I combine income unless not allowed.
If not allowed, I cut my mortgage payment in half.
You can't hit me both ways.
Once you have some high limits, rarely is any POI required.
OMMV
2 things regarding credit applications and Income. 1) almost every financial institution post the following in some shape or form next to the income section, this one is from Discover. "About Total Annual Gross Income
Examples include current or reasonably expected salary, wages, bonus pay, tips, commissions and income from interest, dividends, savings, liquid assets, retirement benefits and rental property.
If you are 21 or over, you may include another person's income that is available to you.
A spouse/domestic partner is one example."
2) By law you are required to verify your income if asked and can not be asked to verify income of a partner, unless said person is listed on the account. The law states that you can include another person's income that is available to you. The law also states that "It is assumed that if you are married that you have a resonable expection to your spouses income"
Also remember it is Gross Income that is being requested.
@Brian_Earl_Spilner wrote:
@Jnbmom wrote:I normally use household unless it asks for individual.
i would guess if your household is significantly higher but when you applied you used your individual then if you updated to household , it might raise a few eyebrows?
What with discover asking for tax docs, I would think that people would be less likely to use household income. I would assume that if I added 50k to my income, amex might raise an eyebrow.
Since the whole discover thing started I use exactly what is on our 1040. It is frustrating because we have additional income that is nontaxable and my husband owns a small business with income that increases so I used to just ballpark our estimated income for the current year, but I figure it is the only safe way to proceed. None of our cards seemed to care when I lowered income for both of us after all of the Discover stuff, but it was within 10% of what I had down previously.
@Remedios wrote:Nah
Repossessing a car or foreclosure are by far more complicated processes than closing the card.
While those may be secured debts, recovering them is not an easy process, and neither is what happens afterwards.
This is true. There are also additional costs that will drive up the loss. Tow company, storage fees, auction fees, DMV fees, etc. They add up fast and passing them to the customer doesn't mean it's going to get paid. It usually doesn't.
@Anonymous wrote:
@omgitsMatt wrote:
@NimbusIII wrote:2 things regarding credit applications and Income. 1) almost every financial institution post the following in some shape or form next to the income section, this one is from Discover. "About Total Annual Gross Income
Examples include current or reasonably expected salary, wages, bonus pay, tips, commissions and income from interest, dividends, savings, liquid assets, retirement benefits and rental property.
If you are 21 or over, you may include another person's income that is available to you.
A spouse/domestic partner is one example."
2) By law you are required to verify your income if asked and can not be asked to verify income of a partner, unless said person is listed on the account. The law states that you can include another person's income that is available to you. The law also states that "It is assumed that if you are married that you have a resonable expection to your spouses income"
Also remember it is Gross Income that is being requested.
Ooof.
So if I read that right, they can't ask for income verification from spouse but I _could_ take it upon myself to supply it?
Otherwise I did a no no
Actually in the case of Disco, they won't take any additional documentation. If you can't prove what you put on there with a 4506-T, they'll close the account. Someone on reddit questioned them about why they say you can use household income and was told that it's because it's the law but that if they can't verify it, you're out of luck.
ETA: I dug the post up. https://www.reddit.com/r/CreditCards/comments/dtqym2/did_discover_discriminate_against_you_account/
This is true in the fact that a card issuer can set it's own parameters on what it will accept as verification, I personally have not had to deal with Discover on this but have with Penfed and Amex and typically provide my taxes, a K1, a form 1120, a form 2555 and a brokerage account letter all at once and have never had an issue.
I think even with Discover the key thing is that if you are with in the legal bounds of what you claimed as income and could prove it you can not be charged with fraud as far as them closing the account, there are plenty of other banks that will accept your sources of income.