topic Re: CC income Verification in Credit Cards

CC income Verification

Anonymous — Wed, 06 Feb 2019 17:10:12 GMT

I always wondered unless i give the credit card issuer my proof of income wen they asks for it like my pay stubs or text return to Do they have a different Method to Verify my income?

Re: CC income Verification

simplynoir — Wed, 06 Feb 2019 17:16:30 GMT

The good news is most of the time banks won't ask for income verification when applying for credit. And when they do usually a pay stub or two is usually good enough, maybe even some bank statements showing deposits as well at most. Rarely do you get a financial institution that asks for something like tax records as documentation to prove income.

Re: CC income Verification

Priory_Man — Wed, 06 Feb 2019 17:21:45 GMT

@simplynoir wrote:
The good news is most of the time banks won't ask for income verification when applying for credit. And when they do usually a pay stub or two is usually good enough, maybe even some bank statements showing deposits as well at most. Rarely do you get a financial institution that asks for something like tax records as documentation to prove income.

+1 to this

I will add though that inaccurately reporting your income can lead to bad things happening if they do require you to produce proof, be it through pay stubs, bank statements or tax forms.

Re: CC income Verification

Remedios — Wed, 06 Feb 2019 17:26:43 GMT

@Anonymous wrote:

I always wondered unless i give the credit card issuer my proof of income wen they asks for it like my pay stubs or text return to Do they have a different Method to Verify my income?

If they wanted to, yes. There are a lot of data aggregating agencies out there who will provide it for them (or at least an estimate).

Best you can do is to be truthful on your app.

Re: CC income Verification

Anonymous — Wed, 06 Feb 2019 18:00:12 GMT

Absolutely agree to put what u make

not this what I asked
But in a case they ask like Amex does FR
And I don’t wanna provide my personal Documents what’s the worst can happen they will close my account ?
so I guess to bed

Re: CC income Verification

simplynoir — Wed, 06 Feb 2019 18:02:49 GMT

@Anonymous wrote:
Absolutely agree to put what u make not this what asked
But in a case they ask like Amex does
And I don’t wanna provide my personal Documents what’s the worst can happen they will close my account ?
so I guess to bed

Just to address AMEX specifically they normally DO NOT ask for income verification for credit card applications. Now, if you become a cardholder and they ask you to provide verification for whatever reason that made it happen then yes worse case scenario they'll close your accounts but that's not tied specifically to AMEX any financial institution can do that. Most just simply close your accounts without even asking for it.

Re: CC income Verification

Remedios — Wed, 06 Feb 2019 18:06:30 GMT

@Anonymous wrote:
Absolutely agree to put what u make

not this what I asked
But in a case they ask like Amex does FR
And I don’t wanna provide my personal Documents what’s the worst can happen they will close my account ?
so I guess to bed

Usually, it's the credit unions that require POI. If you refuse to provide it, app gets cancelled.

Simply already addressed Amex.

Re: CC income Verification

Anonymous — Wed, 06 Feb 2019 18:09:28 GMT

Want about other landers ? Like nfcu wen applying for new application for a cc they aske for a income papers ?
Only wen I opened the membership I needded to send iD proof

Re: CC income Verification

simplynoir — Wed, 06 Feb 2019 18:12:50 GMT

@Anonymous wrote:
Want about other landers ? Like nfcu wen applying for new application for a cc they aske for a income papers ?
Only wen I opened the membership I needded to send iD proof

Can I ask why you're so worried about this? I understand privacy concerns with something like tax records but providing something as simple as a paystub is in no way means invasive at least to me. If they ask it's up to you to whether you'll provide it otherwise they simply won't process the application as @Remedios said.

