income statement on cc application

What is the name of your state? iowa

When you're filling out a credit card application, do you include unearned income (grants, gifts, money from family...etc) on your application? If you are heavily invested in a business and have been promised a certain return, do you include that as well (even if it doesn't end up happening, i.e. the company goes bankrupt or you were the victim of a scam)?

[cmorris]

I am a student with 7 credit cards. I have never had a problem including unearned income. For example, have you ever noticed where it states that you may include alimony or child support, but it's not required?

I actually spoke with the cc company and told them most of the income was unearned. My initial limits were low ($200-500) but are now $2000+ and I am still in school.

[JETX]

Originally Posted by studentinneed

When you're filling out a credit card application, do you include unearned income (grants, gifts, money from family...etc) on your application? If you are heavily invested in a business and have been promised a certain return, do you include that as well (even if it doesn't end up happening, i.e. the company goes bankrupt or you were the victim of a scam)?

As long as you are honest and upfront about your income sources and let the creditor make a decision based on the true facts.... shouldn't be a problem.
Besides, credit card issuers LOVE new college students as a large number of them go unpaid for long times and the creditors make more money on fees and charges.

[cmorris]

Originally Posted by JETX

Besides, credit card issuers LOVE new college students as a large number of them go unpaid for long times and the creditors make more money on fees and charges.

Very true! Be responsible!

Thanks, one further question if I may:
Can you include your credit line from another credit card? What if it's indirect, like you used a credit card to invest in something (you accurately reported everything when you applied for the card) and are applying for a second credit card and would like to include your expected returns from that investment (non stock-market type, more concrete) in your income statement.

[cmorris]

Originally Posted by studentinneed

Thanks, one further question if I may:
Can you include your credit line from another credit card? What if it's indirect, like you used a credit card to invest in something (you accurately reported everything when you applied for the card) and are applying for a second credit card and would like to include your expected returns from that investment (non stock-market type, more concrete) in your income statement.

"Expected returns" are the key words. What if you didn't get the expected returns? I wouldn't think you could include it, but you could ask the issuing credit card company.

[JETX]

Originally Posted by studentinneed

Can you include your credit line from another credit card? What if it's indirect, like you used a credit card to invest in something (you accurately reported everything when you applied for the card) and are applying for a second credit card and would like to include your expected returns from that investment (non stock-market type, more concrete) in your income statement.

Let me put it to you this way.... if you have to use that 'potential' income to qualify for a credit card... you have no reason attempting to get credit. Having to make up imaginary or potential income is NOT a way to start out your 'credit life' reasonably.