Do I factor brokerage account into annual income on CC app?

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itsmejj
 
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Do I factor brokerage account into annual income on CC app?

Postby itsmejj » Thu Nov 19, 2015 11:25 pm

Hello. i'm new to this forum and am hoping to get some advice. I recently inherited a brokerage account containing several different stocks. My question is do i factor that money into my annual income on a credit card application? And if so, how do i calculate this new money plus my usual income? I now have a bit more money than i did last time i applied for a credit card and i would assume it would affect the credit limit a lender might give me. I'd like to figure this out and didn't find exactly what i needed to know while searching the forums here. Thank you in advance for any responses! You guys seem very knowledgeable.


samhradh
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Re: Do I factor brokerage account into annual income on CC app?

Postby samhradh » Fri Nov 20, 2015 11:05 am

From your post, it seems like the account pays dividends? If not, I wouldn't include the consider the account value as income. If it does pay dividends, you can include the average pay-out based on past performance. You can find this information either online or by speaking with the bank managing the fund. Don't forget to declare capital gains on your taxes!

However, the fund does count as an asset and can be used to pay off debt. So, depending on the language of the card application, it may or may not make sense to declare the fund.

Personally, sometimes I include the value of all of the money I can access in addition to my salary and sometimes I don't. Depends on the card I'm applying for or if I'm just asking for a CL increase.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

Vermonster
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Re: Do I factor brokerage account into annual income on CC app?

Postby Vermonster » Fri Nov 20, 2015 1:26 pm

itsmejj wrote:Hello. i'm new to this forum and am hoping to get some advice. I recently inherited a brokerage account containing several different stocks. My question is do i factor that money into my annual income on a credit card application? And if so, how do i calculate this new money plus my usual income? I now have a bit more money than i did last time i applied for a credit card and i would assume it would affect the credit limit a lender might give me. I'd like to figure this out and didn't find exactly what i needed to know while searching the forums here. Thank you in advance for any responses! You guys seem very knowledgeable.


Whatever you would claim as income on a tax form should be claimed as income for a credit application. In general anything that requires a W2 or 1099 will contribute to income. Alimony is a bit different I think, and is always optional.
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