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Member
janvanderm
Posts: 16
Registered: ‎08-26-2012

Re: Citi denial, help?

Jd5189
I am a bit confused regarding the utilization, the 16% is the average across all months, I did the math with my statements.
The TU was for one month, I disputed this (the bank confirmed my dispute was valid) so that will go away
Now that $23 is what equifax says is outstanding, so is util just for the most recent or across the board?

I charge up to 60-70start percent but I pay in full before statement date, before I found this site I believed you had to show some balance under 20% on statement so I left some. Now I pay in full before statement date.
Frequent Contributor
scarrollprint
Posts: 382
Registered: ‎06-26-2012

Re: Citi denial, help?

As far as your income, is 7k your working income or your total income?

 

Grants/scholarships can be considered income if they are given to you to use towards college - not sure if they are paid directly to the school.
 Make sure you include that.

 

Congrats on being in school with no loans by the way!



Current: Eq- 624 Ex - 631 (lender pulled) TU - 661 (lender pulled)
Goal 700+ across all three
Member
janvanderm
Posts: 16
Registered: ‎08-26-2012

Re: Citi denial, help?

That 7k is after I pay my tuition, if im allowed to include tuition it would be closer to 15k..but i wasn't sure if that's allowed, so I did not include it in my application.

Thanks by the way...I've worked hard to ensure that I have no debt at all.
Frequent Contributor
jd5189
Posts: 470
Registered: ‎08-14-2012

Re: Citi denial, help?

Your salary is what your income tax form says... any and all money that you took in is your salary.

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.
Valued Contributor
jsucool76
Posts: 2,770
Registered: ‎12-11-2011

Re: Citi denial, help?


jd5189 wrote:

Your salary is what your income tax form says... any and all money that you took in is your salary.


This!

Just because you're spending your income, doesn't mean it's not income.  You still have money coming in, and as long as you're spending less than you're making you're fine. :smileyvery-happy:

 

If you work, get any scholarships/grants (any money you don't have to pay back (I.E Cannot declare student loans or anything like that) you can count that as income. If you have an actual job, your income (if they ask for proof) can be shown through paystubs and stuff, and if you get scholarships and whatnot you can request a 1098-T from your school. 

 

 

Wallet: Capital One Cash Rewards 3500CL, Wells Fargo Cash Back College Visa: 900CL, Paypal Smart Connect: 1286CL, Walmart Discover: 2000CL, UPromise Mastercard: 1000CL, Chase Slate: 500CL, Discover IT: 2000CL, Citi Forward: 1500CL, Bank Of America Student Travel Rewards: 700CL
Frequent Contributor
scarrollprint
Posts: 382
Registered: ‎06-26-2012

Re: Citi denial, help?

I'd update your income amount.

 

Just like mortgage/rent, car loans, anything, your income is exactly that - what you have coming in - doesn't matter what's left after you pay your bills (if your in the red or the black it doesn't change your income)

 

I'd update to show exactly what your making - which appears to be at least double what they think you have. I'd ask for a recon and state that you miscalculated your income - they may ask for proof but if you have a job/grants/etc that will be very easy to prove to them.

 

 



Current: Eq- 624 Ex - 631 (lender pulled) TU - 661 (lender pulled)
Goal 700+ across all three
Frequent Contributor
OptimasPrime
Posts: 348
Registered: ‎08-17-2012

Re: Citi denial, help?

[ Edited ]

janvanderm wrote:
Jd5189
I am a bit confused regarding the utilization, the 16% is the average across all months, I did the math with my statements.
The TU was for one month, I disputed this (the bank confirmed my dispute was valid) so that will go away
Now that $23 is what equifax says is outstanding, so is util just for the most recent or across the board?

I charge up to 60-70start percent but I pay in full before statement date, before I found this site I believed you had to show some balance under 20% on statement so I left some. Now I pay in full before statement date.

Util is only based off of the most recent balances reported to the cras. No need to do the math from last statements just use the $23 that eq says is outstanding for your calculations.

 

Sorry that might be confusing. What I meant to say is no need to do any math from past statements, only your current statements factor into util calculations.

 

EQ 778 | TU 776
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