Can I Include My Parents Income On My Credit Card Application?

It’s good to have a rich dad for many reasons. But did you know that credit card applications are one of them? Did you know that you may be able to include your parents income on your credit card application, at least in some cases?

Here are the details.

18 to 20 years old

If you’re 18 to 20 years old and applying for a credit card on your own, you can only use your personal income (not household/parent income) or assets when applying for a credit card.

Personal income may include, but is not limited to:

• Regular allowance: Money that you receive on a regular basis from someone else, such as an allowance from a parent while you’re in school.

• Employment: Hourly wages and salaries you receive as a full-time or part-time employee, including your bonuses, tips and commissions.

• Self-employment: Money you earn as a contractor, gig worker, or business owner.

• Investments: Interest, dividends, coupon payments, and other types of investment income.

• Some financial aid: The residual amount of scholarships, grants, work-study wages, and sometimes student loans that you receive after paying tuition and other college expenses.

21 years old and older

If you’re 21 years or older and applying for a credit card on you own, you are allowed to include more sources of income on your credit card application, including those to which you only have a “reasonable expectation of access.”

This means that you may include the following as personal income:

• Other people’s income: Sometimes, you can include a spouse’s, parent’s, partner’s, or household members income or assets if you have reasonable expectation of access to the funds.

• Employment: Hourly wages and salaries you receive as a full-time or part-time employee, including your bonuses, tips, and commissions.

• Self-employment: Money you earn as a contractor, gig worker, or business owner.

• Investments: Interest, dividends, coupon payments, and other types of investment income.

• Retirement: Such as Social Security, pensions, annuities and withdrawals from retirement accounts.

• Public assistance: May include Social Security disability income and housing vouchers (when applying for a mortgage).

• Insurance payments: For policies that provide ongoing coverage, such as long- term disability and workers compensation.

• Alimony, child support and separate maintenance: You can, but don’t need to, count these as income.

• Some financial aid: The portion of scholarships, grants, work-study wages, and sometimes student loans that you receive directly.

• Regular allowance: Money that you receive on a regular basis from someone else, such as an allowance from a parent while you’re in school.

• Other income: Less common types of income may also count, such as royalty payments, trust payouts, and foster-care income.

Conclusion

So if you’ve got a rich dad and you’re 21 years or older, you can include his income as long as you have “reasonable expectation of access” to the funds.