topic Re: Proof of Income for CCC in Credit Card Applications

Proof of Income for CCC

Anonymous — Sat, 08 Aug 2015 04:24:07 GMT

Hey guys,

When you guys applied, how many CCC (credit card companies) actually asked you for proof of income?

I app'd for 3 and none of them asked me for proof. Is there any reason why they ask some people and don't ask others?

Regards,

Re: Proof of Income for CCC

Skye12329 — Sat, 08 Aug 2015 04:38:33 GMT

I haven't had it happen yet. Amex is usually the biggest that will ask for it but not the only one. I have read about Citi, Chase and Capital One asking rarely but it happens. Generally when you spook them though.

Re: Proof of Income for CCC

Anonymous — Sat, 08 Aug 2015 04:39:49 GMT

I don't know what makes some get asked for income verification while others don't. I know that they can ask you at any time. Some get asked years later, some get asked after asking for a CLI, and some get asked during the application process - there doesn't really seem to be a pattern, and I can't even say that some lenders are more prone to ask than others, because they all ask someone at one point or another. I do know that credit unions usually always ask for documentation, but all the other banks seem to ask at random.

Re: Proof of Income for CCC

Anonymous — Sat, 08 Aug 2015 04:45:50 GMT

What do you mean by when you "spook them?"

Also, for Citi, Chase, Cap1, you can verify by asking them to call your employer, correct?

Re: Proof of Income for CCC

Revelate — Sat, 08 Aug 2015 05:04:11 GMT

@Anonymous wrote:
What do you mean by when you "spook them?"

Also, for Citi, Chase, Cap1, you can verify by asking them to call your employer, correct?

Just send them 30 days worth of paystubs if you are W2.

Had I been smarter I would've pre-emptively done that with JCB, they're the only one I've ever encountered that verified income which I'm assured they will do in my case.

Re: Proof of Income for CCC

Anonymous — Sat, 08 Aug 2015 05:14:21 GMT

And if I'm not W2, could I have them call my employer instead? What if I rely on cash income (parents)?

Re: Proof of Income for CCC

Revelate — Sat, 08 Aug 2015 05:16:03 GMT

@Anonymous wrote:
And if I'm not W2, could I have them call my employer instead? What if I rely on cash income (parents)?

2 years tax returns then, in either case. That's the gold standard for proof of income regardless; I don't know anyone who will call an employer, as I don't think they'are allowed to do anything other than confirm employment and eligibility for rehire along with dates of said employment... anything beyond that is actually illegal.

Re: Proof of Income for CCC

Anonymous — Sat, 08 Aug 2015 05:15:48 GMT

So calling would not be an option, I suppose...even if I just started my job, I'd have no income on my tax return.

Re: Proof of Income for CCC

Revelate — Sat, 08 Aug 2015 05:16:24 GMT

@Anonymous wrote:
So calling would not be an option, I suppose...even if I just started my job, I'd have no income on my tax return.

Um, it's the last 2 years prior tax returns.

Re: Proof of Income for CCC

Anonymous — Sat, 08 Aug 2015 05:17:15 GMT

That would be none...I have no previous tax returns filed.

Re: Proof of Income for CCC

Skye12329 — Sat, 08 Aug 2015 05:47:40 GMT

@Anonymous wrote:
That would be none...I have no previous tax returns filed.

Just be honest with them, IMO its rare for them to ask, unless something looks odd. Such as a scenario like this:

Cards almost maxxed out or a debt with 20k with a 25k total credit

with a more than suffcient income such as 500k

and no house or rent payment

and paying minimum payments

then they might some proof because it looks odd too have debt and only paying minimum payments with a high income, basically just be honest on applications for income that can be proven.

Don't put down 1 million dollar income working at McDonalds, when your making 15k - obviously over exaggerated but thats probably a sure fire way to get asked for income.

IMO as long as your honest and you are responsible, your not going to get asked. As for spooking lenders, take credit slowly. Say you just got approved for a card and you add on 5 more cards and your profile is thin. Your going to look desperate for credit and some lenders might ask for income or close your account...etc.

