Household Income?????

[sgs10]

What does it mean by household income?

1. Just your income

2. Income of your family to gether

3. Income of eveyone in the household???????????????

[laz98]

what's with all the question marks? 

to me, household income means the income of the 2 primary breadwinners, usually the mom & dad.  if your kids work, i don't think they want you to include that.  if you have other adults in your house, i don't think you should include their income either (& they shouldn't use yours).

[sgs10]

Just curious so many question marks

[fused]

I believe the answer is #3. 

[Anonymous]

For me, it's whatever I can verify if I ever get FR'd

[fused]

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@Anonymous wrote:

For me, it's whatever I can verify if I ever get FR'd

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Very true!!!

[Anonymous]

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@sgs10 wrote:

What does it mean by household income?

1. Just your income

2. Income of your family to gether

3. Income of eveyone in the household???????????????

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I think it means you, plus anyone you would normally pool your income and debts with (traditionally that could mean spouses/SOs/adult children living at home).  It wouldn't normally include roommates (who are not legally or morally obligated to help you pay down debt).

[Anonymous]

I usually just imagine the worst case scenario. If you do include your parents, gf/bf, children, roommate's income in your application, and if (more like when in this adverse climate) they ever pull a Financial Report on you, can you go up to them and ask, "Uh, hi (insert name), My CC company just put me under FR. Can I get a copy of your tax return?"

If you end up not being able to verify said income, won't the CC company have grounds to close your account, based on incorrect information on your application?

Just my two cents.

[sgs10]

Thanks for the replies that was informative....

[MattH]

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@Anonymous wrote:

I usually just imagine the worst case scenario. If you do include your parents, gf/bf, children, roommate's income in your application, and if (more like when in this adverse climate) they ever pull a Financial Report on you, can you go up to them and ask, "Uh, hi (insert name), My CC company just put me under FR. Can I get a copy of your tax return?"

If you end up not being able to verify said income, won't the CC company have grounds to close your account, based on incorrect information on your application?

Just my two cents.

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When my wife and I were applying for the mortgage on our current residence in 2002, at that time she was working as a freelance writer and editor (a few years later she returned to working full time at one company).  Since we could easily qualify based on my salary alone, we put "homemaker" for her occupation just to avoid having to submit a stack of 1099 forms and other stuff documenting her income.