Stated Income...

[Anonymous]

Hello,

I'm pretty new to credit cards. But I was just reading for income, you can list your household income? So my girlfriend and I have been together for 7 years and will probably get married in the next year or two, we live together. Should I list her income as well as mine on a credit card application? I'm a little worried because we are going to be getting a mortgate soon in her name and they said not to do anything that would change her credit. I don't want to list it, then have them question it/want to see her W2 or pull her credit. I'm wondering if they'll question it because it would be a 10x increase in income from my last application to Chase two months ago. But, my credit is only in the 690 range right now and I want a Chase Shapphire Reserve. So I'm thinking listing all the income possible will help with that. I have one 60-90 date late payment dropping this month and I paid off one of my cards. I'm going to wait til those two things happen next week then apply. My score should be over 700 then. Hopefully that'll do it.

[Anonymous]

If the application says you can then you can. Most issuers usually don't request to verify income and even if they do i don't think that your girlfriend's credit report would be impacted in any way unless she is a cosigner on the card. Also how is it possible that the household income would be x10 larger? Did you understated your income or she is super rich or smt? Just curious ... 

[Anonymous]

Right, I was just thinking they may request to verify income because of that increase. My income just went from 50k to 125k with a new job. I was basically doing an internship and got a job with the company. And she's a doctor. We sure don't feel rich though. Basically half goes to tax, 4k goes to rent (we live in an expensive city) and the rest goes to student loans for the next several years. We are soon to be 7 figures in debt with no retirement or savings in our 30's.

[Anonymous]

Debt to income ratio is important to determine your starting limits but still for the Reserve i believe you might need at least 700 score and possibly a pre existing 10k credit line because that's the minimum for the reserve. Although those things are not binding and for people with high paying jobs they may be more lenient but still keep those things in mind. It doesn't matter what you feel, all that matters in this situation is what they will see on their papers(or screens). If the reserve is all you want don't overthink it though, just app and if they decline call for reconsideration and if they don't budge wait a few months and try again. 1 inquiry isn't a big deal unless you'll be cosigner on the mortage.

[Anonymous]

Thanks, I'm going to give it a shot next week. I only have a 6k limit on the Freedom Unlimited, but that was with 50k stated income. Hopefully my score will pop over 700 next week and I'll get it.

Last question. I know this is the wrong place, but do you think it'd help to do this in person/explain it while mentioning that we are getting a mortgage soon? I feel like if the banker has any way of adding comments/helping push it through they may just so we like them and consider Chase for the mortgate?

[Anonymous]

Are there Chase  branches where you live?  If there are, I'd suggest going in and speaking with a personal banker.  They will be able to look in their system and see if there are approvals for credit products that might not show up in Chase's online prequalification tool.  Did you get the Freedom Unlimited card just two months ago?  That might be too short a period to qualify for the Sapphire Reserve but you'll never know if you don't try.

Alternatively, you can check the Chase Prequalification at www.chase.com/prequalified but as I said a face to face conversation with a personal banker is your best bet.  With regards to combining income, each issuer usually has language in the application that tells what you can or can't include but generally you can include any income that you have "reasonable expectation of access."

[Anonymous]

Thanks, I pass two Chase banks on the way to work so I'll just stop in. No approvals online. Thanks for the link though!

How long do they like to see between applications? I'm guessing 24/5... So they are probably looking for about 5 months between cards? I also want to get a Freedom and Amazon Prime eventually to maximize points.

[Anonymous]

I just checked the language regarding Gross Income in the Chase Sapphire application and it says the following:

So if your and your girlfriend share household bills (assuming you're over 21) you can include her income.  Of course this is easier if you're married or live in a community property state; then there's really no question over what can be included in gross income.

I can't imagine that there's a personal banker who wouldn't want you as a client; you've the potential to become Chase Private Clients.  I think a 6 month period to demonstrate a payment history and prove you can handle your current credit limit is ideal but of there are always exceptions.

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@Anonymouswrote:

Thanks, I pass two Chase banks on the way to work so I'll just stop in. No approvals online. Thanks for the link though!

How long do they like to see between applications? I'm guessing 24/5... So they are probably looking for about 5 months between cards? I also want to get a Freedom and Amazon Prime eventually to maximize points.

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[Anonymous]

I've had buddies in the banking world for high net clients and also retail bankers who see different walks of life. Her take was on the following when she said if i wanted to convey something to someone to get some brownie points is that sometimes if you explain too much it would be too cumbersome and just go for the straight shot and ask the core question. So I would suggest a convo with them as saying hey listen personal banker, i was looking at this CC and my income is such and such and i am in the process in getting married in the next year or so and blah blah blah, this way if they need to have a conversation with the UW you can describe the same thing. The less the better in some cases I also say that to my wife LOL. Good luck and congrats on the nice promo and nice bump in pay and also you GF, I've had some friends whom graduated from Med school and by the time they did they were in 7 figure in student loan debt and they signed up with some hospitals that were throwing money at them to recruit by giving big sign up contracts and potential to pay off their student loan debts too. I have not talked to him in years but that is what he last said to me when i lived in L.A. 15 years ago! 

[shoegal]

I would wait to apply until after you get your mortgage, and have the keys in your hand.