Question about applying for Citi Custom Cash and AOD Visa Signature cards

[cws-21]

Thanks. How do they determine it is additional income?

[Anonymous]

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@cws-21 wrote:

Thanks. How do they determine it is additional income?

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It seems like they only want to count regular wages. Someone doing DoorDash had that income removed from the equation and the same happened for a traveling nurse. 

https://ficoforums.myfico.com/t5/Credit-Cards/AOD-Visa-Siggy-Discussion-Thread/m-p/6212270/highlight...

They can be pretty strict and even calculate student loans in deferment at a whopping 3% payment. 

[cws-21]

Thank you for the additional information. @Anonymous and others, should I assume AOD will calculate monthly student loan payments as 3% of total owed? I am currently on IBR, and I know they don't take that into consideration, so I am trying to determine what to expect for estimated monthly payment (in addition to how they calculate income, which I initially posted about). Thanks in advance.

[Anonymous]

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@cws-21 wrote:

Thank you for the additional information. @Anonymous and others, should I assume AOD will calculate monthly student loan payments as 3% of total owed? I am currently on IBR, and I know they don't take that into consideration, so I am trying to determine what to expect for estimated monthly payment (in addition to how they calculate income, which I initially posted about). Thanks in advance.

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Yes you will need to calculate 3% of your outstanding SLs as your monthly payment since that's what AOD will use. For many this has pushed their DTI too high for AOD's UW. 

[cws-21]

@Anonymous, once again, thank you. Sorry for all the questions, but I really do not want to waste a HP on AOD if I have little chance of approval. Interestingly, and I'm sure like many others as well, my profile is excellent in general and for virtually all other lenders. Regarding the 3%, is that confirmed as to what AOD actually does in practice? I ask because I contacted my student loan provider and the representative indicated that my monthly payment, if I did not have IBR, would be, obviously, more than I am paying now, but still much less than 3% of total.

[Anonymous]

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@cws-21 wrote:

@Anonymous, once again, thank you. Sorry for all the questions, but I really do not want to waste a HP on AOD if I have little chance of approval. Interestingly, and I'm sure like many others as well, my profile is excellent in general and for virtually all other lenders. Regarding the 3%, is that confirmed as to what AOD actually does in practice? I ask because I contacted my student loan provider and the representative indicated that my monthly payment, if I did not have IBR, would be, obviously, more than I am paying now, but still much less than 3% of total.

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That has been confirmed since the applications started last year unfortunately and they were less selective in general early on than they are now but they were strict about SLs from the start. 

[GatorGuy]

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@cws-21 wrote:

Thanks. How do they determine it is additional income?

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They discounted almost all my wife's 1099 income.

[cws-21]

Thank you for all the great replies. I very much appreciate them even if they mean that I should not apply for AOD now or for the foreseeable future. At least the very least, I ended up applying for the Citi Custom Cash and I was approved instantly so I guess that's something.

[FinStar]

As the OP has indicated they've been approved for one of the products from their initial post, this thread is now locked and closed to new messages.