Income Verification

[Anonymous]

I recently applied for a credit limit increase with Capital One and was asked to submit documents verifying my income. The thing is, the income I reported was rather padded...I included scholarships and grants, for example, in addition to my (rather meager) wages. None of it is false, but am I likely to be declined for using these kinds of sources in figuring my income? The website did not specify what sorts of income were acceptable, beyond receiving support from others under 21, so I figured I should risk it.

[FinStar]

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@Anonymous wrote:
I recently applied for a credit limit increase with Capital One and was asked to submit documents verifying my income. The thing is, the income I reported was rather padded...I included scholarships and grants, for example, in addition to my (rather meager) wages. None of it is false, but am I likely to be declined for using these kinds of sources in figuring my income? The website did not specify what sorts of income were acceptable, beyond receiving support from others under 21, so I figured I should risk it.

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The website would not necessarily display this data but you can check the letter that was provided in your Documents online that would yield the following information whenever income verification is requested.  So, if you "padded it" too much within the acceptable income information that Capital One would require then this may not bode well.

[Skye12329]

Income is basically any wages that are verifiable. So as long as you can prove your income along with the other sources you should be fine. 

[Anonymous]

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@Skye12329 wrote:

Income is basically any wages that are verifiable. So as long as you can prove your income along with the other sources you should be fine. 

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Except that if you look at the document FinStar attached, those other sources aren't what they are looking for in income verification so OP might have some issues.

[rlx01]

Unless those things are reported on OP's tax return...

[Anonymous]

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@rlx01 wrote:
Unless those things are reported on OP's tax return...

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True.  Good point

[Anonymous]

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@Anonymous wrote:

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@rlx01 wrote:
Unless those things are reported on OP's tax return...

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True.  Good point

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However, even though Scholarships and Grants may be included on the tax return, they woulnd't be under "Wages"

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@rlx01 wrote:
Unless those things are reported on OP's tax return...

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True.  Good point

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However, even though Scholarships and Grants may be included on the tax return, they woulnd't be under "Wages"

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+1

Had loans, grants, and scholarships during grad school. I had over 50k a year of them. None of them listed under wages, so I could avoid filing taxes most of the years. I did file taxes in one of the grant years due to income from a job post graduation, but I did not list the grant/scholarship/loan information in my W2. 

[Anonymous]

Although it is clear in the verification document that there is a (reasonable) assumption that most people will be reporting primarily wages, the question was just for total annual income, without breaking it down into any categories. While I like to think that should be to Capital One's detriment rather than mine, what would the effect be under review?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@rlx01 wrote:
Unless those things are reported on OP's tax return...

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True.  Good point

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However, even though Scholarships and Grants may be included on the tax return, they woulnd't be under "Wages"

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It's been a long time since I was in school so you can't expect me to know these things :-)