Income question on App

[tburns]

I've been getting nearly monthly offers from my local CU which I have Direct Deposit into. I just recently received a raise but it takes effect Monday. I've been holding off on apping for this card until I received it.

Should I wait until 2 pay cycles to app in case they request income verification?

Reason I'm worried is my last offer from them was 15mos no interest and then 11% after. Lowest they have sent me so far. Used to hover around 13% and 12 months. But the offer expires on Oct 29th. My first check for the new pay rate will be on the 19th and 2nd check is on Nov 2nd.

It's through Elan Financial who handles the cards from my CU. I don't want to wait till after the offer expires but don't want to state me new income and then not be able to prove it. Only options I think would be to app now and pray they don't ask or wait until the 29th and then app. So if they call and ask I can ask them to wait for payday to have 2 full stubs with new amount.

[DaveSignal]

I don't think they base the APR off of your income, so I don't think it matters whether you wait or not.

[tburns]

I don't think the apr is on income either. I was just worried about stating my income with my raise and then being asked for paystubs.

I've only appied for 1 CU card before and that was Alliant. And so far they are the only ones that ever asked for proof of income on a CC. So that's why I'm wondering. Np idea if my local CU does the same thing. Only know that Elan backs them. but so far can't find any details

[DaveSignal]

So apply for it now with your income after the raise and if they ask for proof, send it when you get your paystub.  At least you don't miss the window for the offer you are trying to get.

[CruzImperial]

+1

[LS2982]

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@tburns wrote:

I've been getting nearly monthly offers from my local CU which I have Direct Deposit into. I just recently received a raise but it takes effect Monday. I've been holding off on apping for this card until I received it.

Should I wait until 2 pay cycles to app in case they request income verification?

Reason I'm worried is my last offer from them was 15mos no interest and then 11% after. Lowest they have sent me so far. Used to hover around 13% and 12 months. But the offer expires on Oct 29th. My first check for the new pay rate will be on the 19th and 2nd check is on Nov 2nd.

It's through Elan Financial who handles the cards from my CU. I don't want to wait till after the offer expires but don't want to state me new income and then not be able to prove it. Only options I think would be to app now and pray they don't ask or wait until the 29th and then app. So if they call and ask I can ask them to wait for payday to have 2 full stubs with new amount.

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I would just go for it, most companys do not verify income. If your truthful you have nothing to worry about.

[SteveCi]

I got a new job, with a higher pay two months ago. Do I calculate what the annual income will be, then submit the number as income?

First half of year = $500 x 26 = $13,000 and now $1,000 * 26 = $26,000. 

I've only had four paystubs though. 

Q: Do I report an income of $26,000 now?

[Laugh]

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@SteveCi wrote:

I got a new job, with a higher pay two months ago. Do I calculate what the annual income will be, then submit the number as income?

First half of year = $500 x 26 = $13,000 and now $1,000 * 26 = $26,000. 

I've only had four paystubs though. 

Q: Do I report an income of $26,000 now?

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You can report an income of 39k for this year. Or you can just say that you make 52k.

If they ask for paystubs, they can do the math and see that it comes out to be 52k yearly. 

Your choice.

[TheConductor]

First off, you ought to have an offer letter or something in writing that indicates the raise you are about to receive.  If not, ask for it.  Always get these things in writing.

If the CU does ask for verification of income, that ought to be sufficient. They might ask you to follow up with paystubs, but the offer letter would be enough to confirm your rate of income.

And yes, it is rate of income that is meant by income questions.  Your annual income rate is the annualized total of your current earning power. not the amount you expect to actually have as total income this year.  So if you get a mid-year promotion, it is totally legitimate to report your new salary as your annual income level.