Author Topic: Salary on CC application  (Read 8548 times)

Offline AsherO

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Re: Salary on CC application
« Reply #20 on: October 25, 2011, 04:39:32 PM »
They had me fax in my 1040 to verify my income in order to approve my app...

They couldn't believe a guy your age is making 200k :P
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Offline bubbles

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Re: Salary on CC application
« Reply #21 on: October 25, 2011, 04:41:32 PM »
They couldn't believe a guy your age is making 200k :P

global moderator pays so well??  :D

Offline BAHayman

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Re: Re: Salary on CC application
« Reply #22 on: October 25, 2011, 04:42:31 PM »
They couldn't believe a guy your age is making 200k :P

Hehe I wish :)

Offline smurf

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Re: Salary on CC application
« Reply #23 on: October 26, 2011, 01:09:32 PM »
Like I already said, you can report your own income, or your household income (which wouldn't necessarily appear on your tax return), for many people that justifies this discussion from an ethical/legal perspective.
I'm on the phone with Chase right now and they told me recent policy change has made it that they look at individual income.
So I basically told them that
Keep in mind, that if your parents 'support' you (and could potentially bail you out if you had a cc bill you couldn't pay) you can add their income to yours and put that down as 'household' income.
Although I didn't include my parents income I only told them that support was my source of income.

Offline bubbles

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Re: Salary on CC application
« Reply #24 on: October 26, 2011, 02:04:58 PM »
I'm on the phone with Chase right now and they told me recent policy change has made it that they look at individual income.

Must be very recent. That's not what they told me a week ago

Offline AsherO

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Re: Salary on CC application
« Reply #25 on: October 26, 2011, 02:11:03 PM »
I'm on the phone with Chase right now and they told me recent policy change has made it that they look at individual income.
So I basically told them thatAlthough I didn't include my parents income I only told them that support was my source of income.

Are you below 21?
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Offline smurf

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Re: Salary on CC application
« Reply #26 on: October 26, 2011, 02:11:40 PM »
Must be very recent. That's not what they told me a week ago
sounded weird, She probably made it up because  I wrote I was a student.
Edit;
Are you below 21?
Maybe she didn't make it up, I guess the under 21 rule applies to students as well

Offline AsherO

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Re: Salary on CC application
« Reply #27 on: October 26, 2011, 02:14:04 PM »
sounded weird, She probably made it up because  I wrote I was a student.
Edit;Maybe she didn't make it up, I guess the under 21 rule applies to students as well

That might explain it as well, but it's very possible she was misinformed.
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Offline myb821

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Re: Salary on CC application
« Reply #28 on: October 26, 2011, 02:15:41 PM »
i actually think cc laws changed at the begginning of the month that u have to report personal income and not household income http://articles.sun-sentinel.com/2011-09-16/business/fl-credit-card-income-rules-20110916_1_credit-card-issuers-personal-income

Offline dealvr

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Re: Salary on CC application
« Reply #29 on: October 26, 2011, 02:18:09 PM »
Informative article.
Can it be verified though?
Hey there! I am using WhatsApp.

Offline myb821

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Re: Salary on CC application
« Reply #30 on: October 26, 2011, 02:21:07 PM »
it seems to be all across the news but not sure about verification

Offline Fan of Dan

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Re: Salary on CC application
« Reply #31 on: October 30, 2011, 10:29:53 PM »
I once got questioned from boa who wanted a tax return when i tried raising my credit limit so I told them that they are crazy cause it is all my fathers money who supports me so why in the world would i pay taxes on that and they went for it.

Offline AsherO

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Re: Salary on CC application
« Reply #32 on: October 30, 2011, 11:21:23 PM »
I once got questioned from boa who wanted a tax return when i tried raising my credit limit so I told them that they are crazy cause it is all my fathers money who supports me so why in the world would i pay taxes on that and they went for it.

AFAICR, gifts above a certain amt (13k/yr IIRC) are taxable.
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Offline smurf

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Re: Salary on CC application
« Reply #33 on: October 30, 2011, 11:22:03 PM »
AFAICR, gifts above a certain amt (13k/yr IIRC) are taxable.
13k Per parent iirc

Offline Fan of Dan

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Re: Salary on CC application
« Reply #34 on: October 30, 2011, 11:29:04 PM »
13k Per parent iirc
thats funny cause i told them around 150000 and they took it hook line and sinker

Offline AJK

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Re: Salary on CC application
« Reply #35 on: October 30, 2011, 11:35:01 PM »
AFAICR, gifts above a certain amt (13k/yr IIRC) are taxable.

Even so, that'd be irrelevant if the child (in this case the poster) was a dependent.
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Offline BAHayman

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Re: Salary on CC application
« Reply #36 on: October 30, 2011, 11:36:13 PM »
Even so, that'd be irrelevant if the child (in this case the poster) was a dependent.
really? how would that work?

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Re: Salary on CC application
« Reply #37 on: October 30, 2011, 11:40:21 PM »
really? how would that work?

In other words, there is no "gift tax" assessed (even on amounts even 13k+) on money that is used to support a dependent.

If Parent A uses $100k to support a child for his "needs," he is not assessed assessed a gift tax on $87k...
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Offline BAHayman

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Re: Salary on CC application
« Reply #38 on: October 30, 2011, 11:41:09 PM »
In other words, there is no "gift tax" assessed (even on amounts even 13k+) on money that is used to support a dependent.

If Parent A uses $100k to support a child for his "needs," he is not assessed assessed a gift tax on $87k...
gotcha, sounds good to me :)

Offline yaakov s

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Re: Salary on CC application
« Reply #39 on: October 31, 2011, 01:19:54 AM »
In other words, there is no "gift tax" assessed (even on amounts even 13k+) on money that is used to support a dependent.

If Parent A uses $100k to support a child for his "needs," he is not assessed assessed a gift tax on $87k...
I believe you would have to be an actual dependent on your parents tax return for it to work like that.
Also for a married couple its 13K x 4 . 13K per parent for each child. And so on for each grandchild. So its really a lot of money that could be transferred.