Including parents income on new credit application?

[Anonymous]

A little info first; I'm 23 years old, working, living at home, and looking to apply for a credit card for the first time. I share a checking account with both of my parents. In fact, my paychecks direct deposit into their (our) account. My question is, when a credit application asks me for my total net income, am I allowed to include their income as well, considering I have full access to it? I've seen this question asked a few times before, and there never really seems to be a clear answer. I know that the 2009 CARD act changed the rules so that people 18-20 could not include parent income as their own, but then it gets unclear about people 21 and up. It makes it clear that people 21 and up would be able to list the income of spouses with joint accounts as their own, but what about parental income if I'm living at home and have a joint account with them? Would I be allowed to just list total household income? Listing total household income would greatly improve my chances of approval, considering my credit scores are not awesome (TU 620), and my personal income is not huge, but I obviously don't want to get accused of credit card fraud or something.

Anyone know the answer?

Thanks for the help!!!

[Anonymous]

No....l strongly advise against this....for SO many reasons. I'm a bit jet lagged, so I'm not going to list them out. 
We have plenty of low income earners on this site who built their credit accurately  stating their income. You will be fine....just do it the right way. 

[mikesonthemend]

Technically you may. I wouldn't.

[Anonymous]

The answer is that you cannot. The household income exception is intended for spouses, domestic partners, etc. who do not work outside of the home... not for adult children. You are clearly aware what the laws says.

[GApeachy]

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@Anonymous 

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Yep, agree with above.

There have been a few threads on 4506-T.  Read up on those as well.  (one in particular is a fella, around your age, maybe a little younger)

Like already mentioned above, start off on the right foot with the right income, Yours, and over time it will grow and you will not have to worry about a thing.  Glad you asked, it's always best....."when in doubt; don't".

[Anonymous]

As far as I understand you must have direct access to that money not a veberal agreement. Unless you have like joint accounts you can't include it. 

Also avoid CreditOne for a first credit card. 

[CreditInspired]

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@Anonymous wrote:

A little info first; I'm 23 years old, working, living at home, and looking to apply for a credit card for the first time. I share a checking account with both of my parents. In fact, my paychecks direct deposit into their (our) account. My question is, when a credit application asks me for my total net income, am I allowed to include their income as well, considering I have full access to it? I've seen this question asked a few times before, and there never really seems to be a clear answer. I know that the 2009 CARD act changed the rules so that people 18-20 could not include parent income as their own, but then it gets unclear about people 21 and up. It makes it clear that people 21 and up would be able to list the income of spouses with joint accounts as their own, but what about parental income if I'm living at home and have a joint account with them? Would I be allowed to just list total household income? Listing total household income would greatly improve my chances of approval, considering my credit scores are not awesome (TU 620), and my personal income is not huge, but I obviously don't want to get accused of credit card fraud or something.

Anyone know the answer?

Thanks for the help!!!

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Hi and welcome to myFICO

I wouldnt, even though you have a joint checking account. I would like to know though why you dont have your own checking account so that your direct deposit can go into a non-joint account.

Also, a question you can ask yourself. Would your parents go bonkers if they found out you included their incomes on a CC application?  I know I would!

[GApeachy]

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@CreditInspired wrote:

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Would your parents go bonkers if they found out you included their incomes on a CC application?  I know I would!

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I just read an article....i know, i know "google" but this article said you'd have to have your parents co-sign on the credit card app.

I'll put the link: (hope that's okay)

https://www.creditcardinsider.com/blog/annual-income-for-credit-card-applications-everything-you-nee...

[Anonymous]

As others have said, I wouldn’t. Good luck when you app though, and welcome to the forums

[CreditCuriosity]

Concur with above do it the right way as your parent certainly i doubt would pay your CC bills from their income if you ran them up.  Use your income and build your profile and your career and in time you can put higher income as yours increases