topic Re: When You Apply.. What Income Do You Use? in Credit Cards

When You Apply.. What Income Do You Use?

Tommy5746 — Fri, 28 Sep 2012 20:17:29 GMT

When you guys apply for a credit card.. Do you ever use your combined household income? Or just your personal income... Are you allowed to use your household income?

Re: When You Apply.. What Income Do You Use?

RockinRay — Fri, 28 Sep 2012 20:20:37 GMT

Personal - that being said, if there is a box for "additional income", I will put my Wifes income there.

Unless you live in Wisconsin, I think this is the law now.

Re: When You Apply.. What Income Do You Use?

creditnocash — Fri, 28 Sep 2012 20:22:43 GMT

i use personal yearly gross salary (based on 40xweek x hr ratex 52 weeks).

if i included household income. i would be approved for some nice cards =) lol. jumps my income from 35k to about 120k.

Re: When You Apply.. What Income Do You Use?

Tommy5746 — Fri, 28 Sep 2012 20:23:17 GMT

@RockinRay wrote:
Personal - that being said, if there is a box for "additional income", I will put my Wifes income there.

Unless you live in Wisconsin, I think this is the law now.

The law is that you have to use your personal and not your household income? I guess technically your wifes income is "other" lol but I would tend to think that other means returns from stocks... alimony etc...

Re: When You Apply.. What Income Do You Use?

RockinRay — Fri, 28 Sep 2012 20:25:08 GMT

@Tommy5746 wrote:
@RockinRay wrote:
Personal - that being said, if there is a box for "additional income", I will put my Wifes income there.

Unless you live in Wisconsin, I think this is the law now.
The law is that you have to use your personal and not your household income? I guess technically your wifes income is "other" lol but I would tend to think that other means returns from stocks... alimony etc...

Before the credit card act, I think you could in fact use household income. If I am right, this has now changed.

Look at it like this, use your personal and if they ever want proof, you have it...

Re: When You Apply.. What Income Do You Use?

Anonymous — Fri, 28 Sep 2012 20:44:08 GMT

@Tommy5746 wrote:
@RockinRay wrote:
Personal - that being said, if there is a box for "additional income", I will put my Wifes income there.

Unless you live in Wisconsin, I think this is the law now.
The law is that you have to use your personal and not your household income? I guess technically your wifes income is "other" lol but I would tend to think that other means returns from stocks... alimony etc...

What law?

Re: When You Apply.. What Income Do You Use?

LS2982 — Fri, 28 Sep 2012 20:45:49 GMT

@Tommy5746 wrote:
When you guys apply for a credit card.. Do you ever use your combined household income? Or just your personal income... Are you allowed to use your household income?

I use my own personal income. Your not allowed to use HHI unless it specifically says you can. (WI residents are allowed to use HHI)

Re: When You Apply.. What Income Do You Use?

Tommy5746 — Fri, 28 Sep 2012 20:50:24 GMT

@LS2982 wrote:
@Tommy5746 wrote:
When you guys apply for a credit card.. Do you ever use your combined household income? Or just your personal income... Are you allowed to use your household income?
I use my own personal income. Your not allowed to use HHI unless it specifically says you can. (WI residents are allowed to use HHI)

What if i apply while im visiting WI? lol jk...

Re: When You Apply.. What Income Do You Use?

LS2982 — Fri, 28 Sep 2012 20:53:25 GMT

@Tommy5746 wrote:
@LS2982 wrote:
@Tommy5746 wrote:
When you guys apply for a credit card.. Do you ever use your combined household income? Or just your personal income... Are you allowed to use your household income?
I use my own personal income. Your not allowed to use HHI unless it specifically says you can. (WI residents are allowed to use HHI)

What if i apply while im visiting WI? lol jk...

hmmm.......

Re: When You Apply.. What Income Do You Use?

webhopper — Fri, 28 Sep 2012 21:08:21 GMT

I use personal income (w2)
Child support
Rental income

Salary is 93k
Child support is 3.6k
Rental income is 24k

Re: When You Apply.. What Income Do You Use?

Tommy5746 — Fri, 28 Sep 2012 21:13:36 GMT

@webhopper wrote:
I use personal income (w2)
Child support
Rental income

Salary is 93k
Child support is 3.6k
Rental income is 24k

Here is a question i just thought about..... What if you’re a waiter or waitress? You work off of tips.. Most major restaurants do pay the waiters and waitresses but literally like 2 dollars an hour since the law says they can.. the rest is in tips... In that case, how could you prove what you really make? Some waiters and waitresses make pretty good money!

Re: When You Apply.. What Income Do You Use?

Tommy5746 — Fri, 28 Sep 2012 21:17:20 GMT

@Tommy5746 wrote:
@webhopper wrote:
I use personal income (w2)
Child support
Rental income

Salary is 93k
Child support is 3.6k
Rental income is 24k

Here is a question i just thought about..... What if you’re a waiter or waitress? You work off of tips.. Most major restaurants do pay the waiters and waitresses but literally like 2 dollars an hour since the law says they can.. the rest is in tips... In that case, how could you prove what you really make? Some waiters and waitresses make pretty good money!

Cancel that.. that was meant to go in the other thread! Haha Sorry!

Re: When You Apply.. What Income Do You Use?

webhopper — Fri, 28 Sep 2012 21:22:08 GMT

Tips fluctuate... in that case I would average the total tip amount for two years (remember tips are.claimed on taxes)... and I would divide by 12... this is how the mortgage underwriters do it. For bonuses; I combine the total bonuses from 2 yrs and devise by 24... again this is how mortgage underwriters do it. When you apply for a mortgage

Re: When You Apply.. What Income Do You Use?

