topic Re: Is an offer letter proof of income? in Credit Card Applications

Is an offer letter proof of income?

Anonymous — Wed, 24 Aug 2016 04:27:24 GMT

I have Fair (a bit below average) scores and just graduated college. Looking for a job starting pay about $36,000+ (just temporary until I start law school).

I'm guessing because my scores are low and the last job in my credit file paid $10 an hour it'll probably get stopped for an income review.

I'm considering apping for a card. Just wondering does an accepted offer letter count as "proof of income" because it shows that's the income you'll make as of the starting date.

FICO 620

Re: Is an offer letter proof of income?

tussking — Wed, 24 Aug 2016 05:00:04 GMT

Congrats ! I dont believe so because it doesn't show proof of income like a paystub.The letter only shows intent.

Re: Is an offer letter proof of income?

Anonymous — Wed, 24 Aug 2016 05:06:29 GMT

I can confirm that an offer letter is NOT proof of income, or even of employment - after all, nothing is going to stop you from declining the offer (crazy as that idea may be)

Re: Is an offer letter proof of income?

Anonymous — Fri, 26 Aug 2016 03:13:49 GMT

Congrats on your graduation And your new job offer too!

The offer letter does not count as proof of income because you haven't earned any of that salary yet. It only shows what you MAY earn, which could change if you decide not to take the job anymore, or if for some reason the offer is rescinded, or if you quit/are fired before your first paycheck (not that it's going to happen, just the possibilities), etc.. Something like a paystub or tax return shows what you actually have earned.

Although, your wages from your last job aren't so low that they would definitely deny you because of that - you might just get a lower SL, which could grow from CLI as you use credit well and begin to earn more.

Re: Is an offer letter proof of income?

Anonymous — Fri, 26 Aug 2016 15:56:27 GMT

Offer letters never work as POI. But it comes in handy when you have annual bonus component listed on it and to prove that your total annual salary is base salary + annual bonus. I am telling this because say you have bonus component for year 2016, but it will be paid out only in 2017. In this case your 2016 W2 will not list that (I know this year would be your first year at the current job).

Re: Is an offer letter proof of income?

Anonymous — Fri, 26 Aug 2016 15:57:29 GMT

Of course along with pay stub!

Re: Is an offer letter proof of income?

Anonymous — Fri, 26 Aug 2016 20:32:35 GMT

@Anonymous wrote:
I have Fair (a bit below average) scores and just graduated college. Looking for a job starting pay about $36,000+ (just temporary until I start law school).

I'm guessing because my scores are low and the last job in my credit file paid $10 an hour it'll probably get stopped for an income review.

I'm considering apping for a card. Just wondering does an accepted offer letter count as "proof of income" because it shows that's the income you'll make as of the starting date.

FICO 620

While an offer is not POI, most cards don't ask for POI unless you are trying for a large CL. I wouldn't worry about it right off. Do a preapproval for Capital One. You should be approved with your score. When it asks your income you put your new income in, they aren't going to ask for proof. But don't lie, just put in the $36k.