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Senior Contributor
fishbjc
Posts: 3,422
Registered: ‎11-30-2007
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How is income taken into consideration for cl?

For instance...here in Ohio, 150K is a good living.  That amount in NY or CA ain't crap.  Is where you live a consideration for cl????
Valued Contributor
debtisgood
Posts: 1,126
Registered: ‎03-25-2008
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Re: How is income taken into consideration for cl?

That is an excellent question. I can't imagine they look at that too closely because they also often ask for household income. They don't ask you how many kids you have. An income of 150k is great in most places for a family of 2, but if you have a family of 7 - heaven help you.
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chartley3
Posts: 488
Registered: ‎05-23-2007
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Re: How is income taken into consideration for cl?

I think they take into consideration not only current utility but DTI when granting CLI's. I know when I apped with chase and called for a recon the analyst on the other side stated that by DTI was quite low and how much did I pay per month toward my CC balances.
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aftermath
Posts: 519
Registered: ‎05-09-2008
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Re: How is income taken into consideration for cl?



chartley3 wrote:
I think they take into consideration not only current utility but DTI when granting CLI's. I know when I apped with chase and called for a recon the analyst on the other side stated that by DTI was quite low and how much did I pay per month toward my CC balances.


When you say your DTI is low, does that mean you have a lot of debt? Or does it mean your debt is low?
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Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
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Re: How is income taken into consideration for cl?



aftermath wrote:


chartley3 wrote:
I think they take into consideration not only current utility but DTI when granting CLI's. I know when I apped with chase and called for a recon the analyst on the other side stated that by DTI was quite low and how much did I pay per month toward my CC balances.


When you say your DTI is low, does that mean you have a lot of debt? Or does it mean your debt is low?



DTI = Debt to Income
 
So, a low DTI means debt is low and/or income is high.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Established Contributor
GFer
Posts: 992
Registered: ‎04-01-2008
0

Re: How is income taken into consideration for cl?

Does this mean that when I apply for a credit card I could possibly get a higher cl if I include income of everyone in home?
 
Seeings how I live with family, I only put my income down.
Wouldn't do it--just curious.


1/28/14 EQ 817, (6/30/14)EX 821, TU 817 on 6/13/2014

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cheddar
Posts: 6,794
Registered: ‎09-29-2007
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Re: How is income taken into consideration for cl?



GFer wrote:
Does this mean that when I apply for a credit card I could possibly get a higher cl if I include income of everyone in home?
 
Seeings how I live with family, I only put my income down.
Wouldn't do it--just curious.


Yes, possibly.  However, when a CC application asks for household income, they are only asking for income which can be expected to be used for repayment of whatever debts you might incur.  The income of someone who happens to live in the same house but whose income is not part of the same "economic unit" as your own should NOT be included.

 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Senior Contributor
fishbjc
Posts: 3,422
Registered: ‎11-30-2007
0

Re: How is income taken into consideration for cl?

My neighbor has EIGHT CHILDREN...I don't know how in the heck they do it, on a single income!!!!!!
 
I guess where there's a will, there's a way. 
Established Contributor
GFer
Posts: 992
Registered: ‎04-01-2008
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Re: How is income taken into consideration for cl?

That's exactly why I don't do it. If the honesty 'hurts me'....oh well.
 


1/28/14 EQ 817, (6/30/14)EX 821, TU 817 on 6/13/2014

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