Jump to content

Please consider disabling your adblocker for CreditBoards if you have not already done so.  This site depends on advertising revenue to stay online.


The last post in this topic was posted 2709 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts

I would assume that higher income means greater opportunity for credit, higher limits, etc. Other factors matter too, of course.

 

My reason for asking is my GF has had a pretty meteoric rise in income the last 5 years, going from around $40K to just shy of $100K.

 

My question is, how do creditors KNOW that other than you entering the information on applications? How would current creditors know so they might consider CLIs?

 

Is this sort of like a tree falling in the forest, if no one knows or hears, does it really make a difference?

 

Thanks!

Share this post


Link to post
Share on other sites

I would assume that higher income means greater opportunity for credit, higher limits, etc. Other factors matter too, of course.

 

My reason for asking is my GF has had a pretty meteoric rise in income the last 5 years, going from around $40K to just shy of $100K.

 

My question is, how do creditors KNOW that other than you entering the information on applications? How would current creditors know so they might consider CLIs?

 

Is this sort of like a tree falling in the forest, if no one knows or hears, does it really make a difference?

 

Thanks!

 

Existing creditors will find out when she calls and asks for a CLI. I have always been asked for my income in those instances. If she apps for another product besides the existing CC with the same financial institution sometimes they share info across business units.

Share this post


Link to post
Share on other sites

 

I would assume that higher income means greater opportunity for credit, higher limits, etc. Other factors matter too, of course.

 

My reason for asking is my GF has had a pretty meteoric rise in income the last 5 years, going from around $40K to just shy of $100K.

 

My question is, how do creditors KNOW that other than you entering the information on applications? How would current creditors know so they might consider CLIs?

 

Is this sort of like a tree falling in the forest, if no one knows or hears, does it really make a difference?

 

Thanks!

 

Existing creditors will find out when she calls and asks for a CLI. I have always been asked for my income in those instances. If she apps for another product besides the existing CC with the same financial institution sometimes they share info across business units.

+1 Agreed, however I would always state what your actual income in, so in the event they ask for tax returns or paystubs everything matches.

Share this post


Link to post
Share on other sites

Some creditors request paystubs or W-2 Forms as proof, while some don't. Wells Fargo bankers used to tell us to put down school scholarships and grants we got as income. It's a gray area.

Share this post


Link to post
Share on other sites

Some creditors do ask for proof, so be honest on your app in case they do. They also may have access to databases similar to The Work Number. If you have an extensive, and positive, credit history they may be comfortable with just that, but don't always count on that. For something big, like a mortgage, they nearly always ask.

Share this post


Link to post
Share on other sites

I think it's a good policy to just tell the truth across the board... You never have to wonder if the documentation will back you up. :)

Edited by cv91915

Share this post


Link to post
Share on other sites

I think it's a good policy to just tell the truth across the board... You never have to wonder if the documentation will back you up. :)

With a credit union that is very popular here, they did ask for my last two pay statements and some additional information from me proving my length of employment and position. All this for a credit card. I had the feeling that they were suspicious that I wasn't telling the truth. In fact, on my app I wrote slightly less than I really earn. They did finally approve me after they determined I was everything I claimed. If you tell the truth, you have nothing to worry about.

Edited by Burgerwars

Share this post


Link to post
Share on other sites

 

I think it's a good policy to just tell the truth across the board... You never have to wonder if the documentation will back you up. :)

With a credit union that is very popular here, they did ask for my last two pay statements and some additional information from me proving my length of employment and position. All this for a credit card. I had the feeling that they were suspicious that I wasn't telling the truth. In fact, on my app I wrote slightly less than I really earn. They did finally approve me after they determined I was everything I claimed. If you tell the truth, you have nothing to worry about.

Agreed. I generally use the current year's base salary, and exclude bonuses and investment income. If it comes down to proving it I would rather only produce a current paystub, and not have to dig up investment account statements or old paystubs, or tax returns.

Share this post


Link to post
Share on other sites

Just to be clear, I did not ask the original question because I or my GF would ever consider misrepresenting information on a credit application. I asked because I wanted to make sure proper benefit, if any, was gained from the raise in income. Always tell the truth...makes it pretty easy to remember what you said.

Share this post


Link to post
Share on other sites

I understood your original post the way you intended. There was some divergence on the topic in general somewhere down-thread. :grin:

Share this post


Link to post
Share on other sites

The last post in this topic was posted 2709 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Similar Content

    • By DavidMalan
      Hello my name is David Malan i need quick cash car title loan can anyone please suggest me the lender name and number so can i get the loan.
       
      Thanks
      David
    • By Bamaguy
      Hello All!  I am new here and I really need some help.  Back in 2011, I had a foreclosure and a repossession.  Those dropped off my credit reports earlier this year.  Because of those, I haven't been able to get approved for any credit except a car loan with a co-signor (American Credit Acceptance) that I had all good payment history and then paid off in 2015.  I have been driving a lease car from a friend since then, so not in my name and now that friend can no longer provide the lease, so I have to buy a car.  The only other item on my credit reports is a credit card my ex-wife had with my name on it as well that she ended up not paying and settling with them (about $1360).  
       
      Just pulled my credit reports.  TU is 617 but both Experian and Equifax has no credit score!  They say it's because I don't have enough credit history, but how can I get any if I can't get a credit card??
       
      Anyway, I spoke with Carfinance.com and they use Experian.  If I had a 500 with them, I could get a loan.  
       