Cdnewmanpac — Fri, 28 Sep 2012 21:29:11 GMT

@webhopper wrote:
I use personal income (w2)
Child support
Rental income

Salary is 93k
Child support is 3.6k
Rental income is 24k

I would strongly caution against posting specific salary information on this (or any) board. This is one of the numbers various online sites may use to verify your identity. Just FYI.

Re: When You Apply.. What Income Do You Use?

Anonymous — Fri, 28 Sep 2012 21:29:43 GMT

@Tommy5746 wrote:
@webhopper wrote:
I use personal income (w2)
Child support
Rental income

Salary is 93k
Child support is 3.6k
Rental income is 24k

Here is a question i just thought about..... What if you’re a waiter or waitress? You work off of tips.. Most major restaurants do pay the waiters and waitresses but literally like 2 dollars an hour since the law says they can.. the rest is in tips... In that case, how could you prove what you really make? Some waiters and waitresses make pretty good money!

At most major restaurants the servers declare their cash tips daily on the point of sale system, which it adds to the credit card tips and reports on your paycheck as income. Taxes are then withheld from your paycheck based on your hourly wage and your tips, and then the tips are shown on your W-2 and your tax return.

Many restaurants avoid tip income fraud by taxing on and reporting wages plus "expected" tips based on the amount of the checks closed out.

Re: When You Apply.. What Income Do You Use?

RockinRay — Fri, 28 Sep 2012 21:58:54 GMT

@Anonymous wrote:
@Tommy5746 wrote:
@RockinRay wrote:
Personal - that being said, if there is a box for "additional income", I will put my Wifes income there.

Unless you live in Wisconsin, I think this is the law now.
The law is that you have to use your personal and not your household income? I guess technically your wifes income is "other" lol but I would tend to think that other means returns from stocks... alimony etc...
What law?

Part of the card act. You would need to research this. I have read on these boards before that you should only state your income unless there is "other income" box provided.

Open a page for an app and look to see what is said about income...

Re: When You Apply.. What Income Do You Use?

Anonymous — Sat, 29 Sep 2012 03:23:00 GMT

@RockinRay wrote:
@Anonymous wrote:
@Tommy5746 wrote:
@RockinRay wrote:
Personal - that being said, if there is a box for "additional income", I will put my Wifes income there.

Unless you live in Wisconsin, I think this is the law now.
The law is that you have to use your personal and not your household income? I guess technically your wifes income is "other" lol but I would tend to think that other means returns from stocks... alimony etc...
What law?
Part of the card act. You would need to research this. I have read on these boards before that you should only state your income unless there is "other income" box provided.

Open a page for an app and look to see what is said about income...

I just took a look at the Card Act of 2009. The only related provision is that proof of income or cosign is required for applicants under 21. I can find no provision that has anything to do with personal or household income.

So each creditor may have a policy, but it is not part of the Card Act.

Re: When You Apply.. What Income Do You Use?

Imua — Sat, 29 Sep 2012 05:08:49 GMT

when i app'd with BofA and Chase in 2008, both asked for "your gross income" - there was also a box for "household income"

last weekend when i app'd with BofA (for BankAmericard Signature VISA), there was no box asking for household income.

do any app's still have a box for household income?

Re: When You Apply.. What Income Do You Use?

aplast — Sat, 29 Sep 2012 05:18:05 GMT

@Anonymous wrote:
@Tommy5746 wrote:
@webhopper wrote:
I use personal income (w2)
Child support
Rental income

Salary is 93k
Child support is 3.6k
Rental income is 24k

Here is a question i just thought about..... What if you’re a waiter or waitress? You work off of tips.. Most major restaurants do pay the waiters and waitresses but literally like 2 dollars an hour since the law says they can.. the rest is in tips... In that case, how could you prove what you really make? Some waiters and waitresses make pretty good money!
At most major restaurants the servers declare their cash tips daily on the point of sale system, which it adds to the credit card tips and reports on your paycheck as income. Taxes are then withheld from your paycheck based on your hourly wage and your tips, and then the tips are shown on your W-2 and your tax return.

Many restaurants avoid tip income fraud by taxing on and reporting wages plus "expected" tips based on the amount of the checks closed out.

this is spot on correct. I own and operate a full service restaurant. Expected tips are usually set to around 10 percent of their CASH tickets. The CC Vouchers are automatically claimed through the POS (point of sale) terminal. Obviously this figure (10%) can change - Im not sure what different restaurant chains select but obviously the more you claim the higher your W2.

And just so I am keeping the thread on topic - I pay myself a salary through work and use that figure only on the application. Makes it easy if any CC company bounces back and asks for paycheck stubs.

Re: When You Apply.. What Income Do You Use?

RockinRay — Sat, 29 Sep 2012 12:32:39 GMT

@Anonymous wrote:
@RockinRay wrote:
@Anonymous wrote:
@Tommy5746 wrote:
@RockinRay wrote:
Personal - that being said, if there is a box for "additional income", I will put my Wifes income there.

Unless you live in Wisconsin, I think this is the law now.
The law is that you have to use your personal and not your household income? I guess technically your wifes income is "other" lol but I would tend to think that other means returns from stocks... alimony etc...
What law?
Part of the card act. You would need to research this. I have read on these boards before that you should only state your income unless there is "other income" box provided.

Open a page for an app and look to see what is said about income...
I just took a look at the Card Act of 2009. The only related provision is that proof of income or cosign is required for applicants under 21. I can find no provision that has anything to do with personal or household income.

So each creditor may have a policy, but it is not part of the Card Act.

Cool - thanks for clearing this up! I stand corrected.