Household Income

[elduderotomy]

So when reporting household income on a credit app, who all gets included? Everyone, no matter the relationship? If so, what happens if I get FR'd?

[Avid Reader]

I think it's whoever lives in the household. But if you get FR'd and have no income youself, it still may not help.

[HSS]

danielz?

[elduderotomy]

I think it's whoever lives in the household. But if you get FR'd and have no income youself, it still may not help.

I have income, just not nearly as much as everyone else in the house.

danielz?

If you're implying that I'm another poster with a new username, then no.

[AsherO]

I have income, just not nearly as much as everyone else in the house.

Report the household income, and if they ask you to verify the amount, explain it's household and verify your own.

[txtmax4]

danielz?

Why would you assume that?

[elduderotomy]

Report the household income, and if they ask you to verify the amount, explain it's household and verify your own.

OK, thanks. I had been just reporting my own income, but I figure I might be getting close to my max credit with some of the banks. Will it throw up a red flag if my annual household income multiplies with 3 months time?

[AsherO]

OK, thanks. I had been just reporting my own income, but I figure I might be getting close to my max credit with some of the banks. Will it throw up a red flag if my annual household income multiplies with 3 months time?

I don't think they compare those figures from app to app. Besides, people's incomes change over time, as they switch jobs, get promoted/demoted etc.

[Zeeeeks]

I don't think they compare those figures from app to app. Besides, people's incomes change over time, as they switch jobs, get promoted/demoted etc.

One app could have triple the income of another, with the same bank?

[Yordai Dooma]

Why would you assume that?

+1

[AsherO]

One app could have triple the income of another, with the same bank?

I've done it before. YMMV.

[txtmax4]

One app could have triple the income of another, with the same bank?

You just gotta be able to explain it if they call you to process the application.
Like, obviously don't change the numbers if you apply for two cards within a week of each other, but a few months, sure.

[AsherO]

You just gotta be able to explain it if they call you to process the application.
Like, obviously don't change the numbers if you apply for two cards within a week of each other, but a few months, sure.

I had a recent situation with Chase where I froze my Experian report for too many inquiries (Chase and others). Once they had my Equifax report it's like I was a different person (even though they could theoretically still access my Experian report from the previous application I submitted a few weeks prior).

[txtmax4]

I had a recent situation with Chase where I froze my Experian report for too many inquiries (Chase and others). Once they had my Equifax report it's like I was a different person (even though they could theoretically still access my Experian report from the previous application I submitted a few weeks prior).

Yes, it's amazing how much these companies rely on "procedure" over common sense.
On the other hand, I'm sure they are purposely overlooking some factors although officially those are requirements.
If they'd be looking too closely they would have to close shop.

[AsherO]

Yes, it's amazing how much these companies rely on "procedure" over common sense.
On the other hand, I'm sure they are purposely overlooking some factors although officially those are requirements.
If they'd be looking too closely they would have to close shop.

You would think so, but they all do really stupid things (e.g. Amex's retarded F/R policy) and still rake in the big bucks.

[txtmax4]

You would think so, but they all do really stupid things (e.g. Amex's retarded F/R policy) and still rake in the big bucks.

If they'd be looking too closely they would have to close shop.

I didn't mean it in the literal sense.

[AsherO]

I didn't mean it in the literal sense.

So in what sense did you mean it then? I think we can agree that the big banks/CC issuers make their broad policies to cover the average case and the exceptions fall through the cracks. We can probably also agree that Amex F/R policy, and other such dumb policies, don't really work as intended in many instances (my two points seem redundant, but there are subtle differences)

[txtmax4]

So in what sense did you mean it then? I think we can agree that the big banks/CC issuers make their broad policies to cover the average case and the exceptions fall through the cracks. We can probably also agree that Amex F/R policy, and other such dumb policies, don't really work as intended in many instances (my two points seem redundant, but there are subtle differences)

I meant that if they dig properly, they can probably find stuff on over 50% of their customers that wouldn't match their policies, but it wouldn't be worth it for them to close their accounts.
Fact is, the grand majority of people who lie on the application do stay on top of their payments and can be very good customers indeed.

[AsherO]

I meant that if they dig properly, they can probably find stuff on over 50% of their customers that wouldn't match their policies, but it wouldn't be worth it for them to close their accounts.
Fact is, the grand majority of people who lie on the application do stay on top of their payments and can be very good customers indeed.

We're in agreement about both those things. I can't see how you're saying anything different than me, you're just using other words.

Please CMIIW.

[txtmax4]

We're in agreement about both those things. I can't see how you're saying anything different than me, you're just using other words.

Please CMIIW.

Same stuff, different angles. Handshake.