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02-05-2013 07:25 AM
Hi, I'm new to all of this credit card stuff so, this may sound stupid. I'm looking into getting a credit card to help build credit. I am a light spender so, I was looking at the Amex BCE card. Well, I started to apply and then realized that I had to put my annual income. I have only been working since November of 2012. Before that I was a stay at home mom for two years and didn't generate any income. Previous to having a baby I did work. So, my question is since, I only have my W2 from 2012 to go off of and that only shows three months of income...should I estimate for the year or what? Sorry if that sounds dumb but, like I said I'm new to all this. Thanks in advance!
02-05-2013 07:28 AM
02-05-2013 07:29 AM
Welcome to the forums!
It's always legitimate to estimate your income for the year. On (almost) any W2 income verification, that's what the last two paystubs will show anyway.
02-05-2013 09:42 AM
I would estimate your annual income based on those 3 months. You will be making a similar amount this year anyways!
And welcome to the forums! Not a dumb question at all; we all have to start somewhere, and finding this forum is a great beginning for you!
02-05-2013 09:55 AM
Remember that most folks embellish their income claims anyway. It a lot like a resume'.
Also, there are sources of income that you do not have to disclose if you do not want it used for consideration purposes; ie Alimony, certain investments, kickbacks from your bookie, etc etc.
the best policy is to be as accurate as you can but without volunteering more than you need. tell the truth but maybe not volunteer that your work history is only two months out of 2012...especially if you are still with the same employer.
If since November you have made lets say 4000 per month Gross pay, then multiply 4000 x 12 months to find a yearly sum for that monthly amount and let it rip. Two paystubs generally equal a month and they tend to just multiply that by 12 anyway.
If all else fails, they can always ask for a copy of your latest tax return. (Don't claim kickbacks from the bookie on that tax return though)
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