Legality of using parents income?

[Anonymous]

Hello,

I have read that if you are over the age of 20 and live with a parent that you can include their income as yours when applying for a credit card. Is this true?

Honestly can't remember which it was, but I asked this question to Amex/Discover directly and one said yes and the other said no.
I'm hoping to get Penfed or NFCU CC soon and would like the real answer.

Thanks!

[fltireguy]

That depends on the wording
Individual income
-or-
Household income

[fltireguy]

And the wording will vary between credit card issuers! That could be why AMEX says one thing, while Discover says another

[Anonymous]

So if when applying to NFCU/PenFed, if they only ask "what is your income" when on the phone, am I being truthful if I reply the household income?

[Aduke1122]

I thought it was specifically over the age of 21 that you could use household income .

[Aduke1122]

http://www.consumerfinance.gov/about-us/newsroom/the-cfpb-amends-card-act-rule-to-make-it-easier-for...

[Aduke1122]

http://www.creditcardideas.com/blog/reporting-income-for-credit-card-applications

This second article will better answer your specific questions I think .

[Anonymous]

https://www.nerdwallet.com/blog/credit-cards/report-income-credit-card-application/

This says you must be 22.. I like your link better though.

[fltireguy]

OP-

21, or 22, it really doesnt seem to matter.  If you are married, then you can use your spouse's income, or, apparently you can also use your domestic partner's income..

But, since you do not have a reasonable expectation of access to your parents money, you cannot use HH income in your case..

According to an amendment to the CARD Act, borrowers over 21 can list any income to which they have “reasonable expectation of access.” This broad definition includes:

Personal income
Income from a spouse or partner
Allowances and gifts
Trust fund distributions
Scholarships and grants
Retirement fund distributions
Social Security income

[fltireguy]

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@Anonymous wrote:
So if when applying to NFCU/PenFed, if they only ask "what is your income" when on the phone, am I being truthful if I reply the household income?

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No, you would not be truthful, as you do not have access to your parents money. (unless you have full access to their checkbook..lol)