@Anonymous wrote:
I ask because I got great fico scores but my income is not that great. Just wondering if cli request, if I added an additional 10k to my annual salary would that be a red flag for them to wanna verify?
Lenders have a pretty good idea of what your income is based on various reports supplied to and from various credit reporting agencies. Whereas $60k stated income maybe red flags for a 21-year-old living in Mississippi it might not be living in NYC. On the other hand age-aside, $100k to $200k living in Metro DC is "average income" and don't even try to figure out San Francisco.
I have 3 sources of steady income #1 my job, #2 my DW's job, #3 an annuity. I/we also have supplemental sources of income DW has a minor p/t job, I have active and passive investment income and minor amounts of interest income. What I/we put down for "income" is the primary 3 sources - I don't add the supplemental sources of income for two reasons, it's only $10k to $20k a year and I can't document it until the end of the year anyway.
In March of this year when I refinanced my home through NFCU they got W2's, 1040's and paystubs for the last two years along with permission to look at my taxes. They did ask if it was okay to NOT document "minor income sources" if they were not necessary for the approval - I said yes of course. I/we were approved and closed in less than 30 days at 3.5%. Our adjusted income was shown at about $30k less than provable and excluded TSP/401k contributions, interest earned, p/t employment and bonuses
Although many "fudge" their income numbers on applications especially for credit cards, I'd suggest you do NOT. If you have a limited income that would not support the credit you are seeking, especially if you default, that could lead to criminal fraud charges. I would suggest that given credit reporting agencies and lenders collect data on everything from spending habits to inquiries results (new account, CLI's, declines) they I assume, track stated income too and that alone will increase requests for POI or a look at your taxes.
Bottom line is to list the income that is accurate and provable.
