Getting a Citi DC as a student?

[OmarGB9]

I'm no underwriter lol. Those are questions you'd have to ask the CCCs.

[nightglider]

---

@Anonymous wrote:

---

@OmarGB9 wrote:
If you're under 21 (18), then you can ONLY include your own income.

---

Right, but does this still include the money you have access to?

Per above, we discussed savings can be counted as our income. Let's say this is valid for this situation.

And I also have a $25k savings account with my dad (joint). Do I get to include this? It is technically mine. Yet technically it is his too. 

---

I'd say under the typical rule of "reasonable access", it probably counts. In the end, though, it's up to the creditor if they'll allow it, and if they do it's up to you if you want to include it. At a certain point, though, what are you expecting to get by factoring in that money? While I have no problem including the money I've put away, it's not nearly as much as yours. Even if I had $400k in savings. I doubt I'd include it.

[Anonymous]

---

@nightglider wrote:

---

@Anonymous wrote:

---

@OmarGB9 wrote:
If you're under 21 (18), then you can ONLY include your own income.

---

Right, but does this still include the money you have access to?

Per above, we discussed savings can be counted as our income. Let's say this is valid for this situation.

And I also have a $25k savings account with my dad (joint). Do I get to include this? It is technically mine. Yet technically it is his too. 

---

I'd say under the typical rule of "reasonable access", it probably counts. In the end, though, it's up to the creditor if they'll allow it, and if they do it's up to you if you want to include it. At a certain point, though, what are you expecting to get by factoring in that money? While I have no problem including the money I've put away, it's not nearly as much as yours. Even if I had $400k in savings. I doubt I'd include it.

---

Is it not though?

Both half 50/50 rights to ownership, no? 

[kdm31091]

You can include anything you want that you feel you have access to readily. Its just a bad idea IMO to include savings, and the lenders can and do request proof so be prepared to provide it. Including anything that you wont really be using as income is a bad idea IMO but people are gonna do what they want. Just dont know what they expect to get out of it. 

(Mod Cut-Not your place to determine) At the end of the day, put what you want, be prepared to back it up, and thats that.

[Closingracer99]

---

@Anonymous wrote:

---

@Closingracer99 wrote:

---

@Anonymous wrote:
If she has zero income how exactly does she plan on paying her credit card bill? If she has no income then truthfully $0 should go in the income box which I imagine would lead to a denial.

---

Not exactly true.... If I remember the fine print if you're over the age of 21 you can add stuff like GF/BF income should you want to include it along with the Spuse and etc. I thought I saw that but I could be wrong

---

This is directly from the Citi DC app: "If you are 21 or older, you may include income from others that you can reasonably access to pay your bills".

---

Yeah so the BF income can be included if she is over 21........

[nightglider]

---

@Anonymous wrote:

---

@nightglider wrote:

---

@Anonymous wrote:

---

@OmarGB9 wrote:
If you're under 21 (18), then you can ONLY include your own income.

---

Right, but does this still include the money you have access to?

Per above, we discussed savings can be counted as our income. Let's say this is valid for this situation.

And I also have a $25k savings account with my dad (joint). Do I get to include this? It is technically mine. Yet technically it is his too. 

---

I'd say under the typical rule of "reasonable access", it probably counts. In the end, though, it's up to the creditor if they'll allow it, and if they do it's up to you if you want to include it. At a certain point, though, what are you expecting to get by factoring in that money? While I have no problem including the money I've put away, it's not nearly as much as yours. Even if I had $400k in savings. I doubt I'd include it.

---

Is it not though?

Both half 50/50 rights to ownership, no? 

---

Nope. Each of you has 100% rights to the account.

I'd rather not post a handful of links on the topic because I don't know which you would consider reliable, plus there are various gotchas. A search for "joint savings account laws" will yield some interesting information to keep in mind on the topic.

[Anonymous]

---

@Anonymous wrote:

I hope this doesn't turn into a debate about whats ethical or not.

Do your parents pay your credit card bill? Or help out? If so, it is completely legal to use their household income. It even states list all sources of income available to you, and that would be theirs if they are helping you pay the bill. Citi is also pretty good about students, at least they used to be with their forward card. Not sure of their exact student offerings.

If her scores are good, then I would go for it.  Otherwise she may have to go somewhere that accepts a joint application.

---

hate to quote myself but weeks later and I was right! lol

[Anonymous]

She picked up her card from her parent's this weekend...even with a 2K limit, it turns out that her Citi DC was a WEMC! Huh...thought it was rare to get DC as a WEMC, and even if you did, you'd need a higher limit? Interesting.

[Anonymous]

---

@Anonymous wrote:

She picked up her card from her parent's this weekend...even with a 2K limit, it turns out that her Citi DC was a WEMC! Huh...thought it was rare to get DC as a WEMC, and even if you did, you'd need a higher limit? Interesting.

---

Nope. It's very commonplace, nothing special. Brother got a $2.9k WEMC Citi DC as well. There's a thread on this forum about how Citi is handing out Citi DC WEMCs with really low limits.

[Anonymous]

ON the Savings Account issue, I find the interest and dividends part interesting. Most savings accounts do pay some (small) amount of interest. I guess it's reasonable to put that down as income, even though I probably wouldn't put the entire savings amount in.