CSP denied for income

Anonymous · ‎03-11-2017

Hello everyone! So I'm a 23 year old and I applied for the CSP because it showed up in my offers and I called in today and they told me that they denied me because my income was too low. I put $20,000 in the income box, but I have access to my parent's bank account and reguarly use it pay my bills. Last year I got around $13,000 from my parent's account for my expenses. Can I put that combined $33,000 in the application and that be okay? And if it is okay, should I apply for the card all over again or call recon and tell them this instead? Any help is appreciated. Thanks!

K-in-Boston · ‎03-11-2017

Any funds that you reasonably expect to have access to can be claimed for income. You could try to recon and tell them that you only put in your individual income by mistake and meant to include all income available to you, but I'm not sure if even boosting that to $33k satisfies the underwriting requirements of CSP or CSR, which are targeted toward higher earners.

Anonymous · ‎03-11-2017

@K-in-Boston wrote:
Any funds that you reasonably expect to have access to can be claimed for income. You could try to recon and tell them that you only put in your individual income by mistake and meant to include all income available to you, but I'm not sure if even boosting that to $33k satisfies the underwriting requirements of CSP or CSR, which are targeted toward higher earners.

I would do as you instructed and call recon. My buddy was approved for CSP and CSR last year with mid-5 digit limits and he only makes around 40k on paper.

Anonymous · ‎03-11-2017

Wanderingbuilder - "On Paper" so off paper he could be making millions, a Walter White if you will.

OP - If you live with your parents and have a reasonable expectation of access to income they earn you may include their income too. They only make 13k a year combined??? Even people not working just collection social security collect 15k each annually.

Anonymous · ‎03-11-2017

@Anonymous wrote:
Wanderingbuilder - "On Paper" so off paper he could be making millions, a Walter White if you will.

OP - If you live with your parents and have a reasonable expectation of access to income they earn you may include their income too. They only make 13k a year combined??? Even people not working just collection social security collect 15k each annually.

haha well I don't know if he has any other income to include.His job pays about 40k per year, and he has a side-business that I don't actually think is doing better than just paying to keep itself afloat.

creditguy · ‎03-11-2017

@Anonymous wrote:
Wanderingbuilder - "On Paper" so off paper he could be making millions, a Walter White if you will.

OP - If you live with your parents and have a reasonable expectation of access to income they earn you may include their income too. They only make 13k a year combined??? Even people not working just collection social security collect 15k each annually.

I believe OP allocated $13k of their parents bank accounts for their expenses not that their parents income was only $13k. Also I know someone who barely breaks the $10k mark on social security so I'm not sure $15k is a minimum when it comes to social security income.

UncleB · ‎03-11-2017

@creditguy wrote:
@Anonymous wrote:
Wanderingbuilder - "On Paper" so off paper he could be making millions, a Walter White if you will.

OP - If you live with your parents and have a reasonable expectation of access to income they earn you may include their income too. They only make 13k a year combined??? Even people not working just collection social security collect 15k each annually.
I believe OP allocated $13k of their parents bank accounts for their expenses not that their parents income was only $13k. Also I know someone who barely breaks the $10k mark on social security so I'm not sure $15k is a minimum when it comes to social security income.

+1

The OP is over 21 so there are more options for what can be 'income', but unless the circumstances are truly exceptional it wouldn't be accurate for him to claim his parent's total income along with his own. He can claim an allowance or a trust fund (or something of that nature) or income from a spouse, but just because you're on a joint bank account with your parents doesn't mean you have 'reasonable' access to those funds as your own... when in doubt use common sense.

More details can be found here: https://www.nerdwallet.com/blog/credit-cards/report-income-credit-card-application/

The unpopular truth is some cards just aren't for everybody at all stages of your financial life... I'm in that situation myself. It's better to follow the rules and get a card the right way than to act fraudulently and risk causing problems down the road. Especially if you're going through recon, you're better off being on the up-an-up... they aren't fools.

creditguy · ‎03-11-2017

@UncleB wrote:
@creditguy wrote:
@Anonymous wrote:
Wanderingbuilder - "On Paper" so off paper he could be making millions, a Walter White if you will.

OP - If you live with your parents and have a reasonable expectation of access to income they earn you may include their income too. They only make 13k a year combined??? Even people not working just collection social security collect 15k each annually.
I believe OP allocated $13k of their parents bank accounts for their expenses not that their parents income was only $13k. Also I know someone who barely breaks the $10k mark on social security so I'm not sure $15k is a minimum when it comes to social security income.
+1

The OP is over 21 so there are more options for what can be 'income', but unless the circumstances are truly exceptional it wouldn't be accurate for him to claim his parent's total income along with his own. He can claim an allowance or a trust fund (or something of that nature) or income from a spouse, but just because you're on a joint bank account with your parents doesn't mean you have 'reasonable' access to those funds as your own... when in doubt use common sense.

More details can be found here: https://www.nerdwallet.com/blog/credit-cards/report-income-credit-card-application/

The unpopular truth is some cards just aren't for everybody at all stages of your financial life... I'm in that situation myself. It's better to follow the rules and get a card the right way than to act fraudulently and risk causing problems down the road. Especially if you're going through recon, you're better off being on the up-an-up... they aren't fools.

+1000. Very Ttue and the CSP is no exception. I can't see the CSP making a whole lot of sense for someone making $20k a year even at the income with parents pitching in. I honestly don't see a recon going well if that's the scenario laid out IMHO. I'd probably shoot for a freedom or FU first and work my way up.

Anonymous · ‎03-11-2017

Credit guy - I wasn't saying 15k is the minimum with social security I'd say it's the average though, some get more some get less.

15k a year is $1,250 a month my Dad gets $1,280 and his friend gets $1,830 just as a datapoint.

Also, a question.

Assume this scenario: A 23 year old has good credit and only one credit card with a 1k limit. He apps for CSP with only 20k income since Chase allows for up to 30-33% of your income in credit (correct me if I'm wrong I believe I've seen this referenced in other threads) and the minimum CL is 5k plus the other 1k on the other card that would be 6k which is less than 30-33% of the 20k. Shouldn't it allow for approval though with that income, assuming this scenario?

Anonymous · ‎03-11-2017

@Anonymous wrote:
Credit guy - I wasn't saying 15k is the minimum with social security I'd say it's the average though, some get more some get less.

15k a year is $1,250 a month my Dad gets $1,280 and his friend gets $1,830 just as a datapoint.

Also, a question.

Assume this scenario: A 23 year old has good credit and only one credit card with a 1k limit. He apps for CSP with only 20k income since Chase allows for up to 30-33% of your income in credit (correct me if I'm wrong I believe I've seen this referenced in other threads) and the minimum CL is 5k plus the other 1k on the other card that would be 6k which is less than 30-33% of the 20k. Shouldn't it allow for approval though with that income, assuming this scenario?

I don't know that this is true, as the above mentioned buddy has over 50% of his income as credit from Chase between CSP and CSR.