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Can I reasonably consider this "income?"

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juggar
Contributor

Re: Can I reasonably consider this "income?"


@Anonymous wrote:

In my personal experience, the only time I get asked for proof of income in relation to applying for credit is:

 

  • When I'm applying for an auto loan or any other type of installment loan
  • Applying for a Credit Union credit card
  • Applying for AMEX credit card
  • Applying for a payday or personal loan

Maybe I just got lucky though; although I'm usually honest and upfront about my income. 

 

I've never seen typical CCC ask for proof of income for regular credit card app (such as Discover IT)

 

Then again, the last time I applied as a student has been almost eight years ago, so maybe rules have changed since then.


This has also been my experince and I have used this knowledge extensivly in applying for credit cards. 

 

One thing, Amex did not ask for proof of income when I applied. But they are for sure the only credit card company that knows what I actually make on my own. 

 

I applied for many credit cards during college claiming income of up to 100K (parents) and was never asked to prove anything. Though that wouldnt have been an issue.

Amex Green, Chase Freedom(7.5K), Nationwide Visa Signature(6K), Chase Sapphire Preferred(6k), Cap One VentureOne visa signature (5K) BoA Cash Rewards siggy (5K), BoA travel rewards visa siggy(5K) PayPal Extras Mastercard(5K), Capital One QuickSilver(2.25K) Newegg Preferred Account(2K), Citi Forward(3.4K), Dell Account(2K) Discover IT(2.4K), Chase Slate (1.5K) Citi Diamond Preferred ($800), BestBuy Mastercard ($1500),Bill-Me-Later(1.2K), ,Barclay Mastercard(2K). TigerDirect TigerPay(3.15K), Wal-mart credit card(3.9K), Amazon store card (2K)

equifax - 720, TU - 747, Exp - 734 - report date 11/24/2014
15+ inqs...
Message 21 of 44
skigirl916
Established Contributor

Re: Can I reasonably consider this "income?"


@CreditCuriousity wrote:

Damn I should put my roommates income on my application since we live in the same househould.. Our combined household income is in excess of 300k.. Imagine the creditlines I could get?  Anyways, we each have our opinion and I respect that, best of luck OP either way.


If I can include someone I can "reasonably rely upon" to help me financially, I could include my BF and all my friends.  So, my income is well over $10M.

 

And if just including my BF, it's like $750K. 

 

I can only imagine the CLs I'd get if I followed the "use your parents' income" rationale...

 

Imagine a 20 year old with the income of both his parents.  While in college.  Hmm.

Message 22 of 44
Anonymous
Not applicable

Re: Can I reasonably consider this "income?"

Is this a new discover requirment? I applied for a card last year and listed $4000, because that was what my income was at the time. My gf applied for on last month and listed 6K.

Message 23 of 44
sccredit
Valued Contributor

Re: Can I reasonably consider this "income?"

I strongly disagree with the assertion that it is reasonable to include your parents income.  

 

A Reasonable Expectation can be seen as access to a spouse or live in partner's income, not parents, children, etc.  That is not a stretch, IMO it is flat out dishonest.

Message 24 of 44
juggar
Contributor

Re: Can I reasonably consider this "income?"


@sccredit wrote:

I strongly disagree with the assertion that it is reasonable to include your parents income.  

 

A Reasonable Expectation can be seen as access to a spouse or live in partner's income, not parents, children, etc.  That is not a stretch, IMO it is flat out dishonest.


"household income" means just that. It cannot be argued. If some person lives in your house and you can count on them then that means its ok to use their income. 

 

If you live with your parents then thats fine, go ahead and put down the 100K+ , but it wont get you very far. I know this first hand from years ago when I was in college. 

 

I remember applying for my Chase Freedom card 3 years ago when I was 19, I put 100K as the income and got a 6K credit limit. 

 

My roommate put 50k on his and received 4.5K , we both had nearly identical credit scores. 

 

Chase also had no problem with me putting 100K but they did ask me how much I made at my own job, 12K part time at Lowes but this was after I got approved. 

 

Amex Green, Chase Freedom(7.5K), Nationwide Visa Signature(6K), Chase Sapphire Preferred(6k), Cap One VentureOne visa signature (5K) BoA Cash Rewards siggy (5K), BoA travel rewards visa siggy(5K) PayPal Extras Mastercard(5K), Capital One QuickSilver(2.25K) Newegg Preferred Account(2K), Citi Forward(3.4K), Dell Account(2K) Discover IT(2.4K), Chase Slate (1.5K) Citi Diamond Preferred ($800), BestBuy Mastercard ($1500),Bill-Me-Later(1.2K), ,Barclay Mastercard(2K). TigerDirect TigerPay(3.15K), Wal-mart credit card(3.9K), Amazon store card (2K)

equifax - 720, TU - 747, Exp - 734 - report date 11/24/2014
15+ inqs...
Message 25 of 44
skigirl916
Established Contributor

Re: Can I reasonably consider this "income?"


