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Reported Income on Apps

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Anonymous
Not applicable

Re: Reported Income on Apps


@SwiftTone wrote:
I think this topic is subjective based on whats moral and ethical I would say you can include anything that you don't have to pay back including grants, scholarships, gifts etc. It's pretty debatable.

In my defense, I specifically asked the CCC if I could include scholarships/grants in my reported income and they said yes, there wouldn't be any problems.  Smiley Tongue

 

Thanks for the input though, everyone.

Message 11 of 16
Anonymous
Not applicable

Re: Reported Income on Apps

I know some of the larger banks actually read a disclosure to you regarding income, and scholarships cannot be used.

Message 12 of 16
CreditCrusader
Valued Contributor

Re: Reported Income on Apps


@Anonymous wrote:

I know some of the larger banks actually read a disclosure to you regarding income, and scholarships cannot be used.


That's my experience as well...

 

Look, you can put anything you want on the line. Point is, one of these CCCs may yank the rug from under your feet if they start poking around to discover where the "income" is coming from. Earned income is, by and large, recurring and sustainable. Financial aid and scholarships are, by definition, limited in scope and length and are not designed to be used as income to satisfy private debts - regardless of how people choose to use the money. I sincerely doubt that most CCCs will seriously consider them as a means to repay debt on a sustained basis.

 

That all having been said, if you find one that allows you to include financial aid and scholarships as income, go for it. Just make sure you get it in writing because a later FR down the road could spell doom for that card. If the card in question contributes significantly to your aggregate CL, util, etc., your credit score would be deeply impacted should the CCC close it down. I just don't think it's worth the risk, but you may feel differently. Good luck.

In my wallet: Apple $5,000, local CU $15,000, Bread AMEX $5,000. In my sock drawer: A few other cards Smiley Happy

Current scores (EQ, EX, TU): 787, 788, 796
Message 13 of 16
FrugalRican
Blogger

Re: Reported Income on Apps


@Anonymous wrote:

Thanks for the replies thus far.

 

Do any of you include scholarships or grants (assuming you're stil in school), and would you recommend that go in Other Income, or just Income?

 

Would CCCs actually get upset if you used gross income vs adjusted for taxes income?  I thought it was usually always a given for pretax, but apparently not?



No, because I'd never recognize a debt as income. It's a liability. You're going to pay interest on it.

 

Disregard this. It's erroneous.

Follow my financial journey: http://www.frugalrican.com


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Message 14 of 16
CreditCrusader
Valued Contributor

Re: Reported Income on Apps


@FrugalRican wrote:

@Anonymous wrote:

Thanks for the replies thus far.

 

Do any of you include scholarships or grants (assuming you're stil in school), and would you recommend that go in Other Income, or just Income?

 

Would CCCs actually get upset if you used gross income vs adjusted for taxes income?  I thought it was usually always a given for pretax, but apparently not?



No, because I'd never recognize a debt as income. It's a liability. You're going to pay interest on it.


Not for scholarships and grants he won't...no debt involved with those, but I still wouldn't list them as "income" because they technically don't meet the definition of earned income. If we were talking a short-term loan (12 months or so) and the grant excess would satisfy the debt, you might talk me into that should the lender agree to it. But a CC is a revolving account...and by definition, it needs revolving, sustained earned income to pay the debt off.

 

Like I said, OP might find some CCCs that will allow financial aid or scholarships to be listed as "income", but most won't roll that way.

 

Note: I speak from experience...had a prime CC lender scold me for doing this very thing when I was in school. It almost cost me my card. Only picking up a 2nd part-time job on campus and the fact that I had banked with them since high school kept them from closing me down.

In my wallet: Apple $5,000, local CU $15,000, Bread AMEX $5,000. In my sock drawer: A few other cards Smiley Happy

Current scores (EQ, EX, TU): 787, 788, 796
Message 15 of 16
FrugalRican
Blogger

Re: Reported Income on Apps

I somehow read that as "student loans".

 

Thanks for correcting me, CreditCrusader.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

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Message 16 of 16
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