topic Re: Income question in Credit Cards

Income question

Tomgon1981 — Wed, 21 Oct 2015 00:45:28 GMT

I like to round my income up to the nearest $5000 let's say my income is $62,345 and I round my income upto $65,000 is that frowned upon when stating income on new apps or cli

Re: Income question

kdm31091 — Wed, 21 Oct 2015 00:48:06 GMT

Technically, any "rounding" is falsification to a degree and if asked for income verification you could be in trouble. Unlikely, but it does happem. Obviously an exact 62,345 can probably be rounded to 62500. But rounding a few thousand may bite you later. Or nothing may happen. But you do take the chance.

Re: Income question

Tomgon1981 — Wed, 21 Oct 2015 00:50:56 GMT

Well the reason I do ithink is over time bonuses etc.

Re: Income question

Anonymous — Wed, 21 Oct 2015 00:55:12 GMT

So your factoring in guaranteed bonuses or bonuses you may not receive? I prefer to round down. Income is a little over $54,000, I put $54,000. If they say additional income is ok I'll put $63,000 although its over that amount.

idk if your method would be frowned upon but Id rather not take the chance for a couple extra thousand.

Re: Income question

Tomgon1981 — Wed, 21 Oct 2015 01:00:26 GMT

Ok thanks guys I hope it doesn't ever come back on me I'll start rounding closer to my income

Re: Income question

TekkenQQ7 — Wed, 21 Oct 2015 01:08:59 GMT

@Tomgon1981 wrote:
Ok thanks guys I hope it doesn't ever come back on me I'll start rounding closer to my income

Try to lower your income just in case they FR you will be surprise by increasing your limit without asking

Re: Income question

barthooper — Wed, 21 Oct 2015 01:09:34 GMT

It's worth noting that if you're over 21 you can include income you have access to, such as a spouse's income. I'm not sure if it is only limited to spouse income, however, and doing this to seem more creditworthy might not be the best idea, but it works for stay at home parents. Apparently anyone can do it but it is on you if they ask for income verification and you can't provide proof because you lied on the app.

Re: Income question

Cmikul — Wed, 21 Oct 2015 03:02:48 GMT

@barthooper wrote:
It's worth noting that if you're over 21 you can include income you have access to, such as a spouse's income. I'm not sure if it is only limited to spouse income, however, and doing this to seem more creditworthy might not be the best idea, but it works for stay at home parents. Apparently anyone can do it but it is on you if they ask for income verification and you can't provide proof because you lied on the app.

I understand the idea here but not sure that actually goes over well with the CCC.

I would think while you might have access to funds you can't prove that YOU can use them to pay YOUR bill.....so really all you can do is count on your own funds.

For instance...DW and I work together....paychecks come from same company....go to same acct.

I could realistically overstate my income by including her's in my application.....and be able to prove that the money does indeed go to my acct.

But.........my check stubs and tax statements during a FR would show that is indeed not MINE>

and I'm sure the bank would more than frown on this type of blatent overstatement of income.

But dang....it sure would be fun to see what kind of SL's I could get with that.

Re: Income question

Anonymous — Wed, 21 Oct 2015 03:49:33 GMT

@Cmikul wrote:
@barthooper wrote:
It's worth noting that if you're over 21 you can include income you have access to, such as a spouse's income. I'm not sure if it is only limited to spouse income, however, and doing this to seem more creditworthy might not be the best idea, but it works for stay at home parents. Apparently anyone can do it but it is on you if they ask for income verification and you can't provide proof because you lied on the app.
I understand the idea here but not sure that actually goes over well with the CCC.

I would think while you might have access to funds you can't prove that YOU can use them to pay YOUR bill.....so really all you can do is count on your own funds.

For instance...DW and I work together....paychecks come from same company....go to same acct.

I could realistically overstate my income by including her's in my application.....and be able to prove that the money does indeed go to my acct.
But.........my check stubs and tax statements during a FR would show that is indeed not MINE>

and I'm sure the bank would more than frown on this type of blatent overstatement of income.

But dang....it sure would be fun to see what kind of SL's I could get with that.

