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Valued Contributor
FinStar
Posts: 6,980
Registered: ‎10-21-2012
0

Re: Household Income Question


CreditScholar wrote:

anonyman wrote:

NJTurnpike wrote:

I was wondering if it would be appropriate to add my roommate's income as part of my overall household income. we share in all the expenses (rent, cable, internet, gas, electric, food, etc). We rent a rather large two bedroom house together. Been living together for a few months now.


LOL,

Heheheheheeh,

 

Sorry, I couldn't stop laughing when I saw this.

 

What they're asking for IMO is your family's household income. Combination of spouse, children, something in those lines.

 

But technically, I would agree with the person who said yes.


The worst is when you have idiot adult kids who put their parents income down, even though it's not theirs nor do they have access too it.


+1

Blogger
HiLine
Posts: 3,176
Registered: ‎10-19-2012
0

Re: Household Income Question


CreditScholar wrote:

anonyman wrote:

NJTurnpike wrote:

I was wondering if it would be appropriate to add my roommate's income as part of my overall household income. we share in all the expenses (rent, cable, internet, gas, electric, food, etc). We rent a rather large two bedroom house together. Been living together for a few months now.


LOL,

Heheheheheeh,

 

Sorry, I couldn't stop laughing when I saw this.

 

What they're asking for IMO is your family's household income. Combination of spouse, children, something in those lines.

 

But technically, I would agree with the person who said yes.


The worst is when you have idiot adult kids who put their parents income down, even though it's not theirs nor do they have access too it.


Don't you think that if you exclude their income from household income, technically you are lying and may be legally responsible for that? 

New Contributor
Dreamwalker
Posts: 107
Registered: ‎02-28-2013
0

Re: Household Income Question


HiLine wrote:

CreditScholar wrote:

anonyman wrote:

NJTurnpike wrote:

I was wondering if it would be appropriate to add my roommate's income as part of my overall household income. we share in all the expenses (rent, cable, internet, gas, electric, food, etc). We rent a rather large two bedroom house together. Been living together for a few months now.


LOL,

Heheheheheeh,

 

Sorry, I couldn't stop laughing when I saw this.

 

What they're asking for IMO is your family's household income. Combination of spouse, children, something in those lines.

 

But technically, I would agree with the person who said yes.


The worst is when you have idiot adult kids who put their parents income down, even though it's not theirs nor do they have access too it.


Don't you think that if you exclude their income from household income, technically you are lying and may be legally responsible for that? 


Don't they usually have a statement saying something like this?

Income does not have to be reported if you do not wish it to be taken into consideration when considering ability to repay.

 

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TU-654 [03/18/2014]
Established Contributor
cashnocredit
Posts: 1,034
Registered: ‎07-18-2009
0

Re: Household Income Question

[ Edited ]

Household Income?

 

Someone is looking at a really old application or the bank is out of compliance.

 

The CARD act prohibits lenders from asking for just "household income." For a while they required individual income (or assets) but recently relaxed the requirement to include income which you have reasonable access to. The CFPB lists examples of what qualifies but still allows only individual income for applicants under 21.

 

 http://www.consumerfinance.gov/pressreleases/the-cfpb-amends-card-act-rule-to-make-it-easier-for-sta...

 

For credit card applicants who are 21 or older, the Bureau’s revision allows card issuers to consider third-party income if the applicant has a reasonable expectation of access to it. Although today’s rule applies to all such applicants regardless of marital status, the Bureau expects that it will ease access to credit particularly for stay-at-home spouses or partners who have access to a working spouse or partner’s income.

 

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

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Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
0

Re: Household Income Question


HiLine wrote:

CreditScholar wrote:

anonyman wrote:

NJTurnpike wrote:

I was wondering if it would be appropriate to add my roommate's income as part of my overall household income. we share in all the expenses (rent, cable, internet, gas, electric, food, etc). We rent a rather large two bedroom house together. Been living together for a few months now.


LOL,

Heheheheheeh,

 

Sorry, I couldn't stop laughing when I saw this.