Re: Proof of Income for CCC

Anonymous — Sat, 08 Aug 2015 05:52:06 GMT

@Anonymous wrote:
That would be none...I have no previous tax returns filed.

If I remember correctly (which you know I usually don't ) but you're only 18 or 19 right? Which would be why you don't have previous years tax returns. If you don't get paystubs from your employer and only receive cash, if I'm not mistaken you can just get a letter from your employer stating how much you earn. Someone please correct me if I'm wrong.

Re: Proof of Income for CCC

Anonymous — Sat, 08 Aug 2015 05:53:13 GMT

Is 1 year too short of a time to app for 3-4 cards?

Thanks for replying.

@Skye12329 wrote:
@Anonymous wrote:
That would be none...I have no previous tax returns filed.
Just be honest with them, IMO its rare for them to ask, unless something looks odd. Such as a scenario like this:

Cards almost maxxed out or a debt with 20k with a 25k total credit
with a more than suffcient income such as 500k
and no house or rent payment
and paying minimum payments

then they might some proof because it looks odd too have debt and only paying minimum payments with a high income, basically just be honest on applications for income that can be proven.

Don't put down 1 million dollar income working at McDonalds, when your making 15k - obviously over exaggerated but thats probably a sure fire way to get asked for income.

IMO as long as your honest and you are responsible, your not going to get asked. As for spooking lenders, take credit slowly. Say you just got approved for a card and you add on 5 more cards and your profile is thin. Your going to look desperate for credit and some lenders might ask for income or close your account...etc.

Re: Proof of Income for CCC

Jerry45 — Sat, 08 Aug 2015 15:37:21 GMT

@Skye12329 wrote:
I haven't had it happen yet. Amex is usually the biggest that will ask for it but not the only one. I have read about Citi, Chase and Capital One asking rarely but it happens. Generally when you spook them though.

Re: Proof of Income for CCC

Skye12329 — Sat, 08 Aug 2015 17:34:54 GMT

@monoglot, to answer your question of 3-4 cards in 1 year. It's not a whole lot but I would split it up. Maybe do 2 cards and then after 6 mos if you want 1 or 2 more you could go after those. Credit is like a triathlon takes time. Not a sprint, you still have all the time in the world.

Re: Proof of Income for CCC

Anonymous — Sat, 08 Aug 2015 17:59:33 GMT

Appreciate the advice.

I was hoping to submit each app subsequently 1 second after each other.

A year from today, I'll be on my summer break and I would be in school after 6 months...I'd rather have cards mailed to me while I'm at home so no one can take my mail.

Re: Proof of Income for CCC

Skye12329 — Sat, 08 Aug 2015 19:48:09 GMT

@Anonymous wrote:
Appreciate the advice.

I was hoping to submit each app subsequently 1 second after each other.

A year from today, I'll be on my summer break and I would be in school after 6 months...I'd rather have cards mailed to me while I'm at home so no one can take my mail.

Thats usually how i and many others on here do app sprees. Looking at your Signature i think its time to garden you have a great set of tradelines.

Re: Proof of Income for CCC

Anonymous — Sat, 08 Aug 2015 19:50:21 GMT

Thank you

Would you still advocate me doing 4 in a row?.. I would rather do all at once, and then garden for a while. Provided its a year from now, of course.

Re: Proof of Income for CCC

Skye12329 — Sat, 08 Aug 2015 20:37:39 GMT

If its a year from now, I think you should be fine. But it might depend on the lender on what order to do it in.

E.g Citi is inquiry sensitive and can lead to decline pretty easily.
Chase you can't have more than 5 new accounts in 2 years for their main cards.

Re: Proof of Income for CCC

Anonymous — Sat, 08 Aug 2015 21:47:29 GMT

@Skye12329 wrote:
If its a year from now, I think you should be fine. But it might depend on the lender on what order to do it in.

E.g Citi is inquiry sensitive and can lead to decline pretty easily.
Chase you can't have more than 5 new accounts in 2 years for their main cards.

So which order do you recommend for me? Would the following be fine:

1) Citi DB

2) Freedom

3) SMMC

4) chase AARP