Navy Federal credit card application question

[QCS123]

I have been in the garden for two years.  My husband and I just joined Navy Federal and are considering applying for credit cards under each membership.  If I do decided to make the jump and apply for a credit card what do I put for income?  I am not working and work to support my husbands business as he is a solepropietor.  I do not get a salary, we just do an owner pull for each job completed into our joint checking account for bills etc . I also have an Etsy shop (tiny paltry amount earned).  So do i tell them my Etsy income plus husband income?

It's been so long since I applied, I don't remember what to put!

[FinStar]

This is what NFCU has listed on their site regarding income. So, you'd input the income value that can be verified in the event that POI is requested.

Income Disclosure

You may include your wages, retirement benefits, public assistance, and income from investments or rental properties. You may include another person's income if it is regularly deposited into or transferred to an account you own or co-own. If you are 21 or older, you may also include another person's income that is used to pay your expenses.

You do not have to reveal alimony, child support, or separate maintenance income unless you want it considered as a basis for repayment.

[QCS123]

DH applied for membership, then 2 days later DH applied for CC online. Got the 24-48 hrwait msg, They then asked for 2 years POI. Does that mean they could still decline or does that just more likely mean they are wanting proof to determine CL.  Yes, POI will match what was in the application.

[FinStar]

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@QCS123 wrote:

DH applied for membership, then 2 days later DH applied for CC online. Got the 24-48 hrwait msg, They then asked for 2 years POI. Does that mean they could still decline or does that just more likely mean they are wanting proof to determine CL.  Yes, POI will match what was in the application.

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If it is being requested, then POI is a pre-requisite to verify the data that's on the application. It is not so much to determine CL (if approved), but also to analize DTI and other items. The application could go 50/50. It's up to NFCU to determine whether DH meets their UW criteria even after supplying POI.

[Dsc123]

Of course we are going to put the income value that can be verified but as self employed we have a cash reciepts value, a gross income and an adjusted income.  Trying to figure out if we use the gross or the adjusted income on the application.  I "think" it is the gross income but I can't remember because it's been forever since I applied for a credit card!

[SouthJamaica]

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@Dsc123 wrote:

Of course we are going to put the income value that can be verified but as self employed we have a cash reciepts value, a gross income and an adjusted income.  Trying to figure out if we use the gross or the adjusted income on the application.  I "think" it is the gross income but I can't remember because it's been forever since I applied for a credit card!

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1.  IMHO it's your net income, not your gross income, that counts. When applying for a personal card, the lender isn't interested in the revenue from the business. When applying for a business card, they ask for both -- the business revenue, and your personal income.

2.  IMHO since you have as much access to your husband's income as he does, your combined net income should be used. If asked for verification put in the same stuff he puts in.

[pakratus]

I read that Self Employed and Retired are the worst things to put on the applications, you have to prove your income.  Strangely Unemployed hasn't been a problem for me.

[KatSoDak]

Apparently YMMV because I'm retired and have two Navy cards, both of which were instantly approved. Also received CLI upon request and an additional auto increase.

My income is under $75k. I've never been asked for POI