- Centurion Member
- Posts: 875
- Joined: Thu Apr 30, 2009 2:32 pm
- Location: Texas
In the world at large I would take "household income" to mean the income of all full-time occupants of the home. Why would cc company ask for this instead of "personal income" of applicant?
A child or nonworking partner of the home's income earner might want a card, and the bank/cc co. wouldn't want to exclude them from potentially becoming a lucrative customer.
Household income would at least be equal to individual income and possibly higher. A higher income would encourage an applicant to apply for an account and make it more likely that one is approved. Again, the cc co./bank wants to do more business.
I don't know for a fact that these are the reasons; I'm just speculating. Asking for only a cc applicant's income would exclude many people without incomes (but with access to others' incomes) from applying.
If anyone knows for sure why banks do this, it would be interesting to hear.
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