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@Anonymous wrote:
I am 21 years old and really interested in the American Express gold card. My dad still currently pays my car insurance bill (yes I know I need to start paying) but does that mean I’m allowed to add his income as well in the application? And if I can, what if Amex hits me with a FR? Do I only have to prove my income? Or both mine and my dads?
Just because your dad pays your car insurance does not mean that you have readily access to his income. I would put your own personal income. Alot of people do put "household" income but that is normally used for married couples and live in couples.
@Jnbmom wrote:
@Anonymous wrote:
I am 21 years old and really interested in the American Express gold card. My dad still currently pays my car insurance bill (yes I know I need to start paying) but does that mean I’m allowed to add his income as well in the application? And if I can, what if Amex hits me with a FR? Do I only have to prove my income? Or both mine and my dads?Just because your dad pays your car insurance does not mean that you have readily access to his income. I would put your own personal income. Alot of people do put "household" income but that is normally used for married couples and live in couples.
i just found out about the household income recently. should i even bother updating my income with card issuers (ones i already have cards with)? would there be questions asked since the household income will be double of what i've reported?
i realize a bunch of other factors are involved with applications but in which case would correcting my income be beneficial for?
@kudosalert wrote:
@Jnbmom wrote:
@Anonymous wrote:
I am 21 years old and really interested in the American Express gold card. My dad still currently pays my car insurance bill (yes I know I need to start paying) but does that mean I’m allowed to add his income as well in the application? And if I can, what if Amex hits me with a FR? Do I only have to prove my income? Or both mine and my dads?Just because your dad pays your car insurance does not mean that you have readily access to his income. I would put your own personal income. Alot of people do put "household" income but that is normally used for married couples and live in couples.
i just found out about the household income recently. should i even bother updating my income with card issuers (ones i already have cards with)? would there be questions asked since the household income will be double of what i've reported?
i realize a bunch of other factors are involved with applications but in which case would correcting my income be beneficial for?
Do you have access to the household income (ex. Husband & wife)?
@Anonymous wrote:
I am 21 years old and really interested in the American Express gold card. My dad still currently pays my car insurance bill (yes I know I need to start paying) but does that mean I’m allowed to add his income as well in the application? And if I can, what if Amex hits me with a FR? Do I only have to prove my income? Or both mine and my dads?
IMHO, this would be a slippery slope and one you don’t want to go down. It does not sound like you have access to DD income if he is paying your car insurance.
We still pay our daughters car insurance ( while she is in college)
Does she claim our income as hers, ummm NO she does not.
@CreditInspired wrote:
@kudosalert wrote:
@Jnbmom wrote:
@Anonymous wrote:
I am 21 years old and really interested in the American Express gold card. My dad still currently pays my car insurance bill (yes I know I need to start paying) but does that mean I’m allowed to add his income as well in the application? And if I can, what if Amex hits me with a FR? Do I only have to prove my income? Or both mine and my dads?Just because your dad pays your car insurance does not mean that you have readily access to his income. I would put your own personal income. Alot of people do put "household" income but that is normally used for married couples and live in couples.
i just found out about the household income recently. should i even bother updating my income with card issuers (ones i already have cards with)? would there be questions asked since the household income will be double of what i've reported?
i realize a bunch of other factors are involved with applications but in which case would correcting my income be beneficial for?
Do you have access to the household income (ex. Husband & wife)?
This. If you don't have ready access to the funds, you can't claim it. For example, if you have a 401k that allows you to take general purpose loans, you can add it as other income. But if you have a 401k that you can't touch, you can't add it as income. Some lenders will have a separate category just for something like that.
Parental income is generally specifically excluded unless they give you cash. For example, if you're in college and your parents give you your tuition to pay for it, that counts as income but only if they give it to you and you spend it because this is considered a gift.
A good rule to go by is if it's a joint account or the money goes into your personal account, it can generally be counted as income on a credit application.
@Jnbmom wrote:We still pay our daughters car insurance ( while she is in college)
Does she claim our income as hers, ummm NO she does not.
Exactly! And I’m sure if she did and you found out about it, there would be hell to pay. 😂🤣😆. I know I would go bonkers!