House income or Personal Income on application?
Oct 8, 2014, 3:26 pm
#1
Original Poster
Join Date: Aug 2014
Programs: UA, AA, AMEX MR
Posts: 111
House income or Personal Income on application?
Hi,
I just heard from a FT member "Brugge" about this and I have read a blog post that states that there is a recent law that says household income is allowed on CC apps, not just personal. I have a few questions about it
http://viewfromthewing.boardingarea....-applications/
1) I live with a family member who is not a partner or spouse who has regular income, and I am unemployed, so can I put the household income on the application?
2) Chase doesn't ask for household income on the app, but according to this they are supposed to accept this. So, may I put my household income on the card even if we are not 'partners'?
Does anybody know anything about this law and am I on the right track?
Thanks
DC
I just heard from a FT member "Brugge" about this and I have read a blog post that states that there is a recent law that says household income is allowed on CC apps, not just personal. I have a few questions about it
http://viewfromthewing.boardingarea....-applications/
1) I live with a family member who is not a partner or spouse who has regular income, and I am unemployed, so can I put the household income on the application?
2) Chase doesn't ask for household income on the app, but according to this they are supposed to accept this. So, may I put my household income on the card even if we are not 'partners'?
Does anybody know anything about this law and am I on the right track?
Thanks
DC
Oct 8, 2014, 9:18 pm
#2
Join Date: Dec 2013
Posts: 11
I can't specify exactly what "the law" states, however I think the intention is that you can include any income that you could reasonably expect to use to repay the debt.
I include my wife's income in the specified question. Since many apps also ask monthly housing payment, if I only included my own, it would look like I've overextended with my rent. My wife and I combine our finances, and I will charge things on her card, and her on mine, and they all get paid off every month from the same joint account. My tax return shows our joint income. So, I can say without a doubt that I can reasonably expect to use our joint income towards repayment of the specified credit card.
It would be different if I were single and living with a brother, for instance. Unless you shared finances with the brother (or whatever family member) and could expect no trouble using their income to repay your debt, I wouldn't list it.
I include my wife's income in the specified question. Since many apps also ask monthly housing payment, if I only included my own, it would look like I've overextended with my rent. My wife and I combine our finances, and I will charge things on her card, and her on mine, and they all get paid off every month from the same joint account. My tax return shows our joint income. So, I can say without a doubt that I can reasonably expect to use our joint income towards repayment of the specified credit card.
It would be different if I were single and living with a brother, for instance. Unless you shared finances with the brother (or whatever family member) and could expect no trouble using their income to repay your debt, I wouldn't list it.
Oct 10, 2014, 5:59 pm
#7
Join Date: Feb 2014
Location: YYC, SFO, OAK
Programs: AS MVP 75K, AA Platinum, IHG Platinum, Club Carlson Gold
Posts: 734
Actually... I think if you're married in a community property state you're both liable for each others' debts incurred during marriage.