@juggar wrote:

@sccredit wrote:

I strongly disagree with the assertion that it is reasonable to include your parents income.  

 

A Reasonable Expectation can be seen as access to a spouse or live in partner's income, not parents, children, etc.  That is not a stretch, IMO it is flat out dishonest.


"household income" means just that. It cannot be argued. If some person lives in your house and you can count on them then that means its ok to use their income. 

 

If you live with your parents then thats fine, go ahead and put down the 100K+ , but it wont get you very far. I know this first hand from years ago when I was in college. 

 

I remember applying for my Chase Freedom card 3 years ago when I was 19, I put 100K as the income and got a 6K credit limit. 

 

My roommate put 50k on his and received 4.5K , we both had nearly identical credit scores. 

 

Chase also had no problem with me putting 100K but they did ask me how much I made at my own job, 12K part time at Lowes but this was after I got approved. 

 


I've actually never seen a credit card application that asked for household income, rather, personal income.  Two very different things.

 

Can you site me to a CCC that allows for household income in its application? Thanks.

Message 26 of 44
skigirl916
Established Contributor

Re: Can I reasonably consider this "income?"

Y'all need to read the actual terms of the 2009 CARD Act. The original Act required CCCs only to look at an individual's ability to pay - that is, personal income, not household income.

 

The subsequent amendments which ease that requirement allows spouses and unmarried partners who are 21 or older and don’t work outside the home, apply for credit based on shared income.  It's specifically designed for spouses/partners who stay-at-home, not for employed children who rely on money from their parents. 

 

Essentially, it's household income from a taxable standpoint - the way a married or domestic partnership would consider income.  Not the OP or others in this thread saying they do it.

Message 27 of 44
the_jan_b
Established Contributor

Re: Can I reasonably consider this "income?"


@skigirl916 wrote:

@CreditCuriousity wrote:

Damn I should put my roommates income on my application since we live in the same househould.. Our combined household income is in excess of 300k.. Imagine the creditlines I could get?  Anyways, we each have our opinion and I respect that, best of luck OP either way.


If I can include someone I can "reasonably rely upon" to help me financially, I could include my BF and all my friends.  So, my income is well over $10M.

 

And if just including my BF, it's like $750K. 

 

I can only imagine the CLs I'd get if I followed the "use your parents' income" rationale...

 

Imagine a 20 year old with the income of both his parents.  While in college.  Hmm.


I need to be buddies with you!!  Smiley Happy

Enjoying your freedom? Thank a servicemember and their family!

In the garden since 26 Jun 14...

I am digitaldiva's alter-ego


Message 28 of 44
skigirl916
Established Contributor

Re: Can I reasonably consider this "income?"


@digitaldiva wrote:

@skigirl916 wrote:

@CreditCuriousity wrote:

Damn I should put my roommates income on my application since we live in the same househould.. Our combined household income is in excess of 300k.. Imagine the creditlines I could get?  Anyways, we each have our opinion and I respect that, best of luck OP either way.


If I can include someone I can "reasonably rely upon" to help me financially, I could include my BF and all my friends.  So, my income is well over $10M.

 

And if just including my BF, it's like $750K. 

 

I can only imagine the CLs I'd get if I followed the "use your parents' income" rationale...

 

Imagine a 20 year old with the income of both his parents.  While in college.  Hmm.


I need to be buddies with you!!  Smiley Happy


My friends are the ones who cumulatively rake in that cash, not me! Smiley Happy

Message 29 of 44
Anonymous
Not applicable

Re: Can I reasonably consider this "income?"


@skigirl916 wrote:

@CreditCuriousity wrote:

Damn I should put my roommates income on my application since we live in the same househould.. Our combined household income is in excess of 300k.. Imagine the creditlines I could get?  Anyways, we each have our opinion and I respect that, best of luck OP either way.


If I can include someone I can "reasonably rely upon" to help me financially, I could include my BF and all my friends.  So, my income is well over $10M.

 

And if just including my BF, it's like $750K. 

 

I can only imagine the CLs I'd get if I followed the "use your parents' income" rationale...

 

Imagine a 20 year old with the income of both his parents.  While in college.  Hmm.


750k, Nice.

 

Real estate?

Message 30 of 44
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