Getting a Citi DC as a student?

[Anonymous]

How would savings be calculated into "monthly income" when it is really just money you already received, instead of a steady flow of income? - This is what I dont understand bc savings isnt a steady flow of income but others say it counts so I guess. Id never include savings but to each their own.

[axlm]

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@Anonymous wrote:
How would savings be calculated into "monthly income" when it is really just money you already received, instead of a steady flow of income? - This is what I dont understand bc savings isnt a steady flow of income but others say it counts so I guess. Id never include savings but to each their own.

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I've always considered that question as "how much money do you have available to repay us". I don't include savings on my applications, but first time I was denied for SallieMae, I recon'd and the credit analyst actually asked about it. My income was lower at that time, and apparently my savings were not enough, because she still denied me after I told her

[Anonymous]

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@Anonymous wrote:

I believe it asked for annual income and monthly rent. I also recall that from my own Citi apps.

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Yeah, but "savings" isn't income. It's already in your pocket. 

[Anonymous]

aww axlm sorry to hear that but thanks for sharing. That does make sense in a way. But savings can fluctuate daily so I guess thats where Im having trouble. On Monday I could have $5000 available to repay but blow through it all by Wednesday and its not being replenished. But if all they were concerned with was how much you had in that very moment then I get it.

[Anonymous]

Okay. I have access to $400k in savings and CDs.

Do I have the right to enter that into my annual income field? 

[axlm]

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@Anonymous wrote:
aww axlm sorry to hear that but thanks for sharing. That does make sense in a way. But savings can fluctuate daily so I guess thats where Im having trouble. On Monday I could have $5000 available to repay but blow through it all by Wednesday and its not being replenished. But if all they were concerned with was how much you had in that very moment then I get it.

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Lol, don't be sorry, I actually received my SM today. Applied again at the last minute with the surviving link and got approved for $8,800@13.99%. How about that! I guess all that micromanaging actually paid off

Oh, and I tend to think about my savings as 'untouchable' money, so maybe that's why I see it differently

[axlm]

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@Anonymous wrote:

Okay. I have access to $400k in savings and CDs.

Do I have the right to enter that into my annual income field? 

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While I don't know wheter it's acceptable or not from a legal standpoint, my feeling is that you can. I mean, if it is yours, and you really can take the money out of those savings and pay your balances, why not? Now, if you only have access to them, but they are not under your name, I wouldn't do it.

[Anonymous]

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@axlm wrote:

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@Anonymous wrote:

Okay. I have access to $400k in savings and CDs.

Do I have the right to enter that into my annual income field? 

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While I don't know wheter it's acceptable or not from a legal standpoint, my feeling is that you can. I mean, if it is yours, and you really can take the money out of those savings and pay your balances, why not? Now, if you only have access to them, but they are not under your name, I wouldn't do it.

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They are mine, and I can legally withdraw money from them.

[kdm31091]

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@Anonymous wrote:

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@axlm wrote:

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@Anonymous wrote:

Okay. I have access to $400k in savings and CDs.

Do I have the right to enter that into my annual income field? 

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While I don't know wheter it's acceptable or not from a legal standpoint, my feeling is that you can. I mean, if it is yours, and you really can take the money out of those savings and pay your balances, why not? Now, if you only have access to them, but they are not under your name, I wouldn't do it.

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They are mine, and I can legally withdraw money from them.

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Savings is not (IMO) income, nor are CDs. As Heavenly mentioned you could blow through all of that money tomorrow, so the creditor may not really consider it as income.

Even so, someone putting "400k" as their income is probably going to raise some eyebrows.

Bad idea IMO...be honest and provide your income from employment, even investment income...but just savings accounts or CDs? To me no, that's not income.

It's for your protection really, because if you provide all that as income, you may be given a higher limit and you could overextend yourself. Since the "income" you provided isn't really "income", you could be in over your head. Then the cycle of "just taking a little bit" from the savings/CD begins, and before you know it, the 400k is gone. It's an extreme example, but I just want you to know why I'm advising against this.

[Anonymous]

Monoglot, I believe you once mentioned you are 18 years old. If you are 18 years old (and probably any age, for that matter), and enter 400k on an application, I would expect it to trigger a major review and verification, and most likely a 4506-T request from the IRS, as it should.