topic Re: Increasing reported income in Credit Cards

Increasing reported income

Caught750 — Thu, 25 Oct 2018 17:37:09 GMT

DW and I got married last year and filed our first tax return together this year. I'd been reporting only my income to lenders. My question is this, how do I go about increasing my reported income by $15,000-$20,000 without drawing attention to myself? I don't plan to report more than is earned but want to avoid IV hassle if possible. Especially with Amex. Is it worth it to add her income? Or should I just leave it as is?

Re: Increasing reported income

iheartwings — Thu, 25 Oct 2018 17:56:51 GMT

@Caught750 wrote:
DW and I got married last year and filed our first tax return together this year. I'd been reporting only my income to lenders. My question is this, how do I go about increasing my reported income by $15,000-$20,000 without drawing attention to myself? I don't plan to report more than is earned but want to avoid IV hassle if possible. Especially with Amex. Is it worth it to add her income? Or should I just leave it as is?

This is my personal experience. Because of bonuses and other compensation, my annual income has fluctuates widely, and I have updated my income without requests for IV. My only instances of income verfication have been with American Express and Discover when requesting CLIs, which I stopped doing in 2016. Since then, I've updated and continued to go without requests for IV.

I think you can update safely without a problem, as long as there is a "reasonable expectation to access" that money (as per the CARD Act).

Re: Increasing reported income

josh1 — Thu, 25 Oct 2018 18:32:57 GMT

I don't think it should be a problem, except with Amex maybe. I would recommend calling in and explaining. Honestly, I am not sure if this would help, but maybe if you explain and they increase it from their end it won't trigger the review?

Re: Increasing reported income

CreditCuriosity — Thu, 25 Oct 2018 21:59:51 GMT

15-20k more isn't a wild swing imo in income where-as 50-100k might get lenders attention more-so.

Re: Increasing reported income

Caught750 — Thu, 25 Oct 2018 22:25:50 GMT

Thanks everyone. I'd probably want to increase it from $85k to $100-105k. This still isn't our entire household income but I don't wanna deal with the IV.

Re: Increasing reported income

polaris2011 — Fri, 26 Oct 2018 04:07:38 GMT

I recently updated income with Amex and applied for a co-branded card (got it). I also app'd for a charge card, didn't get the approval but the reason given was related to the age of my account (3 months) and high balances due to a balance transfer. I did not get flagged. I would say go ahead.

Re: Increasing reported income

Caught750 — Fri, 26 Oct 2018 04:05:37 GMT

Would it, perhaps, be wiser to increase it at $5-10k increments every few months? Or just go from $85 right up?

Re: Increasing reported income

polaris2011 — Fri, 26 Oct 2018 04:11:14 GMT

I went all in with mine (40K) because I didn't even consider it might trigger anything. Ignorance is bliss

For me, it seems more suspicious as an incremental increase. Life happens. Marriages, raises, job change all impact income. I wouldn't worry too much about it.

Re: Increasing reported income

redpat — Fri, 26 Oct 2018 10:57:22 GMT

At a point in time is doesn’t matter as long as isn’t over reported, so report what it is.

Never changed mine or included DW, I’m way under reported with just my income. No need to anymore.

Re: Increasing reported income

xaximus — Fri, 26 Oct 2018 12:20:34 GMT

I would state your correct income (both yours and the DW). That's what I do.

Re: Increasing reported income

Anonymous — Fri, 26 Oct 2018 14:12:35 GMT

On my credit cards.. i only have my income. on my wifes credit cards she only reports her income.

in reading through this thread, is there any reason we should household our income on our respective cards?

Rick

Re: Increasing reported income

SarahJo — Fri, 26 Oct 2018 14:52:02 GMT

@Anonymous wrote:
On my credit cards.. i only have my income. on my wifes credit cards she only reports her income.

in reading through this thread, is there any reason we should household our income on our respective cards?

Rick

Interested in the answer to this...it really never occurred to me to report both incomes, which would greatly increase what is on file for my/our cards.

Re: Increasing reported income

imaximous — Fri, 26 Oct 2018 15:48:00 GMT

@SarahJo wrote:
@Anonymous wrote:
On my credit cards.. i only have my income. on my wifes credit cards she only reports her income.

in reading through this thread, is there any reason we should household our income on our respective cards?

Rick
Interested in the answer to this...it really never occurred to me to report both incomes, which would greatly increase what is on file for my/our cards.

Like you said, it'd increase what's being reported and it could help in accessing higher credit lines. If you're comfortable where you are as far as CLs, or if getting CLIs is never an issue for you based on your individual income, then leave it alone.

I believe the whole household income idea was implemented for people who didn't have any income but always relied on someone else's. This is particularly the case with stay at home spouses.