New Member
nautikal
Posts: 2
Registered: ‎11-15-2012
Proving income for new job

I recently graduated from college and have a job that starts in February. I applied for the Citi Forward card and listed my upcoming salary as my income (which is significantly higher than what I have earned in 2011 and 2012 from seasonal employment), but they sent me a form requesting my 2011 1040 to verify income. Since my job doesn't start until February, this won't show up on my 1040 until I file my 2013 tax return in 2014! Does this mean I have to wait until then to receive credit limits commensurate with my income level?

 

I tried calling Citi to explain my situation and offered to provide my offer letter to prove salary, but the representative seemed confused and was therefore pretty useless. Does any one have any advice for my position? I should be approved even with my 2011 income levels due to being an authorized signer on a few of my parents' cards, but I would obviously like a higher credit limit for score reasons.

Moderator
Revelate
Posts: 9,485
Registered: ‎12-30-2011
Re: Proving income for new job

Welcome to the forums!

 

Offer letter is about all you can do; however, that may not be sufficient as something like 50% of offers even accepted, the employee never starts work at least in my own industry.

 

You may want to provide them the HR number for the company in question if it's not listed on the offer letter to have them confirm it; however, you may be out of luck unfortunately.  I know in the past I demonstrated income from an offer letter and it was sufficient for a car loan, but that was years ago and the laws have changed since then so I'm not certain whether it would qualify or not.

 

Hopefully someone will have a better answer for you.  I'd call in again regardless as not all customer service reps are created equally.

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Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012
Re: Proving income for new job

nautikal wrote:

I recently graduated from college and have a job that starts in February. I applied for the Citi Forward card and listed my upcoming salary as my income (which is significantly higher than what I have earned in 2011 and 2012 from seasonal employment), but they sent me a form requesting my 2011 1040 to verify income. Since my job doesn't start until February, this won't show up on my 1040 until I file my 2013 tax return in 2014! Does this mean I have to wait until then to receive credit limits commensurate with my income level?

 

I tried calling Citi to explain my situation and offered to provide my offer letter to prove salary, but the representative seemed confused and was therefore pretty useless. Does any one have any advice for my position? I should be approved even with my 2011 income levels due to being an authorized signer on a few of my parents' cards, but I would obviously like a higher credit limit for score reasons.


  1. Be Honest with them and tell them you could provide anything that prove what you said. Since they already ask for your income proof. Its mean they need it for further approval. Sometime its hard to obtain your first credit card.
  2. being an authorized signer on a few of my parents' cards, but I would obviously like a higher credit limit for score reasons. : its not going to affect anything if you authorize user or not. they based on your own income and your own credit file. Authorize only help for your score and AAOA. 
  3. Call them again and explain slowly to them again if get denied again ask to speak some underwrite department for account manual review. Wish you luck :smileyvery-happy:

 


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Frequent Contributor
wallyworld123
Posts: 455
Registered: ‎01-04-2012
Re: Proving income for new job

nautikal wrote:

I recently graduated from college and have a job that starts in February. I applied for the Citi Forward card and listed my upcoming salary as my income (which is significantly higher than what I have earned in 2011 and 2012 from seasonal employment), but they sent me a form requesting my 2011 1040 to verify income. Since my job doesn't start until February, this won't show up on my 1040 until I file my 2013 tax return in 2014! Does this mean I have to wait until then to receive credit limits commensurate with my income level?

 

I tried calling Citi to explain my situation and offered to provide my offer letter to prove salary, but the representative seemed confused and was therefore pretty useless. Does any one have any advice for my position? I should be approved even with my 2011 income levels due to being an authorized signer on a few of my parents' cards, but I would obviously like a higher credit limit for score reasons.


Hello and welcome to the forum!
Congratulations graduate first you should have probably waited to apply for citi forward until you at least started your job in feb. You should have put down your current salary when u applied and then once u recieved some paychecks from your new job then ask for a cli. I don't think you sending in a letter showing your upcoming salary will hold up with them because anything can happen between now and feb. what credit cards do you currently have? What are your credit scores/fico scores? Somehow a red flag went up that's y u were asked to show your tax returns

New Member
nautikal
Posts: 2
Registered: ‎11-15-2012
Re: Proving income for new job
[ Edited ]

Thanks for the warm welcomes.

 

I will call them again and see if they can verify with HR as an option, but I am not too optimistic after reading your responses. My Equifax is 784 thanks to being an authorized signer on two of my parents cards with 11 and 18 years of zero delinquencies, so I'm not too worried about approval. My cards right now are only $2000 on AMEX BCE (opened Sep 2012) and $700 on BofA Student (opened March 2010) since my income is low, so I was just hoping to get more credit on the Citi Forward so I can more easily have low utilization.

 

I would have waited to apply in February but a large portion of my discretionary spending is at restaurants, so I would like to take advantage of the 5x points as soon as possible.

Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011
Re: Proving income for new job

You just have to remember to look at it from there perspective. Even though you have a job offer and are starting in February, what happens between now and then, I.E.. You maxed out the CC now and didn't have the income to support payments?

 

Good luck...Just had to play devils advocate 

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Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
Re: Proving income for new job
[ Edited ]

Hi! This scenario reminds me of when I bought a car in 2009. I knew I would be leaving my employer to take a new job... but I didn't have a car because my old employer always provided me a.company truck. Salary was going from 52k to 75k plus 20% bonus. I knew there was no way I would be approved for a car loan if I had only been on the new job for less than a week. So basically I applied for the car loan and got the car based off the old salary. My salesman knew I was hoping to get an offer but that it hadn't been made yet.... so I got the car and two weeks later I got the offer. In your scenario; I would send them the signed transcript request that they want, along with a copy of your offer letter and degree. I would also include a letter indicating that you were confused about whether to list the previous job income or new job income but to please consider whichever income is appropriate when determining the initial credit limit. Also keep in mind that some lenders do not consider AU cards and will actually use a score that ignores these cards when determining whether to issue credit. It would be a mistake to assume that all lenders would give you a card based on your AU status.... sure it helps but banks are shying away from relying on scores from really thin files containing AU accounts.


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