Credit Tips: Income Requirements on a Credit Card Application

Posted On: May 1, 2006

Author: wouql
Posted: Tue Jan 10, 2006 12:54 am
Post subject: CC app income question

I’m a college student graduating in May, and I’ve accepted a job offer with a nice salary. I’ll be working part time for them this semester and become full time in May.

I want to apply for a new credit card with a higher limit than the card I have now; it’s a BofA card, and I’m not eligible for a credit increase yet (the card is too new). My question is about that little box on all credit card applications that reads “Household Income”.

Am I allowed to list my salary once I start in May as my salary? I’ve called THREE credit card companies to ask this question, and they were all perfectly useless. All they would say was something completely unhelpful like they had a need for ‘accurate information’ - yeah, that’s why I’m calling you to ASK - or (my personal favorite) “income is income”.

As of today, there’s not much proof that my income/employer is accurate: if they call my employer’s phone #, they can confirm I work there hourly but not my salary, and my credit report doesn’t have any information about it.

Is anyone an expert in the application process and can tell me if putting my income once I start ($58k) is acceptable or fraudulent? The companies aren’t helping me any.

Thanks in advance.

Author: mouse
Posted: Tue Jan 10, 2006 1:04 am
Post subject: Re: CC app income question

wouql wrote:
I’m a college student graduating in May, and I’ve accepted a job offer with a nice salary. I’ll be working part time for them this semester and become full time in May.

I want to apply for a new credit card with a higher limit than the card I have now; it’s a BofA card, and I’m not eligible for a credit increase yet (the card is too new). My question is about that little box on all credit card applications that reads “Household Income”.

Am I allowed to list my salary once I start in May as my salary? I’ve called THREE credit card companies to ask this question, and they were all perfectly useless. All they would say was something completely unhelpful like they had a need for ‘accurate information’ - yeah, that’s why I’m calling you to ASK - or (my personal favorite) “income is income”.

As of today, there’s not much proof that my income/employer is accurate: if they call my employer’s phone #, they can confirm I work there hourly but not my salary, and my credit report doesn’t have any information about it.

Is anyone an expert in the application process and can tell me if putting my income once I start ($58k) is acceptable or fraudulent? The companies aren’t helping me any.

Thanks in advance.

H/H INCOME is of the day of the application

Including anybody that you live with like wife/husband, kids, sister, brother

Author: Board Monitor
Posted: Tue Jan 10, 2006 8:28 am
Post subject: Income Requirements on a Credit Card Application

There was another thread about this recently. Few cards actually verify income. If you list your expected income (not saying you should!), then be sure to check the thread I’m referring to. Good luck and let us know how things turn out!

Out of curiosity, how did you find out about us?
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314