Chase Sapphire Preferred Approval?

[CreditWorld2013]

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@Shogun wrote:

It is always the best policy to be honest on the applications.  I never include my DW's income on my apps, and she doesn't include mine on hers.  This just seems to be a no brainer to me.  

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I believe this is a complex issue. If both parties are working and have decent income on their own by all means only state that. The part that gets a bit mixed is that if one stays at home while the other works I find nothing wrong with the other party listing joint income. In other words, if you share bank accounts, file taxes jointly, etc but one doesn't work I find nothing wrong with listing a portion of the income. The way I see it is if the person staying at home doing the responsibilities such as taking care of a child, laundry, maintenace, etc...if their spouse had to hire someone to do it they would be paid. So I see it as a fine line. No one should be penalized for staying at home but not to exagerate and claim all the income. Just what would be resonable as if they were working in the workforce. The Card ACT of 2009 made this mistake by trying to limit those under 21 but now they are issuing new rules for stay at home spouses. As for the OP don't claim $60,000. If your father and you work together you can be resonable and expect some salary but don't claim his entire income as if they were to verify it you would have closed accounts. I don't expect them to go after you for the legal aspect but no reason to cause the hasstle if you can honestly claim you work together. Perhaps find common ground with your father on what hourly wage he would pay someone? Just a thought.

[Shogun]

I agree with that and there has been much debate on the subject.  I believe WI is the only state that has both conjoined right now.  But a spouse should not be held back from credit if they are supporting things at home. 

[Anonymous]

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@Shogun wrote:

I agree with that and there has been much debate on the subject.  I believe WI is the only state that has both conjoined right now.  But a spouse should not be held back from credit if they are supporting things at home. 

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I agree with you 100% on this, specifically if it is for a spouse.  The main reason for that is in the case of as stay at home spouse I'm sure they are going to file their taxes jointly and should be able to prove any income if it comes into question.  In this case the OP stated that he was using his parents income solely, if that's the case does he have any income at all?  How would he prove it if it comes into question?

[Anonymous]

A felony just like ripping off the tag of a bed punishable by law. I think the OP would have a better chance of getting hit by lightning than the bank going after him legally

[Anonymous]

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@Anonymous wrote:

A felony just like ripping off the tag of a bed punishable by law. I think the OP would have a better chance of getting hit by lightning than the bank going after him legally

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?   You DO know that removing bed tags is unlawful only if removed prior to sale to the consumer (which is reasonable consumer protection)?  It's fine to remove it once you have bought it.

But I agree it's unlikely that the bank will ask for criminal proceedings to be initiated, small amount of money, bad PR etc.   

That said, I think the real "harm" would be when father and child both individually applied to the same issuer, each claiming the same $60K income.   That really seems hard to morally justify, although I'm sure it happens all the time.  Of course, even with different issuers there is a problem that the same money is being used twice, but it becomes clear when you both apply to Chase for example.

[improvingmycredit]

Hey All!

Everyone on this forum knows that fudging on apps takes place every day.  It's unfortunate because I believe that it directly leads to credit inexperienced individuals (and even the savvy one's) to over extend themselves.  These credit limits are issued with the individuals stated ability to pay.  I strongly recommend that one not fudge one's ability to pay back your debt.  It is a recipe for financial disaster.  Obviously, you know when apping that you are doing something wrong if you have to think about what you could get away with claiming as income.  I'm not referring to stay at home spouses or the like- there are laws designed to ensure equity but even then- 2 people in a household claiming the same income apping for separate accounts consistently could lead to the very same outcome of being over extended.  Be realistic and true to yourself.  You know what you can pay back based on your income.  Don't fudge it.

[Anonymous]

This kid should not be applying in the first place. He only makes 60k a year if he even truly makes that. The card is better utilized by people with 6figure incomes from a real job or business. Not students reporting daddy's income. And do you really want to pay the $95 annual fee? It's actually cheap compared to other signature cards some of which are up to $400 a year but do YOU want to deal with that? Do you travel a lot? I don't think you honestly can afford this card or afford to spend 2k a month on it. Top card for people with high incomes travel a lot and spend a couple grand each month. Not low income people. You should not apply to this card just because its pretty, be wise and mature about your credit choices.

[nfs_mw]

Seconded..

[llecs]

Kind reminder this is a bump of an old thread.

[Anonymous]

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@Anonymous wrote:
This kid should not be applying in the first place. He only makes 60k a year if he even truly makes that. The card is better utilized by people with 6figure incomes from a real job or business. Not students reporting daddy's income. And do you really want to pay the $95 annual fee? It's actually cheap compared to other signature cards some of which are up to $400 a year but do YOU want to deal with that? Do you travel a lot? I don't think you honestly can afford this card or afford to spend 2k a month on it. Top card for people with high incomes travel a lot and spend a couple grand each month. Not low income people. You should not apply to this card just because its pretty, be wise and mature about your credit choices.

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OK, old thread, but to respond to the recent comment:  I agree that it isn't a good long term card for that income level.

However, AF is waived the first year, and providing the $3K spend can be met (and there are lots of ways of doing that), there is a 40K bonus which is worth at a minimum $400.    Not taking it, assuming that Chase approves, is leaving free money on the table.   It's not the OPs problem that Chase chooses to issue such a generous offer.