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What income to put on apps?

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Established Contributor

Re: What income to put on apps?

I give them exactly what they ask for, e.g., gross, net, individual, etc. Outside of specifics, household gross.

 

I have supporting documents either way.

Living that DINK life, baby.
Message 11 of 17
Frequent Contributor

Re: What income to put on apps?

For my apps I use my gross income for my 2018 W2. That includes base pay + extra shifts.
10/2019 Exp Fico 8 676, TU Fico 8 686, EQ Fico 8 692 . And climbing...

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Message 12 of 17
Contributor

Re: What income to put on apps?

I give them total income from my (joint) tax return + nontaxable income - capital gains.

 

Although I've never seen anything that says to exclude capital gains, they are so variable year-to-year that I don't feel right in including that in income I can reasonably expect to pay off debts.

Message 13 of 17
Established Contributor

Re: What income to put on apps?


@coldfusion wrote:

@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.


This! And more!

The government, in the last 10 years, allowed certain private companies to access finacial records used by various government benefit distributors. This allows them to know household income. Several of the new fintech lending startups rely solely on this info, while using the big 3 for denials.  Not wanting to get into a political brawl. But one company sent an executive to work for one administration.



“If you don’t know, the thing to do is not to get scared, but to learn.” – Ayn Rand
Message 14 of 17
Valued Contributor

Re: What income to put on apps?


@12velectronics wrote:
Just be honest. There's no point in lying.

You are committing a crime if you lie.  One of the crimes Paul Manafort was convicted of was lying about income on a credit application.  

More cards than I can mention in a signature.
Message 15 of 17
Community Leader
Senior Contributor

Re: What income to put on apps?


@OpenG wrote:
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.

+1

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Message 16 of 17
Moderator

Re: What income to put on apps?

Agree lies is a crime as mentioned above.  With that said this topic has about run its course as been asked 100's of time before.  Please avoid politics as well as the thread could easily head that way.  Thanks

Message 17 of 17
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