Barthooper is right, it does state on certain applications and when you request for a CLI that you can include the income of another person if you're at least 21 years old and it's readily available for use.

When it states that I do include my significant other's income combined with mine, because if they were to ask me to provide income verification I could for both of us no. It doesn't hurt imo as long as it clearly states that you can do it.

Re: Income question

Cmikul — Wed, 21 Oct 2015 03:57:43 GMT

@Anonymous wrote:
@Cmikul wrote:
@barthooper wrote:
It's worth noting that if you're over 21 you can include income you have access to, such as a spouse's income. I'm not sure if it is only limited to spouse income, however, and doing this to seem more creditworthy might not be the best idea, but it works for stay at home parents. Apparently anyone can do it but it is on you if they ask for income verification and you can't provide proof because you lied on the app.
I understand the idea here but not sure that actually goes over well with the CCC.

I would think while you might have access to funds you can't prove that YOU can use them to pay YOUR bill.....so really all you can do is count on your own funds.

For instance...DW and I work together....paychecks come from same company....go to same acct.

I could realistically overstate my income by including her's in my application.....and be able to prove that the money does indeed go to my acct.
But.........my check stubs and tax statements during a FR would show that is indeed not MINE>

and I'm sure the bank would more than frown on this type of blatent overstatement of income.

But dang....it sure would be fun to see what kind of SL's I could get with that.

I may be mistaken, but I think it does say on certain applications or when you request for a CLI that you can include readily available income of another person if it's at your disposal and you're the age of 21 or older. When it gives me that option I do put in my significant other's income combined with mine since it clearly states that I can do it, because if they were to ask me to provide income verification I could for both of us no problem. It doesn't hurt imo as long as it says you can include it.

Are you daring me to app....just to find out....because I'll do it....I'm nuts like that....you wanna find out....I'll pull the trigger now.

J/K.....but I will pay attention to that verbiage next time and I will put it in there if I can....I hope I can.

you know thinking about this makes a good point.....because my spending habits thru my CC's would not easily be explained by my income alone.

I pay for everything.....DW makes maybe 2 swipes a week. I make about 50 swipes a week. If a CCC were to look at my income only it would trigger a FR.

Re: Income question

Anonymous — Wed, 21 Oct 2015 04:10:31 GMT

@Cmikul wrote:
@Anonymous wrote:
@Cmikul wrote:
@barthooper wrote:
It's worth noting that if you're over 21 you can include income you have access to, such as a spouse's income. I'm not sure if it is only limited to spouse income, however, and doing this to seem more creditworthy might not be the best idea, but it works for stay at home parents. Apparently anyone can do it but it is on you if they ask for income verification and you can't provide proof because you lied on the app.
I understand the idea here but not sure that actually goes over well with the CCC.

I would think while you might have access to funds you can't prove that YOU can use them to pay YOUR bill.....so really all you can do is count on your own funds.

For instance...DW and I work together....paychecks come from same company....go to same acct.

I could realistically overstate my income by including her's in my application.....and be able to prove that the money does indeed go to my acct.
But.........my check stubs and tax statements during a FR would show that is indeed not MINE>

and I'm sure the bank would more than frown on this type of blatent overstatement of income.

But dang....it sure would be fun to see what kind of SL's I could get with that.

I may be mistaken, but I think it does say on certain applications or when you request for a CLI that you can include readily available income of another person if it's at your disposal and you're the age of 21 or older. When it gives me that option I do put in my significant other's income combined with mine since it clearly states that I can do it, because if they were to ask me to provide income verification I could for both of us no problem. It doesn't hurt imo as long as it says you can include it.
Are you daring me to app....just to find out....because I'll do it....I'm nuts like that....you wanna find out....I'll pull the trigger now.
J/K.....but I will pay attention to that verbiage next time and I will put it in there if I can....I hope I can.

you know thinking about this makes a good point.....because my spending habits thru my CC's would not easily be explained by my income alone.
I pay for everything.....DW makes maybe 2 swipes a week. I make about 50 swipes a week. If a CCC were to look at my income only it would trigger a FR.

