topic Re: Annual Household Income in Credit Cards

Annual Household Income

Anonymous — Mon, 30 Jan 2012 16:18:59 GMT

My fiance applied for a home depot card with me, HD does not do co-applicants but put me on as a co-card holder. When it came to the income part, she put both of our incomes down, even though they do not have my SSN, but we live together and we both pay the bills.

Is that what its meant for?

Re: Annual Household Income

pizzadude — Mon, 30 Jan 2012 16:21:07 GMT

Yes, if the application asked for "household" income then it would be both yours and hers.

Re: Annual Household Income

CreditMuppet — Mon, 30 Jan 2012 16:29:32 GMT

@Anonymous wrote:
My fiance applied for a home depot card with me, HD does not do co-applicants but put me on as a co-card holder. When it came to the income part, she put both of our incomes down, even though they do not have my SSN, but we live together and we both pay the bills.

Is that what its meant for?

Depends. Did she put you down as an Authorized User? Did the application specifically ask for household income? Since the card act passed, the rules have changed. If you are just an AU, she has full responsibility for paying the card, if they did not specifically ask for household income, she should have only reported her own individual income.

Re: Annual Household Income

CS800 — Mon, 30 Jan 2012 16:36:05 GMT

I havent seen 'household income' on many applications lately.

But only put your total HHI if the application specificaly asks for it.

Re: Annual Household Income

Anonymous — Mon, 30 Jan 2012 19:13:29 GMT

well HD does not do co-signers. I am an authorized user. I asked the lady who ran the app and she said to put the annual household income. Although the website just asks for annual income.

Re: Annual Household Income

CS800 — Mon, 30 Jan 2012 19:22:25 GMT

@Anonymous wrote:
well HD does not do co-signers. I am an authorized user. I asked the lady who ran the app and she said to put the annual household income. Although the website just asks for annual income.

The only time this will become an issue is if you're ever asked to provdie income proof W-2's, 1099's etc

Re: Annual Household Income

CreditMuppet — Mon, 30 Jan 2012 19:29:47 GMT

@Anonymous wrote:
well HD does not do co-signers. I am an authorized user. I asked the lady who ran the app and she said to put the annual household income. Although the website just asks for annual income.

Sounds like you were given bad advice. As an authorized user your income can not be considered to qualify for approval. The CARD act I believe prevents credit card companies from being able to consider HHI as it once did.

Just know that they reserve the right to review and close your account or ask for income verification at any time. It probably wont be an issue otherwise.

Re: Annual Household Income

Anonymous — Mon, 30 Jan 2012 19:31:48 GMT

well i emailed HD credit customer service so i should get something in writing soon. If the person at HD misled us, then i will pay the small balance off and cancel the card

Could there be legal issues if i leave the card and they ask for info and find out hers is lower?

Re: Annual Household Income

JusdoNit — Mon, 30 Jan 2012 20:18:30 GMT

Do you think you may be making this a bigger deal than it needs to be? If she already has the card does it matter or did you want the card cancelled?. Is this something that can just be corrected on future applications?

Re: Annual Household Income

Anonymous — Mon, 30 Jan 2012 20:21:21 GMT

@Anonymous wrote:
well i emailed HD credit customer service so i should get something in writing soon. If the person at HD misled us, then i will pay the small balance off and cancel the card

Could there be legal issues if i leave the card and they ask for info and find out hers is lower?

You're making something out of nothing. It asked for household income, and both of your incomes are included in that. Don't worry about it. The only way there will ever be any kind of investigation is if you run up some huge balance and never pay them.. And even then, they'll just CO the account and give you a big fat negative on your CR.

Re: Annual Household Income

Anonymous — Mon, 30 Jan 2012 20:25:25 GMT

Thanks, i will make sure in the future that we can co-apply otherwise we will decline the offer

Re: Annual Household Income

Anonymous — Mon, 30 Jan 2012 20:28:34 GMT

@Anonymous wrote:
Thanks, i will make sure in the future that we can co-apply otherwise we will decline the offer

If you apply as an individual, but the app asks for household income, you can still put your income+DW/DH income.

Re: Annual Household Income

KingAdrock — Mon, 30 Jan 2012 20:40:59 GMT

@Anonymous wrote:
well i emailed HD credit customer service so i should get something in writing soon. If the person at HD misled us, then i will pay the small balance off and cancel the card

Could there be legal issues if i leave the card and they ask for info and find out hers is lower?

To lie on a credit application is a crime, but actual criminal proceedings over it are pretty rare.

I say just be honest about the mistake. Income is more of a factor for determining CLs than getting approved. If they do anything, it'll likely just be a CLD.

Re: Annual Household Income

Anonymous — Mon, 30 Jan 2012 20:52:52 GMT

Oh man, I don't remember the last time I've seen HHI on ANY application. The card act must have really prompted all creditors to change that ASAP.

If it ever becomes an issue, just tell them it was an honest mistake. Chances are, though, it'll never become an issue.

Now, if it was with a company like Amex, yeah, you'd want to notify them immediately. But for a HD card, I just don't expect them to ever ask for financial proof.

Re: Annual Household Income

Anonymous — Mon, 30 Jan 2012 20:55:32 GMT

@Anonymous wrote:

You're making something out of nothing. It asked for household income, and both of your incomes are included in that. Don't worry about it. The only way there will ever be any kind of investigation is if you run up some huge balance and never pay them.. And even then, they'll just CO the account and give you a big fat negative on your CR.

+1. It's not that big of a deal, in my opinion. I always give a low-ball rounded estimate for my income on applications, but I've never had any creditor ask me anything about my income.

Re: Annual Household Income

CS800 — Mon, 30 Jan 2012 21:01:11 GMT

You should just run with it for now. You were given wrong advice. It was not your fault to start with. If you are ever questioned, you can tell them what you were told.

Re: Annual Household Income

Anonymous — Mon, 30 Jan 2012 21:25:19 GMT

@CS800 wrote:
You should just run with it for now. You were given wrong advice. It was not your fault to start with. If you are ever questioned, you can tell them what you were told.

So... would grants (i.e. left over money from school tuition and expenses) count as being part of your income?

Re: Annual Household Income

Anonymous — Tue, 31 Jan 2012 13:09:06 GMT

I just applied for an amex yesterday, and household income was requested. But this time, they qualified it. They said to use ALL sources including retirement, investments, rental properties. The first amt was then followed by a confirmation of the primary source. Then they asked for the total hh amount altogether. So OP, in my eyes, you did nothing wrong. Household income is defined monies from all sources you would like considered. If they want only your income, that's what they will ask for.