. My Social Security is not.

Income is income. Regardless.