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Income on credit app

The last post in this topic was posted 2380 days ago. 

 

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Hi all,

 

I was curious if you work in a job were you are payed only commision, when you apply for a loan or cc, what would you put down for income?

 

Thanks!

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What you claim on your tax return.

 

Sent from my SM-G900V using Tapatalk

$500K

Lol...

 

Sent from my SM-G900V using Tapatalk

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Hi all,

 

I was curious if you work in a job were you are payed only commision, when you apply for a loan or cc, what would you put down for income?

 

Thanks!

 

According to the CFPB, unless the application specifies otherwise you can put down all the income you reasonably expect to get from whatever sources. You can also include a spouse's income if you have access to it and are over 21.

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Hi all,

 

I was curious if you work in a job were you are payed only commision, when you apply for a loan or cc, what would you put down for income?

 

Thanks!

 

According to the CFPB, unless the application specifies otherwise you can put down all the income you reasonably expect to get from whatever sources. You can also include a spouse's income if you have access to it and are over 21.

 

 

What you claim on your tax return.

 

Put what's on your 2013 tax return.

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Hi all,

 

I was curious if you work in a job were you are payed only commision, when you apply for a loan or cc, what would you put down for income?

 

Thanks!

 

According to the CFPB, unless the application specifies otherwise you can put down all the income you reasonably expect to get from whatever sources. You can also include a spouse's income if you have access to it and are over 21.

 

 

What you claim on your tax return.

 

Put what's on your 2013 tax return.

 

Or most current tax return. :good:

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Hi all,

 

I was curious if you work in a job were you are payed only commision, when you apply for a loan or cc, what would you put down for income?

 

Thanks!

 

According to the CFPB, unless the application specifies otherwise you can put down all the income you reasonably expect to get from whatever sources. You can also include a spouse's income if you have access to it and are over 21.

 

 

What you claim on your tax return.

 

Put what's on your 2013 tax return.

 

Or most current tax return. :good:

 

 

Funny. The CFPB doesn't mention "tax returns" anywhere in their voluminous discussions of what people and lenders can consider "income."

 

Most of the newer CC apps now include language that states income sources that may be included some of which are not in a tax return. Were, for instance, CC companies to require tax returns from all applicants and only consider the income as reported they would be violating the law. They could require returns with all apps but if they did so they would also have to consider other income as mandated.

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Hi all,

 

I was curious if you work in a job were you are payed only commision, when you apply for a loan or cc, what would you put down for income?

 

Thanks!

 

According to the CFPB, unless the application specifies otherwise you can put down all the income you reasonably expect to get from whatever sources. You can also include a spouse's income if you have access to it and are over 21.

 

 

What you claim on your tax return.

 

Put what's on your 2013 tax return.

 

Or most current tax return. :good:

 

 

Funny. The CFPB doesn't mention "tax returns" anywhere in their voluminous discussions of what people and lenders can consider "income."

 

Most of the newer CC apps now include language that states income sources that may be included some of which are not in a tax return. Were, for instance, CC companies to require tax returns from all applicants and only consider the income as reported they would be violating the law. They could require returns with all apps but if they did so they would also have to consider other income as mandated.

 

 

I always lowball my income anyway.

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Hi all,

 

I was curious if you work in a job were you are payed only commision, when you apply for a loan or cc, what would you put down for income?

 

Thanks!

 

According to the CFPB, unless the application specifies otherwise you can put down all the income you reasonably expect to get from whatever sources. You can also include a spouse's income if you have access to it and are over 21.

 

 

What you claim on your tax return.

 

Put what's on your 2013 tax return.

 

Or most current tax return. :good:

 

 

Funny. The CFPB doesn't mention "tax returns" anywhere in their voluminous discussions of what people and lenders can consider "income."

 

Most of the newer CC apps now include language that states income sources that may be included some of which are not in a tax return. Were, for instance, CC companies to require tax returns from all applicants and only consider the income as reported they would be violating the law. They could require returns with all apps but if they did so they would also have to consider other income as mandated.

 

 

I always lowball my income anyway.

 

 

I do as well. Perfectly ok to do so.

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why would you just about ever lowball on a credit app?

 

what purpose does that serve?

 

you want them to give you as much credit as possible.

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Thanks all. I am curious because I just moved into a commision position for a month> previous to that I have always been on a salary.

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The reason I had put a lower amount than my actual past income on the apps I made is that it was highly variable. Since I'm retired income depends on how savings/investments do each year and could even be negative overall. I had been lucky in past years and thought using that as income would have been too optimistic.

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Thanks all. I am curious because I just moved into a commision position for a month> previous to that I have always been on a salary.

Just list what was on your taxes last year if you expect it to at least be the same this year.

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why would you just about ever lowball on a credit app?

 

what purpose does that serve?

 

you want them to give you as much credit as possible.

I do because I'm self employed, my income varies, and I'm an optimist.

 

So I put what's on my most recent tax return, rather than what I expect.

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I was curious if you work in a job were you are payed only commision, when you apply for a loan or cc, what would you put down for income?

I don't but my wife does and she relies on prior income.

 

you want them to give you as much credit as possible.

You're confusing "you" and "I".

Edited by takeshi

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Hi all,

 

I was curious if you work in a job were you are payed only commision, when you apply for a loan or cc, what would you put down for income?

 

Thanks!

 

 

$1000000000000000000000000000.00

Edited by Burgerwars

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why would you just about ever lowball on a credit app?

 

what purpose does that serve?

 

you want them to give you as much credit as possible.

I do because I'm self employed, my income varies, and I'm an optimist.

 

So I put what's on my most recent tax return, rather than what I expect.

Putting down what you can prove always makes sense.

 

But putting down less than your tax returns or paystubs just doesn't make sense to me.

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