topic Re: Income? in Credit Cards

Income?

Anonymous — Thu, 24 Mar 2016 12:48:36 GMT

Hi all,

I am interested in at some point apping for prime cards like amex and chase, i was wondering if i can include all household income in the application or just my own personal income.

Re: Income?

Anonymous — Thu, 24 Mar 2016 12:56:48 GMT

All lot of credit card companies now let you use your household income.

Re: Income?

Anonymous — Thu, 24 Mar 2016 13:23:31 GMT

Most applications will let you include all

Re: Income?

fullstackdev — Thu, 24 Mar 2016 13:33:34 GMT

Most applications will let you use your personal income and if you're over 21 most will allow you to include another person's income that is usually used to pay your bills. Good luck with your applications in the future!

Re: Income?

Anonymous — Thu, 24 Mar 2016 13:56:03 GMT

I applied yesterday with AMEX and it let me put in Household income. I also applied with cap one and put in household income. Even with one of the companies, they asked for personal, I still listed household since we share the same account. Would probably had an issue if they asked to verify bu they didnt...

Re: Income?

Anonymous — Thu, 24 Mar 2016 15:15:21 GMT

eventhough you put xxx amount of income, they dont get it 100%.

they first look at bureau report, and make "modeled income" which calculates based on your history

Re: Income?

Anonymous — Thu, 24 Mar 2016 17:29:04 GMT

@Anonymous wrote:
eventhough you put xxx amount of income, they dont get it 100%.
they first look at bureau report, and make "modeled income" which calculates based on your history

Can you please explain this a little bit?

Re: Income?

Anonymous — Thu, 24 Mar 2016 17:40:29 GMT

When they pull a report they can see all of your debts what's your minimum payments are what the highest amount that account has ever been and make a guess of how much you pay every month. If you make a Sh-ton of money there should be no reason why you have 4 5 6 credit cards hanging around with $800 balances and so on. A credit pull is a snapshot but if they have been soft pulling a lot they can keep them and build the history on you

Re: Income?

SpiceIslander — Thu, 24 Mar 2016 20:23:56 GMT

I suggest going with what the application requests. If it asks for household, use household. If it requires personal, use personal.

Re: Income?

Anonymous — Wed, 30 Mar 2016 21:34:54 GMT

your credit report should have your employment information as well as income information.

credit card companies have their model to calculate personal income because what you write/type can be inaccurate

(say you enter $100k income when you only have $50k income, they should have way to verify because it can bring huge loss)

Re: Income?

CreditCuriosity — Wed, 30 Mar 2016 21:56:37 GMT

Ugh this topic again.. My take is you file together or have a domestic partnership then include household income otherwise use just your income. Some lenders say Amex can do a FR on you and ask for tax returns and they only want yours or ones you filed jointly. Each lender is different and you are going to get it is ok to use parents income and every other answer under the sun. Juse use your common sense and if you feel it is shady then most likely it is. Just my take on it.

Re: Income?

Anonymous — Wed, 30 Mar 2016 22:56:13 GMT

@Anonymous wrote:
Hi all,

I am interested in at some point apping for prime cards like amex and chase, i was wondering if i can include all household income in the application or just my own personal income.

Although the apps ask for household income, because my BF and I file separate returns, I always use my income on the applications even though I use his income to pay the majority of the bills.

Re: Income?

Anonymous — Thu, 31 Mar 2016 02:47:50 GMT

@Anonymous wrote:
your credit report should have your employment information as well as income information.
credit card companies have their model to calculate personal income because what you write/type can be inaccurate
(say you enter $100k income when you only have $50k income, they should have way to verify because it can bring huge loss)

Absolutely wrong. Your credit report does not and should not contain any income information, ever. It is a credit report, it is about how you handle credit. It has nothing to do with income or assets. Credit reporting agencies do have reported to them, nor can ever report, income information.

Chris.

Re: Income?

Anonymous — Thu, 31 Mar 2016 16:17:12 GMT

Chris,

that's why I wrote "modeled income" which is not an actual income.

when we hard pull, report contains more than just credit score & payment history, it has 300+ variables

and we use that data to calculate personal income(of course we also use monthly payment on creditcard/loan/mortgage to see if lender make payment on time).