topic Re: Will be Apping soon - Question about Income in Credit Cards

Will be Apping soon - Question about Income

Anonymous — Thu, 22 Apr 2021 17:06:12 GMT

Ok - 1st level of rebuild is almost done. All badies except late student loans off the report. Sitting in the low 700's. Been using CC's for rewards the last two years instead of things I can not afford. Current Cards

Cap 1 Quicksilver - 500

Cap One Quicksilver One - 500

Discover IT - 3500

Planning to app

BBVA (my bank) - pre approved - 3500

FNBO - (pre approved) - 15000

Anyway seeing all the posts about banks requesiting tax transcripts has me worried - On my 2020 taxes I am at about ~75000, however since my side business has been doing really good and my income has grown (starting late last year), with invoices for the next couple months already in que. My new income is closer to 90,000. Am I OK putting 90,000 if I can back it up with recent bank statements and invoices, but not last years taxes?

Re: Will be Apping soon - Question about Income

Kforce — Thu, 22 Apr 2021 17:47:33 GMT

I would use the ~$75,000 that is easy to support.

You CL's are low/moderate because of history and profile, not income.

~$75,000 will support nice CL's

You can update income as it becomes easy to prove/show.

Re: Will be Apping soon - Question about Income

TampaBAY86 — Thu, 22 Apr 2021 17:58:17 GMT

@Kforce wrote:
I would use the ~$75,000 that is easy to support.
You CL's are low/moderate because of history and profile, not income.
~$75,000 will support nice CL's
You can update income as it becomes easy to prove/show.

If you get a 4506 request, it will only support the 75k. The FI may take AA based on the discrepancy.

Re: Will be Apping soon - Question about Income

Anonymous — Thu, 22 Apr 2021 18:03:13 GMT

Thanks for the replies, pretty much what I thought, but wanted to make sure I was not shooting myself in the foot.

Re: Will be Apping soon - Question about Income

Mr_Mojo_Risin — Thu, 22 Apr 2021 21:57:57 GMT

@Kforce wrote:
I would use the ~$75,000 that is easy to support.
You CL's are low/moderate because of history and profile, not income.
~$75,000 will support nice CL's
You can update income as it becomes easy to prove/show.

Perfect response here. Right on!

Re: Will be Apping soon - Question about Income

Loquat — Fri, 23 Apr 2021 14:46:37 GMT

A good rule of thumb as it relates to income is only disclose income that you can prove if requested. I've find it to be the best way to go about apps. Besides most of the time, unless it's a HUGE difference, it probably isn't going to change the approval or initial limit anyway.

Re: Will be Apping soon - Question about Income

Anonymous — Sat, 24 Apr 2021 23:40:11 GMT

@Anonymous wrote:
Ok - 1st level of rebuild is almost done. All badies except late student loans off the report. Sitting in the low 700's. Been using CC's for rewards the last two years instead of things I can not afford. Current Cards
Cap 1 Quicksilver - 500
Cap One Quicksilver One - 500
Discover IT - 3500
Planning to app
BBVA (my bank) - pre approved - 3500
FNBO - (pre approved) - 15000

Anyway seeing all the posts about banks requesiting tax transcripts has me worried - On my 2020 taxes I am at about ~75000, however since my side business has been doing really good and my income has grown (starting late last year), with invoices for the next couple months already in que. My new income is closer to 90,000. Am I OK putting 90,000 if I can back it up with recent bank statements and invoices, but not last years taxes?

I'd rather low ball the income in the case they ask for proof of income. If you low ball you'll never have to worry about getting card regreted for inflating your income.