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?
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.