Credit Tips: Do Credit Card Companis Verify Household Income?

Posted On: March 3, 2007

Author: lonsch
Posted: Sat Mar 03, 2007 3:08 pm
Post subject: Annual Household Income?

Lets say an imaginary person shows “X” amount a year in income but makes 4-6 times that in income that is not taxed. Lets say that “X” is not very much, under $17,000. Lets also say this person has 700+ credit score and already has a few credit cards, but none of them have a high limit. This persons goal is to get a high limit on a new CC

When applying for a new CC what would be the best thing to put down for Annual Household Income? Do the companies actually look to see how much you make? Is it normal for people to lie about this? Is it really lying if you do make what you put down, you just cant prove it?

Also what are some credit cards that normally give you higher limits than others?

Thanks in advance.

Author: Chazmanian
Posted: Sat Mar 03, 2007 3:28 pm
Post subject:

Quote:
what are some credit cards that normally give you higher limits than others?

Lonsch, My first thought for you is AMEX Yes AmEx. They seem to give huge limits via customer requested CLI’s even if the income is not so large. I read on another board of an individual with 50K per annum household income clicking his way all the to a 25K credit line on his Blue card….Without lying about his income!

Quote:
When applying for a new CC what would be the best thing to put down for Annual Household Income?

The Truth? Especially when dealing with AmEx as they have been known to freeze accts on the basis of a review of your income. I personally have cards with Citi, Chase, BOA, AmEx, Us Bank,Juniper, Wamu and Nasa Fed Credit Union. The only one of the before mentioned that asked me for proof of income was Nasa Fed CU. They requested this prior to issuing me the card.

Quote:
Is it normal for people to lie about this? Is it really lying if you do make what you put down, you just cant prove it?

I dunno about that but from the looks of things lots of Folks seem to be real concerned about AmEx and getting reviewed. Why be concerned if you are reporting the truth? AmEx F/R…Bring it on!!

Go with what feels good for you. In my personal case I can sleep just fine each night as I have no worries or concerns about any of my CC issuers asking me for a dern thang!!!

BTW, I think more folks stretch the truth than not.
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Author: nobodyyouknow
Posted: Sat Mar 03, 2007 5:50 pm
Post subject: Re: Annual Household Income?

[quote="lonsch"]Lets say an imaginary person shows “X” amount a year in income but makes 4-6 times that in income that is not taxed. Lets say that “X” is not very much, under $17,000. Lets also say this person has 700+ credit score and already has a few credit cards, but none of them have a high limit. This persons goal is to get a high limit on a new CC
[/quote]

i’d say “x” has a lot more to worry about than a freaking credit limit. Namely the IRS, his state’s Department of Revenue, and prosecutors. “X” may get away with it for a while, and maybe he’ll never get caught. But if he does, he’s going to jail. Intentional fraud doesn’t go over so well.

Author: Author: Verne
Posted: Sat Mar 03, 2007 6:05 pm
Post subject:

Some cards do have absolute minimums for income regardless of scores. I know a violin teacher who lives comfortably but makes less than $15,000 a year. (at least what she claims for taxes) Anyway AMEX turned her down and cited income yet she has a long credit history and a FICO above 750. (that was 5 years ago so the cut-off may be $20,000 now)

She owns property, has investments, and still couldn’t get an AMEX card. She’s doing fine with a couple other reward cards and always pays in full.

I get creative when I claim income. Since my VA compensation is tax-free, I “gross it up”. I also include my fantasy sports winnings, loose change I find around the house, and can money. Before I was through with my accounting, AMEX gave me a $8,600 credit limit but when the card arrived, the stated limit was $8,400. (maybe they are getting wise to me already) I also rent and have no real investments which didn’t help on the application.

Author: artcubed
Posted: Sat Mar 03, 2007 6:20 pm
Post subject:

Verne wrote:
Some cards do have absolute minimums for income regardless of scores. I know a violin teacher who lives comfortably but makes less than $15,000 a year. (at least what she claims for taxes) Anyway AMEX turned her down and cited income yet she has a long credit history and a FICO above 750. (that was 5 years ago so the cut-off may be $20,000 now)

This actually varies from card to card. Citi usually tells you in the terms & conditions before you apply, some are as low as $12k, some as high as $50k. Amex on the other hand, doesn’t tell you in advance - I was denied for an IN:NYC card 2 years ago for not having an income of $24k.

To answer the first post, Amex will verify your income sometimes at application. It happened to me when they sent me a pre-approval letter. So don’t put down more than you can prove.

Labels: Household Income on Credit Cards, Income Verification on Credit Cards