Stated income for applications?

[ecxpa]

Why not just call the lender befor applying and ask their expectations.........everything should be above board with your credit.  I'm not sure what a company would put on a credit report if they took AA because an applicant overstated income.  You will surely have to explain why a company closed your cards sooner or later.

[Anonymous]

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@ecxpa wrote:

Why not just call the lender befor applying and ask their expectations.........everything should be above board with your credit.  I'm not sure what a company would put on a credit report if they took AA because an applicant overstated income.  You will surely have to explain why a company closed your cards sooner or later.

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Barclay's and AMEX tend to expect your individual income.

[ecxpa]

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@Anonymous wrote:

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@ecxpa wrote:

Why not just call the lender befor applying and ask their expectations.........everything should be above board with your credit.  I'm not sure what a company would put on a credit report if they took AA because an applicant overstated income.  You will surely have to explain why a company closed your cards sooner or later.

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Barclay's and AMEX tend to expect your individual income.

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If I recall most of the prime cards I have asked for individual income............an individual has enough problems doing recons without explaining inflated incomes on closed accts...........I think most lenders would gladly tell an applicant what income(s) to report.........I have rental income I do not report unless I am talking with the lender and can explain that sometimes all property is not rented out.

[Anonymous]

BTW, the seven year common law marriage thing is a complete myth. In the few states that allow common law marriage, it is not based on a number of years, but off of presenting yourselves as husband and wife, both to the public and on various filings to the government. You cannot "accidentally" gain a common law marriage. 

[techiegirl]

I asked a cc company a year or so back and I was told I can use DH's income as well as mine (we file jointly).  When I opened my cu and opened cc with them, I was told I could only use individual income unless we get joint cc.  

As someone else says, it depends on the lender.

[Imperfectfuture]

CU's (for the most part), tend to be more conservative like that, mine is, and until the income from my investments causes the need to file taxes, they won't accept investment income without jumping through hoops.

Others are more lenient, it is allowed by the cfpb and the new card rules (wives are allowed to include husband's income and vice versa). CU's seem to be stuck still in the darker ages. And you don't need to have joint accounts to use the spouse's income. But, what can you do?

[Tszone]

hypothetically speaking if you make 100k but put 17.5k in 401k plus pay 5k for health insurance all pre tax. You woud make 100k on paystub but w2 only would show 77.5k, what whould you show as income you application?

[Anonymous]

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@Tszone wrote:

hypothetically speaking if you make 100k but put 17.5k in 401k plus pay 5k for health insurance all pre tax. You woud make 100k on paystub but w2 only would show 77.5k, what whould you show as income you application?

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They care about gross.

[CreditCuriosity]

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@Anonymous wrote:

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@Tszone wrote:

hypothetically speaking if you make 100k but put 17.5k in 401k plus pay 5k for health insurance all pre tax. You woud make 100k on paystub but w2 only would show 77.5k, what whould you show as income you application?

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They care about gross.

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Yep I max out my 401k etc (ouch), but I put gross...

[Anonymous]

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@CreditCuriousity wrote:

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@Anonymous wrote:

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@Tszone wrote:

hypothetically speaking if you make 100k but put 17.5k in 401k plus pay 5k for health insurance all pre tax. You woud make 100k on paystub but w2 only would show 77.5k, what whould you show as income you application?

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They care about gross.

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Yep I max out my 401k etc (ouch), but I put gross...

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I do as much as they'll match (5%), I use my W2 Income only w/AMEX but with other lenders put down half the wife's income as well.