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What income to put on apps?

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chrisw1968uk
Frequent Contributor

What income to put on apps?

Hi All

Seems a stupid question - I applied at the branch of my bank for a US Bank Credit Card - For income, I explained that my bonuses are actually greater than my salary - my wife and I run the company.

They told me to put down my salary, my bonus, wifes salary and her bonus - nearly $250k in total!! They said it was ok as the bank doesn't check this anyway????????? WTH lol, I got approved with a decent limit, but can't figure out the sense in this lol 

Message 1 of 17
16 REPLIES 16
Remedios
Credit Mentor

Re: What income to put on apps?

They dont check per se, but there are other ways at their disposal to at least accurately estimate what your income is if they felt inclined to do so. 

Message 2 of 17
Anonymous
Not applicable

Re: What income to put on apps?

I would use whatever figure you give the IRS. I also think it's safe to say banks can and will ask for income verification if they feel the need.
Message 3 of 17
coldfusion
Community Leader
Mega Contributor

Re: What income to put on apps?


@Remedios wrote:

They dont check per se, but there are other ways at their disposal to at least accurately estimate what your income is if they felt inclined to do so. 


Yep.  Capturing of public data and mining it have evolved enough that they can usually determine pretty accurately what your income would be.

 

They're also required to factor in household income if the applicant lists it and there is a reasonable likelihood that they have access to it.  That requirement allows homemakers to apply for and obtain credit in their own name even if they rely primarily or solely on their spouse/SO for household income but can also be leveraged for dual-income couples.

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Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 4 of 17
Anonymous
Not applicable

Re: What income to put on apps?

I've only had a credit union ask for my 2 latest pay stubs, never had a bank ask me to verify.

Message 5 of 17
Anonymous
Not applicable

Re: What income to put on apps?

Just be honest. There's no point in lying.
Message 6 of 17
coldfusion
Community Leader
Mega Contributor

Re: What income to put on apps?


@Anonymous wrote:

I've only had a credit union ask for my 2 latest pay stubs, never had a bank ask me to verify.


Apply for a CNB Crystal.  You'll be asked. Smiley LOL

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Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 7 of 17
chrisw1968uk
Frequent Contributor

Re: What income to put on apps?

Oh, I didn't lie - they told me what to include, so I did! lol Smiley Wink (just seems crazy to be able to include my Wifes income when it is solely my account) 

Message 8 of 17
KJinNC
Valued Contributor

Re: What income to put on apps?

Everything you listed seems fair to me, as it actually is all money that will come into your household in the year. Don't see the issue with it.

 

I will mention, though, that I listed a decent income (nothing special - a lot less than what you listed - applying for an average credit card with no special limit), and Amex asked me to fill out a form giving them permission to get my tax transcripts from the IRS. There is a longer story there (I think I annoyed them with a flurry of applications in a short time period and perhaps some Amex employee said "screw this guy" and put me on the naughty list) but, it can and does happen.

 

Also, for my credit union Visa with a $5,000 limit (by far my highest), the underwriter asked my credit union for income verification. I forwarded my digital paystub.



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Message 9 of 17
coldfusion
Community Leader
Mega Contributor

Re: What income to put on apps?

4506-T requests from AMEX when a current cardholder is seeking additional credit aren't that unusual. A refusal to provide authorization will lead to a denial but there won't be any futher AA taken.

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Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 10 of 17
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