Household Income or Personal Income?

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Regios
 
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Household Income or Personal Income?

Postby Regios » Thu Feb 19, 2015 3:42 am

I'm 19, and I just applied for my first credit. When applying, it asked for annual income, and I have read that you can put your total household income, so I asked my dad, and he gave me the go ahead to include his annual income with mine. I got approved with a very large credit limit! But with looking more into it, it seems that maybe I shouldn't have included my parents income, even if I do live with them and they will be paying the bill?

If I shouldn't have included their income, should I decline the card, and reapply with my only my income?


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obxfisherman
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Postby obxfisherman » Thu Feb 19, 2015 10:21 am

The only thing I can comment on is if, you were approved for the card, without income verification, just keep the card. It isn't worth the headache to decline and reapply....odds are if you tried to do that you wouldn't get approved anyway again.


Out of curiosity how large is the credit limit?
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Regios
 
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Location: Texas

Postby Regios » Thu Feb 19, 2015 12:29 pm

The card is the Barclays Apple Rewards card, and when I originally did the application from the link on Apple's website, I was approved for $7500, but when I checked on the card status right now, it said I have a limit of $12,000. I still haven't accepted it yet, because I don't want them to think that I was intentionally trying to lie about my income.

I'm thinking about calling the back line and explain to them my mistake and see if the allow me to keep my parents income on the application. Or maybe allow them to cosign with me?

thom02099
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Postby thom02099 » Thu Feb 19, 2015 1:01 pm

Regios wrote:I'm 19, and I just applied for my first credit. When applying, it asked for annual income, and I have read that you can put your total household income, so I asked my dad, and he gave me the go ahead to include his annual income with mine. I got approved with a very large credit limit! But with looking more into it, it seems that maybe I shouldn't have included my parents income, even if I do live with them and[color="red"] they will be paying the bill?
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If I shouldn't have included their income, should I decline the card, and reapply with my only my income?



Conventional wisdom is that one uses whatever income one can document as available to pay for charges on the card. If one is married, one can use spousal income if it's going to be available for paying the bill. Since you stated that your parents will be paying the bill, the logical assumption would be that parental income could be included.

What's done is done. I would not mess with it, if I were in your shoes. In the future, much depends on factors such as what size income are you referring to, what's the percentage of total income that is your father's versus yours, what are credit scores, etc. This is also based on the assumption that the application was solely in your name, and not as an authorized user on your father's account.

Personally, I would only use income that I can substantiate with my own tax returns and not rely on household income.
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takeshi
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Postby takeshi » Fri Feb 20, 2015 9:14 am

I don't recommend including your father's income unless you have complete access to all of his income to do whatever you want with it. That said, it's too late now. Take it and use it responsibly.

jcarte29
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Postby jcarte29 » Fri Feb 20, 2015 2:01 pm

takeshi wrote:I don't recommend including your father's income unless you have complete access to all of his income to do whatever you want with it. That said, it's too late now. Take it and use it responsibly.


I agree, use it responsibly and accept it. You sound a lot like I used to at that age, you're too honest! Don't bother calling and explain you "messed up." It's a blessing, but be careful, cause if you run up a balance it'll quickly become a curse (and I'm sure your parents are advising you the same, since they have blessed and offered financial support)
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