Credit and income

[FinStar]

Or, let's ask it another way... what was it that you under-reported from your Gross Annual Income?  It sounds to me like you're attempting to skirt the issue with income since you're reaching a potential ceiling with credit capacity as pegged to your idividual income.

So, is your other source of income derived from alimony, child support or separate maintenance income?   The only sources of income listed on the Chase application site are Employed, Unemployed, Self Employed, Student, Disabled, Retired, Military, Other.  If you list Other, then alimony, child support or separate maintenance income would have to be listed there unless you are unemployed or a stay at home spouse.

[FinStar]

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@CreditScholar wrote:

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@09Lexie wrote:
I don't understand your question.

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+1. If your actual income is higher than what you originally put down (because you've neglected to include something like child support payments), then you can choose to declare it and raise your stated income.

However if you've chosen not to declare additional income sources (like child support payments), don't be surprised that your limits will be lower. They can only grant you a limit based on what you declare.

They aren't going to play guessing games with you. If you want it to be factored in your CL calculations, then declare it. If you don't declare it, you can't expect anything more.

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+2

[CreditScholar]

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@FinStar wrote:

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@CreditScholar wrote:

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@09Lexie wrote:
I don't understand your question.

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+1. If your actual income is higher than what you originally put down (because you've neglected to include something like child support payments), then you can choose to declare it and raise your stated income.

However if you've chosen not to declare additional income sources (like child support payments), don't be surprised that your limits will be lower. They can only grant you a limit based on what you declare.

They aren't going to play guessing games with you. If you want it to be factored in your CL calculations, then declare it. If you don't declare it, you can't expect anything more.

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+2

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Oh, and one other thing. If you're trying to raise your internal limit by claiming you have additional income when you really don't (by alluding to having fake additional non-declared income sources), don't bother. That's a non-starter with any lender. You'll need to declare it if you want it to be factored in.

[too-much-time]

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@CreditScholar wrote:

However if you've chosen not to declare additional income sources (like child support payments), don't be surprised that your limits will be lower. They can only grant you a limit based on what you declare.

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Agreed. And I'm not surprised; I expect precisely that. It's just that if I can think of valid additional income, I see that as a chance not to blow it all on a single additional card's credit limit. I would like to spread it across several future cards. My intent is simply to make sure it's perfectly okay to declare an income that's less than your full income. You can declare $10,000 although you know your income is $20,000 and step it up later on?

[CreditScholar]

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@too-much-time wrote:

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@CreditScholar wrote:

However if you've chosen not to declare additional income sources (like child support payments), don't be surprised that your limits will be lower. They can only grant you a limit based on what you declare.

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Agreed. And I'm not surprised; I expect precisely that. It's just that if I can think of valid additional income, I see that as a chance not to blow it all on a single additional card's credit limit. I would like to spread it across several future cards. My intent is simply to make sure it's perfectly okay to declare an income that's less than your full income. You can declare $10,000 although you know your income is $20,000 and step it up later on?

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Sure, for all they know you received a huge promotion (and raise) since your last application. It really depends on which lender you're considering though.

For Chase, you can re-allocate your limits at will just by calling them up. With them, you don't need to "hold back" since they'll give you as much as they can up to your internal limit with them. Then you can re-allocate as you see fit. Amex and BofA are willing to move CLs around as well, but I'm not sure about others.