When To List All Income Available To You...

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I'm interested to know when and under what relationship scenarios do you list All Available Income to you?  Personally, I'm in an 11yr un-married same gender relationship and we've always taken a hit when reporting income because we are not married, even though our incomes and assets are combined. Given the fairly recent changes where credit card companies now consider essentially all available income, versus individual applicant income, and the ever changing same gender marriage laws, how do you now report your income? 

I've always included just my income and never included my boyfriends even though I have a reasonable level of access to our combined funds .. Given that I have multiple CCs with Amex and Citi, If I change my income reporting on new cards, I'm worried that it may set off fraud alarms where they question the validity of significant changes in income.. However if I don't start to show a greater level of reasonably available income, I'm concerned I will no longer be approved for new cards.. I just went through a significant credit card closing spree because I want to apply for some specific credit cards. I did this to lower my overall credit exposure that creditors see , but in hindsight, I now regret it. I was approaching 185k in available credit card CLs. Combined we both have greater than 225k in regular incomes alone without factoring in other available assets. If I change how I report now, it would be an enormous change that could set off un-necessary and worrisome flags..

For long term unmarried straight or same gender partners, given all the recent changes, how are you reporting to minimize any potential red flags?

Thanks..

[Anonymous]

I commisserate. Luckily, my spouse and I are legally married as far as the federal government (though, not our state) is concerned, and we file jointly, so my situation is easier to "prove" than yours, however... It's my understanding that the language of the CARD Act allows you to report the income of your "spouse or partner," if it's accessible by you.

http://www.consumerfinance.gov/newsroom/the-cfpb-amends-card-act-rule-to-make-it-easier-for-stay-at-...

Quote from the CFPB article: "Although today’s rule applies to all such applicants regardless of marital status, the Bureau expects that it will ease access to credit particularly for stay-at-home spouses or partners who have access to a working spouse or partner’s income."

Congratulations on a long and assumedly happy relationship, they're rare in this world!

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@Anonymous wrote:

I commisserate. Luckily, my spouse and I are legally married as far as the federal government (though, not our state) is concerned, and we file jointly, so my situation is easier to "prove" than yours, however... It's my understanding that the language of the CARD Act allows you to report the income of your "spouse or partner," if it's accessible by you.

http://www.consumerfinance.gov/newsroom/the-cfpb-amends-card-act-rule-to-make-it-easier-for-stay-at-home-spouses-and-partners-to-get-credit-cards/

Quote from the CFPB article: "Although today’s rule applies to all such applicants regardless of marital status, the Bureau expects that it will ease access to credit particularly for stay-at-home spouses or partners who have access to a working spouse or partner’s income."

Congratulations on a long and assumedly happy relationship, they're rare in this world!

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Hey thanks a lot.. I had no idea that the card act permitted partners to combine income for this purpose. I thought it was a grey area and frankly unfair since we were not permitted to officially marry.. Thanks for the link.. And a big congratulations to you on the marriage.. That's awesome!!

[Anonymous]

Not sure if this means anything or not, but recently I tried for a CLI and I asked if I could include my wife's income and the rep said he needed to look at a chart. When I said I'm in Pennsylvania he said then they could only look at my income. I said well she and I both share in the mortgage payment, so just taking my income and the total mortgage payment is sort of unfair. He then did a SP, took my income only and cut the mortgage payment by 50% and they bumped me up $1k with the Discover card.

I guess what I'm trying to say, and I'm not in a relationship where you have additional challenges, my wife and I apparently cannot use both of our combined incomes when securing credit in PA and I guess it varies by state.

[Creditaddict]

Some Credit Unions and Amex if you are FR'd will not usually allow joint income but for all other credit cards and such I would use "any" "reasonabily" "Accessable" monies to you!

worse case someone comes back and says we want income proof and then they say we will only take your income not the whole amount you stated... no biggie... let them decide but it's so rare for credit cards.

[Anonymous]

I have used my individual income and sometimes added my boyfriend's income, depending on how much I wanted a particular card. From what I read, I can include his income because his wages are deposited into our joint account to which I have access. I have never had any problems nor have I been asked for income verification, but, our income is significantly lower than yours.

[CreditCuriosity]

This has been beaten like a dead horse.. I personally think if you file together than it can be counted or in a domestic partnership or married.. Otherwise probably not a good idea, although most lenders will never check if you make what you say or not regardless.. Wish they did so I don't have to bail them out of the next 2008 relapse.  Wheter it is CC or a mortgage.

[tallchick]

My husband has a business that he owned a few years before we got together; I handle all the finances for the business as well as personal, he wants nothing to do with any aspect of it, been doing it for 6 years.  We both take a paycheck and I use our combined  income for all of my credit applications, as well as for any cards he wants.  I always under estimate and put 75k for salary, I have not ran into any issues, go for it!!! And don't forget to keep us updated!!!

[wacdenney]

Except in situations where the application specifially requests individual income, you can use household income.

[Anonymous]

I use to work in a social services office. So when someone applies for assistance you have to go by everyone in the houses income. Not saying If i had a child who worked I would include their income but I assume when someone was "household" income you put your husbands/fiancé/wife whatever income, I wouldn't put some random person I've been dating income on my app but I am going to be married soon and my fiancés income has been "available" to me for the last 3 years. So both our income goes on the application.