Proof of Income for CCC

[Skye12329]

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@Anonymous wrote:

That would be none...I have no previous tax returns filed. 

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Just be honest with them, IMO its rare for them to ask, unless something looks odd. Such as a scenario like this:

Cards almost maxxed out or a debt with 20k with a 25k total credit 

with a more than suffcient income such as 500k

and no house or rent payment

and paying minimum payments

then they might some proof because it looks odd too have debt and only paying minimum payments with a high income, basically just be honest on applications for income that can be proven.

Don't put down 1 million dollar income working at McDonalds, when your making 15k - obviously over exaggerated but thats probably a sure fire way to get asked for income. 

IMO as long as your honest and you are responsible, your not going to get asked. As for spooking lenders, take credit slowly. Say you just got approved for a card and you add on 5 more cards and your profile is thin. Your going to look desperate for credit and some lenders might ask for income or close your account...etc. 

[Anonymous]

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@Anonymous wrote:

That would be none...I have no previous tax returns filed. 

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If I remember correctly (which you know I usually don't ) but you're only 18 or 19 right? Which would be why you don't have previous years tax returns. If you don't get paystubs from your employer and only receive cash, if I'm not mistaken you can just get a letter from your employer stating how much you earn. Someone please correct me if I'm wrong.

[Anonymous]

Is 1 year too short of a time to app for 3-4 cards? 

Thanks for replying.

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@Skye12329 wrote:

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@Anonymous wrote:

That would be none...I have no previous tax returns filed. 

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Just be honest with them, IMO its rare for them to ask, unless something looks odd. Such as a scenario like this:

Cards almost maxxed out or a debt with 20k with a 25k total credit 

with a more than suffcient income such as 500k

and no house or rent payment

and paying minimum payments

then they might some proof because it looks odd too have debt and only paying minimum payments with a high income, basically just be honest on applications for income that can be proven.

Don't put down 1 million dollar income working at McDonalds, when your making 15k - obviously over exaggerated but thats probably a sure fire way to get asked for income. 

IMO as long as your honest and you are responsible, your not going to get asked. As for spooking lenders, take credit slowly. Say you just got approved for a card and you add on 5 more cards and your profile is thin. Your going to look desperate for credit and some lenders might ask for income or close your account...etc. 

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[Jerry45]

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@Skye12329 wrote:

I haven't had it happen yet. Amex is usually the biggest that will ask for it but not the only one. I have read about Citi, Chase and Capital One asking rarely but it happens. Generally when you spook them though.

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+1

[Skye12329]

@monoglot, to answer your question of 3-4 cards in 1 year. It's not a whole lot but I would split it up. Maybe do 2 cards and then after 6 mos if you want 1 or 2 more you could go after those. Credit is like a triathlon takes time. Not a sprint, you still have all the time in the world.

[Anonymous]

Appreciate the advice.

I was hoping to submit each app subsequently 1 second after each other.

A year from today, I'll be on my summer break and I would be in school after 6 months...I'd rather have cards mailed to me while I'm at home so no one can take my mail. 

[Skye12329]

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@Anonymous wrote:

Appreciate the advice.

I was hoping to submit each app subsequently 1 second after each other.

A year from today, I'll be on my summer break and I would be in school after 6 months...I'd rather have cards mailed to me while I'm at home so no one can take my mail. 

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Thats usually how i and many others on here do app sprees. Looking at your Signature i think its time to garden you have a great set of tradelines. 

[Anonymous]

Thank you

Would you still advocate me doing 4 in a row?.. I would rather do all at once, and then garden for a while. Provided its a year from now, of course.  

[Skye12329]

If its a year from now, I think you should be fine. But it might depend on the lender on what order to do it in.

E.g Citi is inquiry sensitive and can lead to decline pretty easily.
Chase you can't have more than 5 new accounts in 2 years for their main cards.

[Anonymous]

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@Skye12329 wrote:
If its a year from now, I think you should be fine. But it might depend on the lender on what order to do it in.

E.g Citi is inquiry sensitive and can lead to decline pretty easily.
Chase you can't have more than 5 new accounts in 2 years for their main cards.

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So which order do you recommend for me? Would the following be fine:

1) Citi DB

2) Freedom

3) SMMC

4) chase AARP