topic Re: Income declaration question in Credit Cards

Income declaration question

Traveler101 — Tue, 02 Jan 2024 00:38:10 GMT

When applying for a credit card, or cli, when it comes to income. I generally use my standard income from payroll. Over the last 2 years tax returns, I've cashed out some of a pension. That is reflected in returns, and documented.

The dispersed pension money is not a normal expectation of income every year forward. However, if I were to apply for a cli or new card in near future, can I include the extra money I received over the last 2 years as my income?

Re: Income declaration question

JoeRockhead — Tue, 02 Jan 2024 01:05:16 GMT

Most lenders allow any available household income to be included, so, unless yours states otherwise, I don't see why you couldn't use it.

Re: Income declaration question

Traveler101 — Tue, 02 Jan 2024 01:18:44 GMT

@JoeRockhead wrote:
Most lenders allow any available household income to be included, so, unless yours states otherwise, I don't see why you couldn't use it.

Thanks. I was wondering that.

My last application to BoA, when doing verification she went over income. I explained to her normally about 87k a year. But with a dispersement, it took me to over 120k. I explained to her that wasn't a normal year, and I'm not sure about the inclusion. I was being honest.

Thanks for the heads up. Maybe I can see a 50k line in the horizon. I only want 1 for bragging rites. Seeing how many cap you at 50% of income for a limit, it's tough to break that barrier. Navy out of the question. Maxed out in 2 cards, 45, 35. Amex won't go beyond 50%. I'm sure there are some outliers, but I'm not one of them.

Thanks again.

Re: Income declaration question

ptatohed — Tue, 02 Jan 2024 02:54:34 GMT

For the last 7 or so years my employer has offered a program where we can 'sell' back up to 100 hours of accrued sick/leave/holiday hours. I have sold the full 100 every year it's been available. This increases my annual income by some $7k+. The program could end any time but I always include this extra money in my annual income. Also, my wife is a substitute teacher and, truth be told, some years she works a lot more than others. I will always use the household income she made that previous year even if next year might be less. I'd say just go for it.