Hah.. Don't do it.. j/k

Re: Income question

Anonymous — Wed, 21 Oct 2015 18:45:35 GMT

@Anonymous wrote:
So your factoring in guaranteed bonuses or bonuses you may not receive? I prefer to round down. Income is a little over $54,000, I put $54,000. If they say additional income is ok I'll put $63,000 although its over that amount.

idk if your method would be frowned upon but Id rather not take the chance for a couple extra thousand.

Good post. It's your income, not what your income may be. That said I hardly think it is worrying about at the level OP "exaggerated" but I would discontinue the practice as the benefits are very slim and it's just plain dishonest even if it's rational to assume you will be making more in the short term.

Re: Income question

Anonymous — Wed, 21 Oct 2015 18:56:25 GMT

@Anonymous wrote:
@Cmikul wrote:
@barthooper wrote:
It's worth noting that if you're over 21 you can include income you have access to, such as a spouse's income. I'm not sure if it is only limited to spouse income, however, and doing this to seem more creditworthy might not be the best idea, but it works for stay at home parents. Apparently anyone can do it but it is on you if they ask for income verification and you can't provide proof because you lied on the app.
I understand the idea here but not sure that actually goes over well with the CCC.

I would think while you might have access to funds you can't prove that YOU can use them to pay YOUR bill.....so really all you can do is count on your own funds.

For instance...DW and I work together....paychecks come from same company....go to same acct.

I could realistically overstate my income by including her's in my application.....and be able to prove that the money does indeed go to my acct.
But.........my check stubs and tax statements during a FR would show that is indeed not MINE>

and I'm sure the bank would more than frown on this type of blatent overstatement of income.

But dang....it sure would be fun to see what kind of SL's I could get with that.

Barthooper is right, it does state on certain applications and when you request for a CLI that you can include the income of another person if you're at least 21 years old and it's readily available for use.

When it states that I do include my significant other's income combined with mine, because if they were to ask me to provide income verification I could for both of us no. It doesn't hurt imo as long as it clearly states that you can do it.

I do this as well. My husband and I have joint tax returns, so I could easily prove if necessary.

Re: Income question

vayub4 — Thu, 22 Oct 2015 17:51:50 GMT

I input whatever comes to my mind.... I try not to ever go above 100k...... I've only been asked for income verification once and that was for an auto loan not a credit card application.

Re: Income question

Anonymous — Thu, 22 Oct 2015 23:40:48 GMT

Housing Rental and Car Loans are the only ones that have requested a paystub.

I round to the nearest $100.00

AYE, I put on the lock of love, I'm including his income. They tax married, I claim income jointly.

Re: Income question

ways2go — Thu, 22 Oct 2015 23:49:38 GMT

Now the big question, do you use Gross income or what you clear after taxes, insurance, and 401k is deducted?

Re: Income question

Anonymous — Thu, 22 Oct 2015 23:59:37 GMT

You usually put your gross income unless specifically asked for your net income. I was asked specifically for my net income few times when I spoke with a Synchrony Bank rep to increase my Amazon Credit line or other synchrony accounts.

Re: Income question

Anonymous — Fri, 23 Oct 2015 00:16:46 GMT

@kdm31091 wrote:
Technically, any "rounding" is falsification to a degree and if asked for income verification you could be in trouble. Unlikely, but it does happem. Obviously an exact 62,345 can probably be rounded to 62500. But rounding a few thousand may bite you later. Or nothing may happen. But you do take the chance.

I would be amazed (well, mildly surprised) if anything happened with this. It is at most a 4% overstatement which is well with "rounding error". Unless you believe the bank would give a significantly decision (approval, CL, APR) for a 62.345K income vs a $65k income, given they have no knowledge of expenses etc.

I would be more concerned with say a 50% overstatement, but this? It would pass income verification IMO.

Re: Income question

CreditCuriosity — Fri, 23 Oct 2015 01:06:49 GMT

@vayub4 wrote:
I input whatever comes to my mind.... I try not to ever go above 100k...... I've only been asked for income verification once and that was for an auto loan not a credit card application.

This is troublesome.

Re: Income question

OmarGB9 — Fri, 23 Oct 2015 01:14:08 GMT

^+1