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LL Bean Mastercard Net Income Request

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bergrides
Regular Contributor

LL Bean Mastercard Net Income Request

Got an email from LL Bean Mastercard (Citi) asking to update information, including net income after taxes:

 

*Total Annual Net Income is your yearly income after taxes. If you are 21 or older, you may include income from others that you can reasonably access to pay your bills. You do not have to include alimony, child support, or separate maintenance income if you do not want it considered as a basis for repaying this debt.

 

This is different.  Amex, and even other Citi cards, just say Annual Income.  I called and they said you could add a tax refund if you got one. 

 

Anyone seen this on other cards?

 

Thanks

Message 1 of 11
10 REPLIES 10
Anonymous
Not applicable

Re: LL Bean Mastercard Net Income Request

Synchrony always wants net income. 

Message 2 of 11
RSX
Valued Contributor

Re: LL Bean Mastercard Net Income Request

Yes. Don’t remember offhand, which card does this, but I have seen it

Dec 16/2019. EX. 721. EQ. 723. TU 746
Jan 25/2024 EX. 774 EQ. 751 TU 758
Inq. EX 2 EQ 3 TU 6 - - CC 2x24, 0x12
Amex BCP $35k - Apple GS $21k - BMW/Elan $19k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Bountiful $10k - Chase United Club Infinite $26k - Citi CustomCash $3k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $31.5k - PayBoo - $15.6k - Penfed Gold - $19.3k - USB AltitudeGO -$19k- USBank Cash+ -$25k - PenFed LOC - $20k - USB LOC - $15k
Message 3 of 11
bergrides
Regular Contributor

Re: LL Bean Mastercard Net Income Request

Interesting.  Hopefully I can take gross minus taxes not gross minus 401K minus health insurance cost minus taxes

Message 4 of 11
RSX
Valued Contributor

Re: LL Bean Mastercard Net Income Request

I have always updated it with what hits my bank Acct.  But only because I never considered those 2 other items

 

i think for sure you can add back the cost of 401k and health benefit costs.  Since they are technically voluntary

Dec 16/2019. EX. 721. EQ. 723. TU 746
Jan 25/2024 EX. 774 EQ. 751 TU 758
Inq. EX 2 EQ 3 TU 6 - - CC 2x24, 0x12
Amex BCP $35k - Apple GS $21k - BMW/Elan $19k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Bountiful $10k - Chase United Club Infinite $26k - Citi CustomCash $3k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $31.5k - PayBoo - $15.6k - Penfed Gold - $19.3k - USB AltitudeGO -$19k- USBank Cash+ -$25k - PenFed LOC - $20k - USB LOC - $15k
Message 5 of 11
Anonymous
Not applicable

Re: LL Bean Mastercard Net Income Request


@bergrides wrote:

Interesting.  Hopefully I can take gross minus taxes not gross minus 401K minus health insurance cost minus taxes


Net is just minus taxes AFAIA. 

Message 6 of 11
coldfusion
Community Leader
Mega Contributor

Re: LL Bean Mastercard Net Income Request


@Anonymous wrote:

@bergrides wrote:

Interesting.  Hopefully I can take gross minus taxes not gross minus 401K minus health insurance cost minus taxes


Net is just minus taxes AFAIA. 


From an accounting perspective,  net pay does factor in deductions like 401K,  health/dental/term life insurance,  union dues, taxes, and so on.  It's not just taxes.  

 

A simple definition is that net pay is based upon what the payroll check actually deposits into your bank account. 

 

 

(3/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 7 of 11
bergrides
Regular Contributor

Re: LL Bean Mastercard Net Income Request

I just talked to their Customer Service and they said they are only looking at Gross minus taxes.  To me it would be what goes in the bank, but I will probably go with Gross - Taxes based on the call with CS.

Message 8 of 11
coldfusion
Community Leader
Mega Contributor

Re: LL Bean Mastercard Net Income Request


@bergrides wrote:

I just talked to their Customer Service and they said they are only looking at Gross minus taxes.  To me it would be what goes in the bank, but I will probably go with Gross - Taxes based on the call with CS.


Give them what they ask for.  Smiley LOL

(3/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 9 of 11
Anonymous
Not applicable

Re: LL Bean Mastercard Net Income Request

Or simply ignore it as it's not required to keep the account.

 

The CARD act requires lenders to periodically ask and lenders do but, mostly they want to see if they can make you more profitable by extending more credit to you and hoping you'll pay interest if you charge too much to PIF.

Message 10 of 11
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