Application Income Salary or third party Disability pay?

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Anacrusys
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Application Income Salary or third party Disability pay?

Postby Anacrusys » Sun Nov 02, 2014 5:18 pm

The credit card companies ask my income when I apply or request an increase. I have been on Long term disability for awhile. I'm not sure if I should give them my official salary as an employee of the company or my disability income received from a third party insurance co. I want to give them my salary, but i am worried they might say I lied on my application if anything bad happened in the future. Any opinions would help. Thanks.


thom02099
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Postby thom02099 » Sun Nov 02, 2014 9:07 pm

Anacrusys wrote:The credit card companies ask my income when I apply or request an increase. I have been on Long term disability for awhile. I'm not sure if I should give them my official salary as an employee of the company or my disability income received from a third party insurance co. I want to give them my salary, but i am worried they might say I lied on my application if anything bad happened in the future. Any opinions would help. Thanks.


Whatever income you would use to pay bills, the total amount. If your disability income is taxable, then it should be included, since, in the case of AMEX and their FR, or some strict lenders who require tax returns (such as Simmons First and IberiaBank), this would be income reported to the IRS and what they would require. Can't go wrong with whatever you report to the IRS.
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Anacrusys
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Postby Anacrusys » Mon Nov 03, 2014 9:24 am

I do not get paid any of my salary from the company. I only get disability pay from a third party, which is much lower than my official salary. The only money I get to pay bills is from the disability company. I have been with the company for 14 years.

Are you saying I legally cannot declare my income as my job salary? Nobody knows if and when I would get off disability and back on my salary or if the company would fire me. I would prefer to list my job salary as my income If it is not violating any credit card company or other laws. Thx.

thom02099
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Postby thom02099 » Mon Nov 03, 2014 7:40 pm

Anacrusys wrote:I do not get paid any of my salary from the company. I only get disability pay from a third party, which is much lower than my official salary. The only money I get to pay bills is from the disability company. I have been with the company for 14 years.

[color="red"]Are you saying I legally cannot declare my income as my job salary? [/color] Nobody knows if and when I would get off disability and back on my salary or if the company would fire me. I would prefer to list my job salary as my income If it is not violating any credit card company or other laws. Thx.


No. What I'm saying is that, whatever you report to the IRS is what you should use, IMO.

Many folks can still work and draw disability (occupational disability), and have income from 2 or more sources, including the disability. That is what I was saying -- all sources of your income, if it's reported to the IRS.
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Nixon
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Postby Nixon » Tue Nov 04, 2014 3:06 am

Anacrusys wrote:The credit card companies ask my income when I apply or request an increase. I have been on Long term disability for awhile. I'm not sure if I should give them my official salary as an employee of the company or my disability income received from a third party insurance co. I want to give them my salary, but i am worried they might say I lied on my application if anything bad happened in the future. Any opinions would help. Thanks.


Easy. Put what you can prove. I'm currently on short term medical leave since early September and luckily it's paid out at 100% (Our current new hire benefits slashed that to 60%, I can't imagine....)

Therefore I'm able to put my full salary down, plus I add half the Wife's income.
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Anacrusys
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Postby Anacrusys » Tue Nov 04, 2014 8:40 am

thom02099 wrote:No. What I'm saying is that, whatever you report to the IRS is what you should use, IMO.

Many folks can still work and draw disability (occupational disability), and have income from 2 or more sources, including the disability. That is what I was saying -- all sources of your income, if it's reported to the IRS.


I only report my job salary to the IRS when I am working and getting paid. I am out on LTD and have not worked in a few years. I would be reporting my job income IF I was at work and getting paid but I am not. However, I am still a company employee. It sounds like you think I would be breaking the credit card rules and could get in trouble by reporting my job salary income that I am not currently collecting even though I could be back at work next month. I would like to know if I can legally report my income to the credit card company as my job salary even though I am not currently collecting it. In my situation, I am not concerned about morals or what I should do. I would like to know if I can legally report my job salary and not break the ccard laws. Thx

Nixon
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Postby Nixon » Tue Nov 04, 2014 10:48 am

Anacrusys wrote:I only report my job salary to the IRS when I am working and getting paid. I am out on LTD and have not worked in a few years. I would be reporting my job income IF I was at work and getting paid but I am not. However, I am still a company employee. It sounds like you think I would be breaking the credit card rules and could get in trouble by reporting my job salary income that I am not currently collecting even though I could be back at work next month. I would like to know if I can legally report my income to the credit card company as my job salary even though I am not currently collecting it. In my situation, I am not concerned about morals or what I should do. I would like to know if I can legally report my job salary and not break the ccard laws. Thx


I'd check what the cutoff period for tax returns is with the individual company and IF they ask for it
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thom02099
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Postby thom02099 » Tue Nov 04, 2014 11:23 am

Anacrusys wrote:I only report my job salary to the IRS when I am working and getting paid. I am out on LTD and have not worked in a few years. I would be reporting my job income IF I was at work and getting paid but I am not. However, I am still a company employee. [color="red"] It sounds like you think I would be breaking the credit card rules and could get in trouble by reporting my job salary income that I am not currently collecting even though I could be back at work next month.[/color] I would like to know if I can legally report my income to the credit card company as my job salary even though I am not currently collecting it. In my situation, I am not concerned about morals or what I should do. I would like to know if I can legally report my job salary and not break the ccard laws. Thx


That's not what I'm saying at all. I'm simply stating that, whatever you can document, in the form of an IRS tax return, is what you should use. As Nixon said, "whatever you can prove". IRS tax returns are the proof. That's something that AMEX, for example, would request in a Financial Review. That's something that First Simmons or IberiaBank, for example (and there are others), require when you apply for credit, since they do manual applications.

However, your situation seems to be unique. Rather than asking here in a public forum, simply call the credit card company(ies) in question, explain your situation, and get an answer direct from them.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016



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