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Can you claim your 401k contributions as income when applying for credit?
I'm at $65k without 401k, but at $85-90K with my 401k contributions.
In my experience, when applying for credit, they ask for your gross income. If the 401k contributions are coming out of your paycheck, then they are included as part of your gross income.
Crap....So when I went on my mega app spree a year ago, which netted me $75 K in new credit lines and accounts, I coulda woulda and shoulda netted even larger tradelines had I put my income down as $85k-90k instead of $65k?
I'm in construction and work for a prevailing wage company. $40-45/hr, depending on what I do day to day. Depending on what my job(s) is for the day, $11-15 per hr. comes off the top (gross, pre-tax) and goes into my 401k. That contribution is a fixed amount and doesn't change...until we get our yearly raises and then it goes up, never down.
So when my accounts hit a year old in January and I hit them up for CLI's, I'll be sure to adjust my income? I wonder if that'll throw any red flags?
Can anybody confirm what gamegrrl is saying?
Thanks
Yes that is correct.
You should use your gross income, not net income nor modified/adjusted income.
Basically the "largest number" you can find on your forms when you file your taxes, is appropriate to put into the income when applying for CCs or CLIs.
yes it is part of your income its your money lol just cant have it for a long time well depening on your age
You should be able to claim YOUR contributions. You can't claim your employer's contributions as that is not part of your gross salary.
Actually, that reminds me. On my last credit applications, I forgot to include my "flex account" and "millenium RRSP" that gets paid to me at the beginning of every year. That works out to about $5200 on top of my gross salary. Since I have pretty high CLs right now, the extra money is probably inconsequential unless I ask for another CLI.
@Roarmeister wrote:You should be able to claim YOUR contributions. You can't claim your employer's contributions as that is not part of your gross salary.
Actually, that reminds me. On my last credit applications, I forgot to include my "flex account" and "millenium RRSP" that gets paid to me at the beginning of every year. That works out to about $5200 on top of my gross salary. Since I have pretty high CLs right now, the extra money is probably inconsequential unless I ask for another CLI.
Income is gross anyway for W2 employees; that's pre-401k contributions.