      I make over $100,000/year but I am self-employed as a consultant, though it is quite regular.  I am looking to borrow between $20k and $25k and I will have $10k to put down.  What is my best approach to go about getting a car loan, please?  I'm really at a loss here, so any help or guidance would be greatly appreciated!
    • By James3
      Currently my fiancee and I are looking to buy a new 2018 Ford Edge. She just payed off her car last month (2011 Kia Rio) and are looking for something more comfortable for trips. We like driving to amusement parks to ride roller coasters. I have a 2005 Rav 4 that is not in the greatest of shape also. Our issue is this. She recently was layed off from her job about a month ago. So is collecting unemployment ($1100 a month) Since she recently payed off her car she only has about 250 dollars a month in bills. So was thinking that it would show that she still has the money to make a new car payment. She's looking for work right now but I've told her and we both agree that she should take her time and not just jump into the first job that has a paycheck and to find something she actually wants and for a good wage. I make plenty for us to live on my own and still be able to save money even if she didn't get unemployment. My problem is I'm at the end of chapter 7 just waiting for my discharge. I've already had my 341 meeting and my assest report has been completed. My discharge was supposed to be last month on the 19th but the trustee filed for an extension and my attorney tells me it's because the other trustee has retired and she took on all her cases so is behind. It's currently supposed to be discharged on the 19th of this month (October). 
       
      So do we have any options? Are there any lenders that would give us a loan for a new Ford Edge with her on unemployment? Or if I cosigned with her just for the income even tho I'm in BK7? We have 10% down to put on car and plan on trading her car in as well altho it's not worth much according to KBB (Maybe 2k if were lucky). Her credit scores are in the 600-650s because there is a collection we just found out about for 100 bucks from some medical bloodwork that she had done. Which she had insurance for and was paid by them they said. So were working on getting that off. That was just in september that it went to her report and we knew nothing about it. So being to recent it hit her score hard. Were working on getting that taken off but we've found a great deal on a new Edge (Even tho it's 4 hours away) and were wanting to try to get it. Other then that she had a collection in 2013 for 500 bucks on a credit card. 
       
      Like I said she just paid off her last car a month ago and this was her 3rd car payment she has completed with no lates ever on a car payment from all 3 car loans. The issue is her employment. Even tho she gets enough extra on unemployment to cover the car payment (And I'm covering all the payments anyways) Just wodnering what people think is possible if anything.
    • By Quietman
      I was wondering if it wouldn't be a good idea for some of the CB "Master Threads" if they could be consolidated and refreshed as we are at the beginning of a New Year.
       
      While I know it's fun to make the newbs read through 550 pages going back to 2006 (and to show their dedication to credit repair) I think it causes some folks to make critical errors when they think they found the solution on page 305, but on page 476 the process reverses and now the info they implement is terribly bad. I'm sure some will argue the information is purposely buried and must be mined to avoid any of the third parties (CA's, CRA's, OC's, etc) from discovering our "secret" processes and exploits, is it possible they already know?
       
      Perhaps, if the seasoned veterans were interested, the Master Threads could be updated something along the lines of:
       
      First Post: All the current, relevant and correct information as of the posting date (with 2015 in the title)
      Following posts track changes during THAT year
       
      Some of the Master threads that might benefit:
       
      AMEX *D (currently 142 pages)
      CRA *B (currently 550 pages)
      Cards Not To Get (fairly new - Thanks Mendy!)
      Choppage Dates (currently 142 pages)
      Credit Card Pre-Selector Sites (currently 32 pages)
       
       
      These are ALL great threads (and I'm sure I've overlooked many others!) with tons of useful information.
       
      This is something they do over at FT, and I think it seems to work. (now donning flame suit)
       

       
       
       
       
       
    • By bunyan
      Hello,
       
      I already had one $5000 Cash Rewards Visa with BofA and a $300 limit Signature Visa as well. The $300 Visa was open since 2007. The $5000 limit one has been open since 2011. I also have a $2500 Amazon store card since about 2011 and a Capital One Quicksilver Visa with an $800 limit, and a Capital One Platinum MasterCard with a $700 limit. Have had both of those since 2010. The $5000 BofA Cash Rewards card, Amazon Store Card, and both Capital One cards have all been as the limit since last summer. I never had any late payments. I have had my checking account with BofA since 2007. I also have a business account with BofA. No Money Market amounts or anything like that with them. My Experian score is 726 (That's who they pulled)
       
      I was in the branch on Monday and the teller said I had a Credit Card offer. So I sat down with the representative, and had him put in an application for another Cash Rewards Visa with a $5000 limit. That was instantly approved and I got the credit card in the mail yesterday. So today I'm at work and decide to call in and do a balance transfer from my other cards to my new card. While I'm talking to the CSR I ask if he thinks I can get a CLI to 10 or 15 grand. He said he thinks I can and maybe they won't even do another inquiry since I just got this card yesterday. I said ok go for it. 15 grand. He doesn't get an immediate answer back and says I should hear something in the next 3 days. This was around 1PM today. I check my account at 4 and I see my limit is up to $15000 on my new card. Wooo hooo! The CSR also said that I can get a cash advance for up to my maximum credit line at 0% until April of 2016. Fees are 3%. He already had approved me for $4800 (Since my initial credit limit on the new card was only $5000) but said once I get my CLI just call him back and he can give me more.
       
      I'll be calling him Friday! Lol I'm gonna put all my other card balances on here so I can get the 0%. They'll be paid off well before then.



  • Member Statistics

    • Total Members
      179,459
    • Most Online
      2,046

    Newest Member
    charlychass
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines