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LL Bean Mastercard Net Income Request

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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
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Super Contributor

Re: LL Bean Mastercard Net Income Request

Synchrony always wants net income. 




Message 2 of 11
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Established Contributor

Re: LL Bean Mastercard Net Income Request

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

July 31/2019. EX-712. EQ-704. TU-726
Dec 16/2019. EX. 721. EQ. 723. TU 746
July 5/2020 EX. 726 EQ. 720 TU 745
Aug 8/2020 EX. 728 EQ. 714 TU 744
Inq. EX 6 EQ 4 TU 2 - - CC 5x24, 1x12
Amex BCP $20k - Apple GS $15k - BMW/Elan $5k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase United Club Infinite $20k - Citi DC $13.5k - CreditUnion1 $9k - DiscoverIT $20.5k - HSBC Gold - $10.5k - Wells Sig Visa $12k
Message 3 of 11
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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
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Established 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

July 31/2019. EX-712. EQ-704. TU-726
Dec 16/2019. EX. 721. EQ. 723. TU 746
July 5/2020 EX. 726 EQ. 720 TU 745
Aug 8/2020 EX. 728 EQ. 714 TU 744
Inq. EX 6 EQ 4 TU 2 - - CC 5x24, 1x12
Amex BCP $20k - Apple GS $15k - BMW/Elan $5k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase United Club Infinite $20k - Citi DC $13.5k - CreditUnion1 $9k - DiscoverIT $20.5k - HSBC Gold - $10.5k - Wells Sig Visa $12k
Message 5 of 11
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Super Contributor

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
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Community Leader
Super Contributor

Re: LL Bean Mastercard Net Income Request


@Saeren 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. 

 

 



(8/2020)
FICO 8 (EX) 811 (TU) 805 (EQ) 793
FICO 9 (EX) 834 (TU) 823 (EQ) 821

$1M+ club

Artist formerly known as ColdFusion
Message 7 of 11
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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
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Community Leader
Super 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



(8/2020)
FICO 8 (EX) 811 (TU) 805 (EQ) 793
FICO 9 (EX) 834 (TU) 823 (EQ) 821

$1M+ club

Artist formerly known as ColdFusion
Message 9 of 11
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Valued Contributor

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.

500K+ TCL / 800+ FCOs
Message 10 of 11
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