Credit Cards Center Credit cards from our partners
Reply
Established Contributor
Posts: 619
Registered: ‎09-26-2011
0

Question about income

I understand that some CCs want proof of income, but I have income that is neither taxable nor on my paycheck (child support/promissory note).  How do I account for that when requested, send copies of the documents?

Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

Regular Contributor
Posts: 237
Registered: ‎07-13-2012
0

Re: Question about income

Court order for child support paperwork or your online statement from DOR if he has to pay it to the state and then you receive it. That might help.

EX 638 (Lender 9/1) TA 650(Walmart 9/1) EQ 655 (FICO - 9/17)
Goal - 700 Club in '13!!!

My Wallet - Cap 1 - $300. Cap 1 - $750. Orchard - $950.
New as of 8/29 - Target - $3000. Barclay's - $2000. Merrick - $1000. Walmart $600. And as of 9/22 - JCP $200.
Frequent Contributor
Posts: 347
Registered: ‎08-11-2011
0

Re: Question about income

I had to prove income for Discover. They said I could send in bank statements that showed the deposits made into my account and that would be fine. 

Amex ED $15k | NFCU cash $10k | BOA cash $5K | Citi AA $5k | US Airways $4k | QS $4.5k | IHG $3k | Barclay Rewards $2.4k Amex BCE $2k | Chase Freedom $2k | Chase Amazon $1k | Discover It $1k | Last HP 7/24/15

Starting Score: 530 (9/2013)
Current Score: 700 EQ (myfico) 699 TU (Barclay) 673 EXP (myfico)
Goal Score: 720+ all 3

Take the myFICO Fitness Challengefont>
Regular Contributor
Posts: 237
Registered: ‎07-13-2012
0

Re: Question about income

I don't think creditors check on income much. I've never had one call to verify the income or even employment for an employee.

EX 638 (Lender 9/1) TA 650(Walmart 9/1) EQ 655 (FICO - 9/17)
Goal - 700 Club in '13!!!

My Wallet - Cap 1 - $300. Cap 1 - $750. Orchard - $950.
New as of 8/29 - Target - $3000. Barclay's - $2000. Merrick - $1000. Walmart $600. And as of 9/22 - JCP $200.
Senior Contributor
Posts: 3,528
Registered: ‎01-19-2009
0

Re: Question about income

I had to verify income with my Credit Union card

Moderator Emeritus
Posts: 12,938
Registered: ‎12-30-2011
0

Re: Question about income


pozativelyliving wrote:

I don't think creditors check on income much. I've never had one call to verify the income or even employment for an employee.


Actually they do in some fashion; even if they don't require initial verification, they absolutely check your spending pattern on your credit report and on their own card, and if it runs out of whack, they most certainly will ask for supporting documentation... or otherwise just smack you with some form of AA.

 

Similar to the other poster, a CU I'm a member of wanted income verification card, so it's not just mortgages and auto loans.

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


Take the myFICO Fitness Challenge
Regular Contributor
Posts: 144
Registered: ‎07-21-2012
0

Re: Question about income

I don't think it matters if you are getting childsupport money from a court ordered or a personal agreement you don't include it in the annual income. I'm going from memory here so please double check what I say. Go to a card that you want to apply for and check the appliction form. Don't worry you don't have to submit any information. Just look where it says annual income or household income. Depending on the appliction it might state 'excluding childsupport,' as childsupport is not really thought of as income.

And being a good mommy you spend ALL the childsupport on the child.

 

Also If you put it as income anyway you'll have to cross your fingers that one day they won't tag you for review. Also if you are getting divorce or going to court what you put on your credit card application can be used against you if they want to do a full check on your assets. The case can always be made that you are hiding money or assets.

Starting Score: EX: 736 FAKO | TU: 757 FICO | EQ 730 FICO
Current Score: EX: 736 FAKO | TU: 750 FICO | EQ 730 FICO
Goal Score:     EX: 750 FICO | TU: 750 FICO | EQ: 750 FICO
In my wallet:  $16,000  $8,000
Established Contributor
Posts: 731
Registered: ‎02-15-2012
0

Re: Question about income

I don't see why child support shouldn't be countable.  I think applications usually say that you don't have to count it if you don't want to, not that you can't.  Yes, you should be using it all for the child, but that doesn't mean you can't use it through a credit card.

FICOs (2/24/12): EX 752, EQ 740
Chase Sapphire Preferred, Freedom; American Express PR Gold, Blue Cash Everyday
Regular Contributor
Posts: 237
Registered: ‎07-13-2012
0

Re: Question about income

Child support seems to be looked at differently. For example, the person that pays it has to pay taxes on the money he (and sometimes she) makes and pays as CS while the person who receives it doesn't have to pay taxes on the money that they receive. 

EX 638 (Lender 9/1) TA 650(Walmart 9/1) EQ 655 (FICO - 9/17)
Goal - 700 Club in '13!!!

My Wallet - Cap 1 - $300. Cap 1 - $750. Orchard - $950.
New as of 8/29 - Target - $3000. Barclay's - $2000. Merrick - $1000. Walmart $600. And as of 9/22 - JCP $200.
Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
0

Re: Question about income

You should include all income including child support etc.  some apps ask you to break itdown.  Some don't.  As long as you can demonstrate income I would include it.  Even with Amex fr, they will take other documents outside of tax transcript.

               LIMITS IN CARD DESCRIPTIONS
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.