What to put in gross salary when you collect disability on credit card application???

[Anonymous]

Hello,

Let me start off by saying I only put in my monthly disability amount I receive as my gross amount on credit card applications.  Now some have asked for net, which makes it easier.  But I am curious if it states "gross income" what should a person list as their total income in that box???

In looking/learning about a mortgage through VA loan; I have read where my non-taxable income(disability) will get multiplied by 1.25 to come up with a gross number for the application/consideration.  That can make someone that gets as an example VA and SSDI disabilities annual income look $10 to $20,000 higher annually over net figures.  

Again,  I don't want to do anything wrong/illegal, just wonder what is correct for the credit card applications when they ask for "gross income" and the person's only income is disability?

Thanks!  

[ddamage]

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@Anonymous wrote:

Hello,

Let me start off by saying I only put in my monthly disability amount I receive as my gross amount on credit card applications.  Now some have asked for net, which makes it easier.  But I am curious if it states "gross income" what should a person list as their total income in that box???

In looking/learning about a mortgage through VA loan; I have read where my non-taxable income(disability) will get multiplied by 1.25 to come up with a gross number for the application/consideration.  That can make someone that gets as an example VA and SSDI disabilities annual income look $10 to $20,000 higher annually over net figures.  

Again,  I don't want to do anything wrong/illegal, just wonder what is correct for the credit card applications when they ask for "gross income" and the person's only income is disability?

Thanks!  

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Great question. Im a 100% disabled veteran who receives non-tax income from VA and SSDI. Loook forward to someone having an answer.

[M_Smart007]

Paging @Anonymous , As I think He could very well answer this?

He'll chime in when possible

[Anonymous]

I am a underwriter and I "gross up" SS and Disability by multiplying the amount on the award letter by 125%.

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@ddamage wrote:

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@Anonymous wrote:

Hello,

Let me start off by saying I only put in my monthly disability amount I receive as my gross amount on credit card applications.  Now some have asked for net, which makes it easier.  But I am curious if it states "gross income" what should a person list as their total income in that box???

In looking/learning about a mortgage through VA loan; I have read where my non-taxable income(disability) will get multiplied by 1.25 to come up with a gross number for the application/consideration.  That can make someone that gets as an example VA and SSDI disabilities annual income look $10 to $20,000 higher annually over net figures.  

Again,  I don't want to do anything wrong/illegal, just wonder what is correct for the credit card applications when they ask for "gross income" and the person's only income is disability?

Thanks!  

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Great question. Im a 100% disabled veteran who receives non-tax income from VA and SSDI. Loook forward to someone having an answer.

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[AllZero]

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@M_Smart007 wrote:

Paging @Anonymous , As I think He could very well answer this?

He'll chime in when possible

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@M_Smart007  Haven't seen Saeren online in a few days.

[Anonymous]

Credit cards, you want to read the instructions for income. I actually burned myself when I got my Apple Card because you are supposed to inflate the number 25% if your income is not taxable. Needless to say, that $4500 income discrepancy no doubt contributed to my disappointment with my SL. In fact when I later messaged them after hearing they were able to update income and told them what happened, they doubled my limit.  

Generally speaking, you want to put your actual payment amount as your gross. There will be some apps like with AMEX where you will have a separate spot to put what portion of your income is not taxable and that presumably does the calculations internally for them. 

[Anonymous]

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@AllZero wrote:

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@M_Smart007 wrote:

Paging @Anonymous , As I think He could very well answer this?

He'll chime in when possible

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@M_Smart007  Haven't seen Saeren online in a few days.

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I am still reading. Just not posting as much. 

[AllZero]

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@AllZero wrote:

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@M_Smart007 wrote:

Paging @Anonymous , As I think He could very well answer this?

He'll chime in when possible

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@M_Smart007  Haven't seen Saeren online in a few days.

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I wrote too soon.

[AllZero]

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@Anonymous wrote:

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@AllZero wrote:

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@M_Smart007 wrote:

Paging @Anonymous , As I think He could very well answer this?

He'll chime in when possible

---

@M_Smart007  Haven't seen Saeren online in a few days.

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I am still reading. Just not posting as much. 

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Welcome back.

[Anonymous]

Thank you all for your helpful information!!!!