What counts as income on a credit card application?

[Anonymous]

This question is asked 100 times and in a 100 different ways. Each credit card company has an approximate list of what they count but what can you really claim under the income umbrella?

My situation is particular in that I am new to my field (Real estate investor) I have invested in a few deals in my first year but will not show income until 2019.

I called citi today and was transfered to the obligations center which handles this topic specifically. I explained that my income in 2017 was a mixture of dividends, sold stocks and an inheretance. I asked if those came to a total of 200k if I could state a 200k income for 2017 and was told "It's your choice if you want to list those as income" a bit ambiguous answer so I pressed and asked I if I listed them as income would it be accurate and accepted, the answer was yes.

Does anyone have experience in this department? I'm about to apply with Chase and Discover and claim Profession: REI and income 150K

I apprecite your thoughts and suggestions.

[Anonymous]

My banker told me I can put any money that goes through my hands and accounts as income on credit card applications; she said it doesn't have to be taxable.

Essentially, any money that goes to me for rent, tuition, allowance, etc I tally up and write it down which ends up in the six figure range as a college student. This is for HSBC but I'm not sure if it's allowed for other banks

[CreditCuriosity]

Here we go again.. I disagree with poster above me, but this can be found in the search feature discussed 100 of times prior.

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[Anonymous]

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Here we go again.. I disagree with poster above me, but this can be found in the search feature discussed 100 of times prior.

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I understand the eye rolling but after searching inheritance both in the forums and online in general there is very little on this specifically.

Since this is a big part of the equation for me I figured it was worth it to post and see if anyone has experience in this. May be helpful to others who run into this situation in the future.

Any help is appreciated.

[simplynoir]

That's...tricky because most applications for credit cards they have a portion of the app that allows you to enter both your gross annual income from employment and then any liquid assets/non-taxable income as well to have them take into consideration such as allowances, savings and inheritances. Best guess without contacting lending for Chase/Discover that you're going to be applying for is that any income you report on your app if they ever ask you to provide income verification whether as proof before approval or perhaps even the rare financial review down the line to be ready to give documentation showing you have the income to pay off your debts.

[Anonymous]

Any income you earn

Any income your spouse or significant other earns

Any income you have reasonable ability to access

It doesnt have to be from employment

It could be wages, disability, child support, alimony, all sources.... though the app says you dont have to report it, you CAN.  Just be ready to verify it.

Example - my son is disabled, he gets a disability check each month, its technically his money, not mine, even though he is a minor.

I can legally claim it as income I have access to (ive been asked for proof of it before, when i financed my car, and its completely valid)

I can do this until he turns 18.  At that point even if he is still living here and contributing to the household bills (which is probably going to be the case outside of a group home setting?), I can no longer claim his income as my own, for credit purposes.   I can however include his income/contributions on an expenses sheet showing that not all of my liabilities are dependent solely upon my individual income.

Its complicated in some ways, but the bottom line is if you are able to spend it, then you can claim it.

[CreditCuriosity]

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wrote:

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wrote:

Here we go again.. I disagree with poster above me, but this can be found in the search feature discussed 100 of times prior.

---

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I understand the eye rolling but after searching inheritance both in the forums and online in general there is very little on this specifically.

Since this is a big part of the equation for me I figured it was worth it to post and see if anyone has experience in this. May be helpful to others who run into this situation in the future.

Any help is appreciated.

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Wasn't directed at you.. Just what this spurs on is all .  You have every right to ask the question.

[Anonymous]

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wrote:

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wrote:

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wrote:

Here we go again.. I disagree with poster above me, but this can be found in the search feature discussed 100 of times prior.

---

---

I understand the eye rolling but after searching inheritance both in the forums and online in general there is very little on this specifically.

Since this is a big part of the equation for me I figured it was worth it to post and see if anyone has experience in this. May be helpful to others who run into this situation in the future.

Any help is appreciated.

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Wasn't directed at you.. Just what this spurs on is all .  You have every right to ask the question.

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Understandable. Thanks. Hopefully we get some anecdotes and some new found understanding. 

[Anonymous]

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wrote:

Any income you earn

Any income your spouse or significant other earns

Any income you have reasonable ability to access

It doesnt have to be from employment

It could be wages, disability, child support, alimony, all sources.... though the app says you dont have to report it, you CAN.  Just be ready to verify it.

Example - my son is disabled, he gets a disability check each month, its technically his money, not mine, even though he is a minor.

I can legally claim it as income I have access to (ive been asked for proof of it before, when i financed my car, and its completely valid)

I can do this until he turns 18.  At that point even if he is still living here and contributing to the household bills (which is probably going to be the case outside of a group home setting?), I can no longer claim his income as my own, for credit purposes.   I can however include his income/contributions on an expenses sheet showing that not all of my liabilities are dependent solely upon my individual income.

Its complicated in some ways, but the bottom line is if you are able to spend it, then you can claim it.

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This seems to be the view of many. And accoring to the Citi representative, it's citi's view as well. Thanks for your input.

[BurgeoningHope]

Huh. My college-age son has been told something slightly different.

He was told not to include anything that's earmarked for tuition/fees. Basically, if it goes through the Bursar's office, only the bit that comes out of the Bursar's office and into his pocket counts as income. So his grants go through the Bursar, and only the amount over and above tuition/fees (not much!) gets to count. That's not a lot.

I'm very interested in this conversation.