Re: CC income Verification

Anonymous — Wed, 06 Feb 2019 18:22:52 GMT

I guess if I need to provide I will
But was was curious if you starting to build with navy do they ask you for proof of income for new apps?
I know only the future when you want over 25k from reading here

Re: CC income Verification

simplynoir — Wed, 06 Feb 2019 18:30:00 GMT

@Anonymous wrote:
I guess if I need to provide I will
But was was curious if you starting to build with navy do they ask you for proof of income for new apps?
I know only the future when you want over 25k from reading here

Unless something has changed with how they conduct business usually they do not. But as with anything credit related YMMV. If you want more information on NFCU and their application process please feel free to ask your inquiries at the following thread and the people there will happily answer any questions you have regarding it. Don't worry about the thread title FYI.

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Navy-Federal-Thread-for-CLI-and-Additional-Cards/td-p/3419729

Re: CC income Verification

CreditCuriosity — Wed, 06 Feb 2019 19:25:01 GMT

They have many ways to verify such as the number works and other sources as other eluded to.

Why some people choose to fudge #'s on application is beyond me as it is a crime if caught and prosecuted. Well known fairly public person recently got jail time for lying on what was basically a loan application. So those thinking of doing it well shouldn't not saying this is what OP is asking at all. This question has just brought up so many times in the past

Re: CC income Verification

Anonymous — Wed, 06 Feb 2019 19:31:09 GMT

@simplynoir wrote:
@Anonymous wrote:
Want about other landers ? Like nfcu wen applying for new application for a cc they aske for a income papers ?
Only wen I opened the membership I needded to send iD proof
Can I ask why you're so worried about this? I understand privacy concerns with something like tax records but providing something as simple as a paystub is in no way means invasive at least to me. If they ask it's up to you to whether you'll provide it otherwise they simply won't process the application as @Remedios said.

I believe more and more people are becoming aware of their privacy. It was just like 2 weeks ago where a bug was discovered on iPhones that allowed a person to hear you speak even if you didn't pick up! A pay stub on the surface doesn't seem like a 'big deal' but it's just one more piece of information you're handing over about yourself.

Re: CC income Verification

simplynoir — Wed, 06 Feb 2019 20:00:52 GMT

@Anonymous wrote:
@simplynoir wrote:
@Anonymous wrote:
Want about other landers ? Like nfcu wen applying for new application for a cc they aske for a income papers ?
Only wen I opened the membership I needded to send iD proof
Can I ask why you're so worried about this? I understand privacy concerns with something like tax records but providing something as simple as a paystub is in no way means invasive at least to me. If they ask it's up to you to whether you'll provide it otherwise they simply won't process the application as @Remedios said.
I believe more and more people are becoming aware of their privacy. It was just like 2 weeks ago where a bug was discovered on iPhones that allowed a person to hear you speak even if you didn't pick up! A pay stub on the surface doesn't seem like a 'big deal' but it's just one more piece of information you're handing over about yourself.

Meh, the banks can get A LOT more information from your location/spending habits based on your credit card charges. It's why, for instance, the "I still can't believe they didn't charge an AF" Uber card they're eating the cost on the rewards program so they can facilitate their UberEats program. The data mining from that alone must be worth its weight in gold marketing wise. Just saying in the grand scheme of things having a bank asking for IV for what is basically an unsecured line of credit is not a lot to ask for.

Re: CC income Verification

CreditCuriosity — Wed, 06 Feb 2019 20:23:58 GMT

@simplynoir wrote:
@Anonymous wrote:
@simplynoir wrote:
@Anonymous wrote:
Want about other landers ? Like nfcu wen applying for new application for a cc they aske for a income papers ?
Only wen I opened the membership I needded to send iD proof
Can I ask why you're so worried about this? I understand privacy concerns with something like tax records but providing something as simple as a paystub is in no way means invasive at least to me. If they ask it's up to you to whether you'll provide it otherwise they simply won't process the application as @Remedios said.
I believe more and more people are becoming aware of their privacy. It was just like 2 weeks ago where a bug was discovered on iPhones that allowed a person to hear you speak even if you didn't pick up! A pay stub on the surface doesn't seem like a 'big deal' but it's just one more piece of information you're handing over about yourself.
Meh, the banks can get A LOT more information from your location/spending habits based on your credit card charges. It's why, for instance, the "I still can't believe they didn't charge an AF" Uber card they're eating the cost on the rewards program so they can facilitate their UberEats program. The data mining from that alone must be worth its weight in gold marketing wise. Just saying in the grand scheme of things having a bank asking for IV for what is basically an unsecured line of credit is not a lot to ask for.

