CC Apps With Household Not Personal Income ???

Anonymous · ‎09-28-2018

Need some advice. I got my ducks in a row and now I am helping my wife clean up her act. In short she has no credit file at Experian and Equifax shows her as an authorized user on one of my cards that we didn't know reported as I did not give an address or ssn info regarding her only her first initial and last name (which is different than mine). It also shows 3 medical collections that we will begin to work on now that we know about them. Have not checked TU. The Equifax score is 627. She attempted to get her reports online (annual credit report) and they could not verify her and wants her to manually send in a request which we will do in a few days.

Fast forward to yesterday when she went in to a local CU that she is a member of to apply for a secured card. The officer asked why she wanted a secured card and she told her that she has horrible credit from many years ago. The officer said it is not as bad as you think and told her the score. She also told her she could not give her the credit report they ran but discussed what it contained. She told her to apply for a regular card and she would probably be approved for more than the secured card she was wanting to get ($500). BUT she has to have a verifiable source of income. She has not started to get social security as of yet. She last worked four years ago and resigned to take care of me after a horrible accident. I have plenty of income and what is mine is hers however all of the annuities and pensions come in my name each month.

She can list the household income on most CC apps but if they want proof it would be in my name. Is there a way to do this with any verifying docs showing my info? We do not file taxes together nor do we have joint bank accounts. She does have my power of attorney in all matters including medical and financial and can borrow money or any other financial transactions.

Has anyone seen this issue? How would she handle the income part of credit apps (if proof is required). She did apply for a Discover secured card yesterday and was approved earlier today. No income proof was asked for just ID docs had to be uploaded.

If something happens to me she gets it all anyway but we need her to have her own credit just in case since when I go all my credit cards go as well.

equifaxt

imaximous · ‎09-28-2018

Depending on the lender, you can use household income and if they require proof, she can send your income.
Normally, you'll see some type of language that indicates you can use other people's income. It says something like, "If over 21, you may include all income available to you, etc..."
If proof is required, she can call and explain and they should accept your POI.

Some lenders don't allow that. I've seen that particularly with credit unions.

imaximous · ‎09-28-2018

@Anonymous wrote:
With most lenders its all about how your word your income, wording is most important. She can use your income as "seperate maintence income" as long as she acess to it. A lot of lenders will advise if your over 21 you can use other sources if you have access to it. A lot of the times for cards where there is only Primary's and no joint accounts you can only use personal income but they will say if you have any Alimony, child support or separate maintenance income does not need to be revealed if you don’t not wish it to be considered as a basis for repayment.

Her seperate maintenance income would be yours.

Separate Maintenance typically refers to payments received under court order. It's like alimony but not quite because alimony is ordered after you're legally separated or divorced. So, that doesn't apply to OP's wife's case. She can use OP's income under household income just fine.