When asked annual income on any application

[TheDjinn]

Is it ok to put total household income (wife + mine) or do they only want my individual income whenever I apply for credit?

[colindidit]

It's based on what you want to put, some say total household income. It's really up to you

[Creditaddict]

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@jintonix wrote:

Is it ok to put total household income (wife + mine) or do they only want my individual income whenever I apply for credit?

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Usually it will say but if both parties are using or depending what state you are in I just don't see the HUGE divide this type of question usually brings.  If the bank has an issue and they ask for verification (American Express, many times, credit unions, but rarely really when it comes to a credit card with big banks (chase, citi, etc.) they can review and decide... 

even further if all payments are made out of a joint checking account, or Pensions, etc. (I know my parents get parts of that if one was to die first)... so that sounds like all income for "me" to put on the application "me" meaning the application deciding what is household.

[ryanbush]

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@Creditaddict wrote:

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@jintonix wrote:

Is it ok to put total household income (wife + mine) or do they only want my individual income whenever I apply for credit?

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Usually it will say but if both parties are using or depending what state you are in I just don't see the HUGE divide this type of question usually brings.  If the bank has an issue and they ask for verification (American Express, many times, credit unions, but rarely really when it comes to a credit card with big banks (chase, citi, etc.) they can review and decide... 

even further if all payments are made out of a joint checking account, or Pensions, etc. (I know my parents get parts of that if one was to die first)... so that sounds like all income for "me" to put on the application "me" meaning the application deciding what is household.

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Technically you're supposed to list your income if the card is going to be in your name only, if it's a joint account you can put both.  Most people on here feel like you will either get a higher credit line or have a better chance of getting approved if you list a higher income so I see more and more people using their household income or even their parents income on apps.  

I've thought about this alot and would never want to lie so my way of think is if you file taxes jointly list that income, if you file on your own list that income.  

[DaveSignal]

I always list my own income, but my wife doesn't make that much money anyway.  I have had creditors before who have asked for income verification in the form of an earnings statement/paystubs.

[Walt_K]

People say that the CARD Act required you to list your income rather than household income.  That's not really what it said.  IIRC, the part of the CARD Act was that lenders had to make a determination of ability to repay debt.  If lenders asked for household income, then they could not make their determination based solely on that figure, they would have to also seek additional information to satisfy your ability to repay, such as your amount of assets.  However, if lenders ask for income, they can base their decision on your ability to repay based solely on the number you provide.  A lot of people interpreted that to mean that applicants couldn't list household income, but I don't think it was ever directed at applicants. 

It's been quite a while since I looked at this, so it's possible I'm willdly off base.  But that's how I remember it. I could have sworn there was even a wink wink acknowledgement of this by the Fed early on when all the stay at home spouses were up in arms at this change. 

[jake619]

I also was curious about this.  After asking here and reading up I think the safest answer is your personal income and not household.  I arrived a this after reading how stay-at-home wives were up in arms because they were unable to get credit cards in their name as they had no direct, personal income.  That point makes me think household is off the table unless it's specifically mentioned.

Another way to look at it, if you only list your income you can't be accused of anything except not trying to mislead a creditor.

[tpmlls]

I would also like more opinions from people. I just got married in May of 2012, and my income is around 31,000 and my wife makes around 50k, and we just filed our taxes jointly, but I am going to be asking for a CLI from Chase soon, and since the card is only in my name, I do not know if I am allowed to put HHI of 80k, but we share money, so I am not sure what to put. What would happen if they saw "my income" going from 30k to 80k? I am not really lying, but I am not telling the truth either, and the LAST thing that I want to do is to get in some kind of financial investigtion and have my credit limit axed or something. Anyone else have this problem or any other advice? 

Thanks,

Wes

[sakhalin070]

I would put whatever income you can back up with your tax information (filing separate or jointly) if they request income verification.

[Creditaddict]

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@ryanbush wrote:

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@Creditaddict wrote:

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@jintonix wrote:

Is it ok to put total household income (wife + mine) or do they only want my individual income whenever I apply for credit?

---

Usually it will say but if both parties are using or depending what state you are in I just don't see the HUGE divide this type of question usually brings.  If the bank has an issue and they ask for verification (American Express, many times, credit unions, but rarely really when it comes to a credit card with big banks (chase, citi, etc.) they can review and decide... 

even further if all payments are made out of a joint checking account, or Pensions, etc. (I know my parents get parts of that if one was to die first)... so that sounds like all income for "me" to put on the application "me" meaning the application deciding what is household.

---

Technically you're supposed to list your income if the card is going to be in your name only, if it's a joint account you can put both.  Most people on here feel like you will either get a higher credit line or have a better chance of getting approved if you list a higher income so I see more and more people using their household income or even their parents income on apps.  

I've thought about this alot and would never want to lie so my way of think is if you file taxes jointly list that income, if you file on your own list that income.  

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I personally feel that if it comes down to a stay at home partner/mother/father what ever you want or need to call it... I think they should be able to use the income of how they pay bills.