Agree they are probably losing money on this card for the most part, but the data it is providing is very valuable

Re: CC income Verification

simplynoir — Wed, 06 Feb 2019 20:27:32 GMT

@CreditCuriosity wrote:
@simplynoir wrote:
@Anonymous wrote:
@simplynoir wrote:
@Anonymous wrote:
Want about other landers ? Like nfcu wen applying for new application for a cc they aske for a income papers ?
Only wen I opened the membership I needded to send iD proof
Can I ask why you're so worried about this? I understand privacy concerns with something like tax records but providing something as simple as a paystub is in no way means invasive at least to me. If they ask it's up to you to whether you'll provide it otherwise they simply won't process the application as @Remedios said.
I believe more and more people are becoming aware of their privacy. It was just like 2 weeks ago where a bug was discovered on iPhones that allowed a person to hear you speak even if you didn't pick up! A pay stub on the surface doesn't seem like a 'big deal' but it's just one more piece of information you're handing over about yourself.
Meh, the banks can get A LOT more information from your location/spending habits based on your credit card charges. It's why, for instance, the "I still can't believe they didn't charge an AF" Uber card they're eating the cost on the rewards program so they can facilitate their UberEats program. The data mining from that alone must be worth its weight in gold marketing wise. Just saying in the grand scheme of things having a bank asking for IV for what is basically an unsecured line of credit is not a lot to ask for.
Agree they are probably losing money on this card for the most part, but the data it is providing is very valuable

Not only that a lot of credit card companies have disclosures and opt-out clauses so that your information is disclosed to their advertisers. You can choose to not have you information shared but I doubt a lot of people don't even know that when they read the documentation sent with new card approvals. Them knowing how much you make aside from making sure you have the ability to pay is the least of their concerns.

Re: CC income Verification

AverageJoesCredit — Wed, 06 Feb 2019 20:46:40 GMT

One thing to note, i believe op is same poster as Kugel. I believe we've been down this road before in various threads . Im not sure why poster posts as 2 different posters but it creates confusion , at least it does to me

Re: CC income Verification

Remedios — Wed, 06 Feb 2019 20:51:06 GMT

@AverageJoesCredit wrote:
One thing to note, i believe op is same poster as Kugel. I believe we've been down this road before in various threads . Im not sure why poster posts as 2 different posters but it creates confusion , at least it does to me

How right you are, AJC and how I wish you showed up earlier https://ficoforums.myfico.com/t5/Personal-Finance/Adding-my-cousin-to-nfcu/m-p/5478310#M55189

Re: CC income Verification

simplynoir — Wed, 06 Feb 2019 21:03:08 GMT

@Remedios wrote:
@AverageJoesCredit wrote:
One thing to note, i believe op is same poster as Kugel. I believe we've been down this road before in various threads . Im not sure why poster posts as 2 different posters but it creates confusion , at least it does to me
How right you are, AJC and how I wish you showed up earlier https://ficoforums.myfico.com/t5/Personal-Finance/Adding-my-cousin-to-nfcu/m-p/5478310#M55189

What the....

Re: CC income Verification

steelers1 — Wed, 06 Feb 2019 21:53:26 GMT

@Anonymous wrote:

I always wondered unless i give the credit card issuer my proof of income wen they asks for it like my pay stubs or text return to Do they have a different Method to Verify my income?

They sure do. This is one of many. When you submit a credit card application you give them permissable purpose to verify.

https://www.theworknumber.com/