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URL:  http://boards.fool.com/if-i-were-to-apply-for-a-loan-down-the-road-and-i-30187020.aspx

Subject:  Re: OT as a raise Date:  8/4/2012  10:14 PM
Author:  aj485 Number:  116498 of 121589

If I were to apply for a loan down the road and I consistently earned this... Say $300 extra a week .... Would they figure this $$$ into my income figure?

It depends on the loan that you are applying for. For a mortgage, you will probably have to have 1 - 2 years of documented consistent OT. For other credit cards or car loans, requirements to document the income are not likely to be as stringent.

The OT scenario actually was brought up by me to them...not necessarily that I wanted that instead of the base pay raise....it complicated..but anyway...I need to decide whether I want the OT(more money)..or base pay raise.

First of all, I'd be worried about the integrity of any manager that suggested that scheme to me. While they may be trying to figure out a way to get you a raise that wouldn't otherwise be approved by the higher-ups, that's going outside company policy, at least, if this is the case.

Plus, what happens when the management chain that suggested this no longer works in that position - will the new management chain live up to the deal? Even beyond that, are you already working OT and getting paid for it? If so, your raise will not be as much in any week that you do work some of the OT hours. Additionally, as already pointed out, other extras that may be based on your base pay, rather than total pay, like life insurance coverage, 401(k) match, pension, etc. will not increase if you get OT added.

AJ
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