topic Re: How do credit card companies verify incom for someone that just started working ? in Credit Cards

How do credit card companies verify incom for someone that just started working ?

Anonymous — Tue, 16 Dec 2014 18:33:13 GMT

I hear that Amex and others check W2's . When you hit the apply button where does the computer get your income info from ? Can they find out your income from your social security number ? My main question is How do they verify income for 18 year olds that never filled out taxes ?

Re: How do credit card companies verify incom for someone that just started working ?

ojefferyo — Tue, 16 Dec 2014 18:37:48 GMT

They take your word for it until something raises a red flag then they will ask for verification either tax return or pay stub. Just put down what you make and if anything arises you'll have no problem showing proof.

Re: How do credit card companies verify incom for someone that just started working ?

mikelo22 — Tue, 16 Dec 2014 18:43:43 GMT

Short answer: They can't.

Doesn't mean you should lie on your application though. As if they do ask for verification later on down the line, and you prove to have falsified your income to a substantial degree, you're going to really burn a bridge.

Re: How do credit card companies verify incom for someone that just started working ?

Anonymous — Tue, 16 Dec 2014 18:52:49 GMT

I always thought they can pull your income info from your SSN . My significant other just started working like 6 months ago . She's always been a dependent on her dad's taxes .

Re: How do credit card companies verify incom for someone that just started working ?

CreditDunce — Tue, 16 Dec 2014 19:40:55 GMT

For a CCC to pull your tax return, they need for you to sign a form (4506-T). They can't pull it without your signature. However, most will want to see pay stubs (not tax returns) for proof if they have any concerns.

In some of the secondary databases, there are estimates for your wealth/income. But they are only estimates. Of course, if you are applying for a card from your primary bank, they may have a fairly accurate picture of your income/savings.

Re: How do credit card companies verify incom for someone that just started working ?

09Lexie — Tue, 16 Dec 2014 19:49:12 GMT

It depends on the lender. If you are under 21, lenders are supposed to verify applicants ability to repay or have a co-signer over 21 (paraphrasing the CARD Act); there are companies who supply income information to CRA's ie The Work Number.

Re: How do credit card companies verify incom for someone that just started working ?

Anonymous — Tue, 16 Dec 2014 20:10:28 GMT

CapOne just asked for proof of some sort. W2s were an option, as were pay stubs. I sent them a copy of my 1040 from last year, because it was the easiest thing for me to grab.

Re: How do credit card companies verify incom for someone that just started working ?

CreditCuriosity — Tue, 16 Dec 2014 20:14:42 GMT

@09Lexie wrote:
It depends on the lender. If you are under 21, lenders are supposed to verify applicants ability to repay or have a co-signer over 21 (paraphrasing the CARD Act); there are companies who supply income information to CRA's ie The Work Number.

Only if the company you work for suppies the Work Number with your income. I would be furious if my employer did this and probably switch companies as this is private information.. At least that is my understand how the Work Number works? I believe that it is owned by equifax as well if I am not mistaken?

I agree that you shouldn't lie on what you make or it can or WILL byte you in the butt down the road