Originally Posted by
mrp20
the language i've seen in chase united apps recently requests "gross income" which they define as "...income you can use to repay your debts. Salaries, investments, rental property proceeds, Social Security benefits and retirement accounts
but the way credit card issuers ask about income today reminds me of the pre-crisis approach to mortgage applications. it's like we all have "liar loans"--even those of us who are trying to be as honest as we can be--just because of the way the information is requested.
This is your taxpayer dollars at work and part of Dodd frank and ability to pay requirements that have been placed on credit card issuers. The ambiguity is because the rules initially stated that household income could not be used so gross got around that but household did not. If the issuers run foul of the law no one gets credit. The issue which began this pointbwa that new additional informationwa offered to the bank and the customer no longer had the ability to pay.