 

What they're asking for IMO is your family's household income. Combination of spouse, children, something in those lines.

 

But technically, I would agree with the person who said yes.


The worst is when you have idiot adult kids who put their parents income down, even though it's not theirs nor do they have access too it.


Don't you think that if you exclude their income from household income, technically you are lying and may be legally responsible for that? 


I highly doubt that will hold up under any form of scrutiny. The intent here is to declare income that can be used to repay what one charges. Declaring income that isn't yours and that you don't have access to doesn't fit that intent.

 

As an alternative analogy: 20 people all cram together and live in a house, all leading seperate lives with seperate finances. Yes they're all in the same "household", but I wouldn't think for a second that you could rightfully add all 20 of their incomes together and declare it on a CC application.

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Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
0

Re: Household Income Question


Dreamwalker wrote:

HiLine wrote:

CreditScholar wrote:

anonyman wrote:

NJTurnpike wrote:

I was wondering if it would be appropriate to add my roommate's income as part of my overall household income. we share in all the expenses (rent, cable, internet, gas, electric, food, etc). We rent a rather large two bedroom house together. Been living together for a few months now.


LOL,

Heheheheheeh,

 

Sorry, I couldn't stop laughing when I saw this.

 

What they're asking for IMO is your family's household income. Combination of spouse, children, something in those lines.

 

But technically, I would agree with the person who said yes.


The worst is when you have idiot adult kids who put their parents income down, even though it's not theirs nor do they have access too it.


Don't you think that if you exclude their income from household income, technically you are lying and may be legally responsible for that? 


Don't they usually have a statement saying something like this?

Income does not have to be reported if you do not wish it to be taken into consideration when considering ability to repay.

 


We were talking about over-stating one's income by adding parents.

 

What you're talking about is under-reporting because someone doesn't want to disclose they won a judgement against an orphange for childhood sexual abuse (for example).

 

They're 2 different things.

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Valued Contributor
FinStar
Posts: 6,980
Registered: ‎10-21-2012
0

Re: Household Income Question


CreditScholar wrote:

HiLine wrote:

CreditScholar wrote:

anonyman wrote:

NJTurnpike wrote:

I was wondering if it would be appropriate to add my roommate's income as part of my overall household income. we share in all the expenses (rent, cable, internet, gas, electric, food, etc). We rent a rather large two bedroom house together. Been living together for a few months now.


LOL,

Heheheheheeh,

 

Sorry, I couldn't stop laughing when I saw this.

 

What they're asking for IMO is your family's household income. Combination of spouse, children, something in those lines.

 

But technically, I would agree with the person who said yes.


The worst is when you have idiot adult kids who put their parents income down, even though it's not theirs nor do they have access too it.


Don't you think that if you exclude their income from household income, technically you are lying and may be legally responsible for that? 


I highly doubt that will hold up under any form of scrutiny. The intent here is to declare income that can be used to repay what one charges. Declaring income that isn't yours and that you don't have access to doesn't fit that intent.

 

As an alternative analogy: 20 people all cram together and live in a house, all leading seperate lives with seperate finances. Yes they're all in the same "household", but I wouldn't think for a second that you could rightfully add all 20 of their incomes together and declare it on a CC application.



LMAO... great analogy...very true though.

Blogger
HiLine
Posts: 3,176
Registered: ‎10-19-2012
0

Re: Household Income Question

[ Edited ]

CreditScholar wrote:

HiLine wrote:

CreditScholar wrote:

anonyman wrote:

NJTurnpike wrote:

I was wondering if it would be appropriate to add my roommate's income as part of my overall household income. we share in all the expenses (rent, cable, internet, gas, electric, food, etc). We rent a rather large two bedroom house together. Been living together for a few months now.


LOL,

Heheheheheeh,

 

Sorry, I couldn't stop laughing when I saw this.

 

What they're asking for IMO is your family's household income. Combination of spouse, children, something in those lines.

