topic Re: Reported income question in Credit Cards

Reported income question

Marcos8 — Sun, 26 Jun 2016 16:53:19 GMT

I currently underreport my yearly gross income to my cc's and I use my income only, not my wife's. My question is:

When married filing jointly what figure do I use to report income to my credit cards during the CLI process or new app process?

A) Just continue to use my own income and under report my yearly gross

B) Just continue to use my own income and report my weekly net x 52

C) Use both my wife's and my own weekly gross x 52

D) Use both my wife's and my own weekly net x 52

E) Use my AGI from my most recent jointly filed tax return

Thanks!

Re: Reported income question

Anonymous — Sun, 26 Jun 2016 17:00:53 GMT

You may use all household income if you have reasonable access to both incomes.

Re: Reported income question

Marcos8 — Sun, 26 Jun 2016 17:02:56 GMT

That part I get but when it comes to all household income does that reference gross, net, or yearly adjusted figures?

Re: Reported income question

Anonymous — Sun, 26 Jun 2016 17:11:50 GMT

@Marcos8 wrote:
That part I get but when it comes to all household income does that reference gross, net, or yearly adjusted figures?

Typically gross unless otherwise specified

Re: Reported income question

CountryLivin — Sun, 26 Jun 2016 18:33:23 GMT

Gross income!

Re: Reported income question

Anonymous — Sun, 26 Jun 2016 19:59:19 GMT

Reported income involves ALL hosuehold incomes? What if someone lives with roomates that have zero other relation to the person applying?

Re: Reported income question

thummel — Sun, 26 Jun 2016 20:20:36 GMT

I go usually by household income but I go by a rule of thumb. If you don't have access to it or you can't prove it don't put it in there. Obviously if you have a roommate that has zero relation and doesn't support YOU financially in any way I wouldn't include it.

Re: Reported income question

Anonymous — Mon, 27 Jun 2016 10:28:18 GMT

@Anonymous wrote:
You may use all household income if you have reasonable access to both incomes.

Put whatever you want. You can put 5 million a year if you want. Now if they ask u to verify for approval might have a problem if it's not true. If I were u I'll just report own unless u have access to ur wife money for paying ur credit card bill

Re: Reported income question

disdreamin — Mon, 27 Jun 2016 11:04:13 GMT

I file jointly with my SO and we share our checking and savings accounts, as well as bills and credit cards, so I include both our incomes when allowed.

Re: Reported income question

UncleB — Mon, 27 Jun 2016 12:16:55 GMT

@Anonymous wrote:
Reported income involves ALL hosuehold incomes? What if someone lives with roomates that have zero other relation to the person applying?

Obviously a little common-sense is in order here.

If you have roommates I would not include their income on a credit app unless you also have reasonable access to their deposit accounts and investments, in which case they are likely more than just a 'roommate' and including their income would be fine.

Re: Reported income question

Marcos8 — Mon, 27 Jun 2016 12:24:48 GMT

Thanks for the responses everyone. I was always aware that if I had reasonable access to my wife's income that I can use that since we are married and live together and file taxes together. My specific question involved calculation of the actual income figure that is used on apps. Gross vs Net vs AGI. It seems gross income is acceptable and was has been recommended so I will use combined yearly gross income on apps. Thanks

Re: Reported income question

Anonymous — Mon, 27 Jun 2016 14:36:03 GMT

If you pool your room mates money, deposit it your checking account for rent submission that itself is household income you have access to. What they make… no

Re: Reported income question

Anonymous — Mon, 27 Jun 2016 16:24:05 GMT

To be completely covered in the case of financial verification, you can list anything up to and including what is listed as total income (before adjustments) on your tax form. While you can continue to under-report your income, doing so doesn't have any particular benefits.

Over-reporting income could get your account closed if the issuing bank checks your income and you can't verify it, but it doesn't seem like that's your issue.

Re: Reported income question

RonM21 — Tue, 28 Jun 2016 22:51:15 GMT

Usually gross income and in most cases you can put household, or other income you clearly have access to. Just be responsible when making this decision. If ever a scenario would come up where they want to verify that income, you want to be able to prove it for the most part.