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What income to put on apps?

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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
Community Leader
Mega Contributor

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. 

EX 759 EQ 774 TU 753


Message 2 of 17
Established Contributor

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
Senior 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.

(8/2019)
FICO 8 (EX) 793 (TU) 808 (EQ) 794
FICO 9 (EX) 822 (TU) 827 (EQ) 844

$800K+ club
Message 4 of 17
Contributor

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.

Discover It - 19.1K
Citi Double Cash - 16K
AMEX BCP - 35K
Elan Financial - 24.2K
Uber - 25K
Amazon Prime Visa Sig - 9.6K
Fort Knox Platinum - 2.5K
US Bank Cash+ - 14K
Citi AAdvantage PSWE - 21.5K
Message 5 of 17
Valued Contributor

Re: What income to put on apps?

Just be honest. There's no point in lying.
Message 6 of 17
Senior Contributor

Re: What income to put on apps?


@solway 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

(8/2019)
FICO 8 (EX) 793 (TU) 808 (EQ) 794
FICO 9 (EX) 822 (TU) 827 (EQ) 844

$800K+ club
Message 7 of 17
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
Established 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.



FICO 8 scores are deceptively high. My profile is very young with a lot of recently opened accounts and large number of inquiries. No derogs. Over 5/24 until summer 2021.

Authorized user / Corporate

Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | Citi secured, $200, 045/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Unsecured personal loan from Coastal, $1,000, 05/19-08/19.

Goal cards: Ducks Unlimited, Chase Sapphire Reserve (or Preferred, haven't decided). Increased CLs across the board.
Long-term goal: Legitimate 770s on EX/EQ/TU, able to qualify for most normal credit products. Prime-rate mortgage.
Message 9 of 17
Senior 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.

(8/2019)
FICO 8 (EX) 793 (TU) 808 (EQ) 794
FICO 9 (EX) 822 (TU) 827 (EQ) 844

$800K+ club
Message 10 of 17
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