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Music hey guys thank you so much for watching this video please give us a call if you guys are looking to improve your credit score lower your car payment by a car trade in a car if you're looking to purchase your first home if you're looking at purchase of rental property we can help you give us a call today eight seven seven two zero five seven seven seven one talk to you guys soon and thanks again hello everyone this is Calvin Russell CEO I found of a fifty Club credit consultation I hope everyone's doing well today today we're gonna talk about a very I would say a new subject that I think that people have never thought about accessing but I think that people they question this when they are filling out a credit card application and that is how much income should you put on an application this is actually good to know because again I don't really think about you know what the answer would be because let's be honest people live on applications not only do I know that you know that and you better believe the bank's know that okay and it's nothing new here's what you have to understand is that your peers will snitch on you I'm not talking about you your friend that's next to you and they're calling the bankers in hey you know X Y Z they they said that they make a hundred thousand but really they make twenty thousand you don't have to tell them that you know why even though income is not on your credit report they have a good guess of what your income is let's go into a couple of different things number one their average age goes into like an average income when I worked at Nissan for six years I can tell you right off the bat that people that that were any work that was they were old enough to be I would say twenty years old to about thirty years old they're like about like that age range twenty to thirty years old the incomes will fluctuate okay so let's go twenty to twenty five if they're twenty to twenty five chances are they're probably gonna be around twelve to fourteen dollars an hour when they get around about 25 to 30 then they're gonna get around about fourteen to seventeen no dollars an hour we're talking about average income this is again I was at Nissan not high-end not low-end regardless what you think so but either way that was that income so now you gonna run about 30 and then people start making about maybe 20 dollars an hour 24 something like that income doesn't always go up as the ages go depending on where people live that's the cost of living you know what type of degrees they have what their address is a lot of things factored into that so I'll be looking at things without looking at things their age makes a difference right if you're curious the average income that I've seen you know again looking at income all the time you know looking at different races they're looking at different ages different backgrounds different different demographics where they lived the average income is gonna be for that age range I was saying good 25 to 45 is gonna be anywhere between about 3035 $40,000 a year so we're talking before taxes so we're looking at that's about fifteen thousand our only up to about twenty dollars an hour and if you're looking at your income you're like man that's about me now some of you guys need a little bit under that something you all may be above that go ahead pat yourself on the back but at the same time that's just average does that mean if that's everybody not at all my point is is that that's just number one number two people that start making a certain amount of money their credit report starts to look like it for example after about forty to fifty thousand most people start having a different type of vehicle they usually start financing a twenty thousand twenty-five thirty thousand thirty five thousand dollar vehicle they start thinking about homeownership you know so then of course now you're looking at a possible mortgage on their credit report you're gonna see a couple of credit cards that's there you may see some student loans depending on how old that person is so there's a lot of factors that play a role into this number two now when actually number three your income is not on your credit report but where you work is so a lot of people say well man how come my employer why is my employer on my credit report well the last time you apply for credit they have to know where you work that and they're going to put that on the credit report so now let's go into what income is a okay to put on the credit report number one let's talk about a couple days a lot of people don't know the difference between gross income and net income this isn't a county by the way I felt that that so we're gonna keep this simple gross income is your income before taxes net income is the income that you take home after taxes or hints what they deposit into your account every time it's time to get paid now everyone's net income is gonna be different because some people enroll at 401 K the benefits are different sometimes it's no benefits sometimes as health insurance everyone pays a different man for health insurance some people have child support some people have to wait ages garnish some people have you know their taxes are set up a little bit differently based on how many dependents they have second was net incomes to be different that's why banks want to go gross income it's crazy how they kind of go gross income side note because nobody takes that home but that's completely separate but they want you to know they want to put on the application gross income most of you know that what people don't know is that if you get any income outside of that that can be child support that can be disability that can be you know anything that goes into your account on a consistent basis for example if you have a roommate but your if you have a roommate but only your name is on the lease but if they give you money every single month whether it be you know cash or chase QuickPay or cash out whatever the case may be that is considered income did you know that you can actually put that on a credit card or no you're pretty much a credit card application now you're applying for a mortgage or you're applying for a car you cannot use that income because it's not income that you pay tax on but a credit card they use it in their algorithm to not only determine your eligibility but also to determine your limit as well that doesn't necessarily mean that the higher the income you put is gonna always yield in a higher limit cuz I had a client she put two hundred and fifty thousand dollars a year knowing goodwill her age bracket makes about thirty five thousand dollars a year guess what her income was about thirty five thousand dollars a year sure enough and she got a eight hundred dollar limit on him I forgot what company it was but my point is is that the banks are not stupid they know a $250,000 income person their credit report is gonna look different either things are gonna be paid off or there's gonna be a lot of debt and not a bad way it's just a matter of you know good debt mortgages cars and things of that sort you know so again everyone's situation is gonna be a little bit different but now a lot of people don't know that so now and you can only do that if you're 21 years or older if you're not sure you can always look at the credit card terms before you apply I think that's major that a lot of people do not do that on every single you know credit card application they must put on there the most no frequently asked questions and one of them are always gonna be I don't know what income should I put on the credit report and you can't count that income if you get $3,000 a month no regular income you get $1,000 child support you put that on there if someone gives you money if someone pays your bills you add up all of the money that they pay your bills on that is income you are deciding to use that money towards your bills you are deciding to use the money that your roommate is giving you towards the rent so again that they consider that income and that's only with credit cards okay now let's talk about lying on credit applications people do it all the time that does not mean that you should do it you should not have to do it because again there are some times that banks have relationships with major corporations and like you know Walmart McDonald's Best Buy you name it corporations been out for a long time they actually have access to systems that us as consumers don't have access to and they can actually check to see what your income is now again I don't know know which companies doing which companies don't but we saw this stuff all the time you know when we were snow and in the in the car industry you know and sometimes they were actually for proof of income I have seen companies like you know Discover Bank of America Capital One asked for proof of income they'll actually choose no sin to check stubs just to verify your income and it's not to say that you're lying it's just that they don't see an employer on your credit report that's that could be a red flag they said when was the last time this person had a job obviously it's not on their credit report or if the company that you work for now doesn't match the the previous employer on your credit report so just be wary of those types of things and just so you know I've seen people get high credit cards with a $25,000 a year you know income gross before no taxes I've seen people with $100,000 of income get $1,000 limit credit card and so again you can't finesse the system this is not just the income itself so a lot of times there's nothing Sara Lee I need to lie about your income but people do it anyway but at the same time not giving you advice on whether you should or should not that's up to you but here's the deal just don't be crazy stupid about this again because they got access to more do you think that they do okay either way if you like this 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