 

But technically, I would agree with the person who said yes.


The worst is when you have idiot adult kids who put their parents income down, even though it's not theirs nor do they have access too it.


Don't you think that if you exclude their income from household income, technically you are lying and may be legally responsible for that? 


I highly doubt that will hold up under any form of scrutiny. The intent here is to declare income that can be used to repay what one charges. Declaring income that isn't yours and that you don't have access to doesn't fit that intent.

 

As an alternative analogy: 20 people all cram together and live in a house, all leading seperate lives with seperate finances. Yes they're all in the same "household", but I wouldn't think for a second that you could rightfully add all 20 of their incomes together and declare it on a CC application.


The law doesn't have to make sense, and neither do questions on applications. But we do have to answer those questions truthfully. Don't you think that if they ask you for your household income you should declare your household income? Whether that information is meaningful is for them to determine.


I know it's stupid, but still, better be safe than sorry.

Frequent Contributor
Dubious
Posts: 271
Registered: ‎02-10-2013
0

Re: Household Income Question


HiLine wrote:

CreditScholar wrote:

HiLine wrote:

CreditScholar wrote:

anonyman wrote:

NJTurnpike wrote:

I was wondering if it would be appropriate to add my roommate's income as part of my overall household income. we share in all the expenses (rent, cable, internet, gas, electric, food, etc). We rent a rather large two bedroom house together. Been living together for a few months now.


LOL,

Heheheheheeh,

 

Sorry, I couldn't stop laughing when I saw this.

 

What they're asking for IMO is your family's household income. Combination of spouse, children, something in those lines.

 

But technically, I would agree with the person who said yes.


The worst is when you have idiot adult kids who put their parents income down, even though it's not theirs nor do they have access too it.


Don't you think that if you exclude their income from household income, technically you are lying and may be legally responsible for that? 


I highly doubt that will hold up under any form of scrutiny. The intent here is to declare income that can be used to repay what one charges. Declaring income that isn't yours and that you don't have access to doesn't fit that intent.

 

As an alternative analogy: 20 people all cram together and live in a house, all leading seperate lives with seperate finances. Yes they're all in the same "household", but I wouldn't think for a second that you could rightfully add all 20 of their incomes together and declare it on a CC application.


The law doesn't have to make sense. Don't you think that if they ask you for your income you should declare your household income? Better be safe than sorry.


That's the thing though. They ask for your individual income. Why would you declare HHI? 

Blogger
HiLine
Posts: 3,176
Registered: ‎10-19-2012
0

Re: Household Income Question


Dubious wrote:

HiLine wrote:

CreditScholar wrote:

HiLine wrote:

CreditScholar wrote:

anonyman wrote:

NJTurnpike wrote:

I was wondering if it would be appropriate to add my roommate's income as part of my overall household income. we share in all the expenses (rent, cable, internet, gas, electric, food, etc). We rent a rather large two bedroom house together. Been living together for a few months now.


LOL,

Heheheheheeh,

 

Sorry, I couldn't stop laughing when I saw this.

 

What they're asking for IMO is your family's household income. Combination of spouse, children, something in those lines.

 

But technically, I would agree with the person who said yes.


The worst is when you have idiot adult kids who put their parents income down, even though it's not theirs nor do they have access too it.


Don't you think that if you exclude their income from household income, technically you are lying and may be legally responsible for that? 


I highly doubt that will hold up under any form of scrutiny. The intent here is to declare income that can be used to repay what one charges. Declaring income that isn't yours and that you don't have access to doesn't fit that intent.

 

As an alternative analogy: 20 people all cram together and live in a house, all leading seperate lives with seperate finances. Yes they're all in the same "household", but I wouldn't think for a second that you could rightfully add all 20 of their incomes together and declare it on a CC application.


The law doesn't have to make sense. Don't you think that if they ask you for your income you should declare your household income? Better be safe than sorry.


That's the thing though. They ask for your individual income. Why would you declare HHI? 


I meant to say "household income" both times. :smileywink:


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