No. of Recommendations: 6
For those who follow creditor behaviors, or are just curious: the credit union didn't ask for tax info. I specifically requested a $16000 credit limit. After I applied online, they called me. The first question they asked was why I wanted the new line--whether it was for new credit or to consolidate existing debt. I told them it was to BT the Bank of America balance, and they were obviously looking over my credit report. They did request my latest pay stub to verify the income I stated, which seemed both reasonable and wise of them.

As an FYI: it used to be kind of unusual for lenders to request any type of income verification for credit cards. They were generally satisfied with an employment verification, if they did any verification at all. But with increased and updated regulations (including, but not limited to, Fair Lending and Know Your Customer) many lenders are now requiring some type of income verification. And with the increasing number of people with gig jobs, either for additional income, or as their primary income, I'm not surprised that some lenders have started asking for income tax returns. If, for instance, you had included your side hustle income in the income stated on your application, showing just the paycheck stub probably would not have sufficed, and you probably would have had to supply tax returns showing documentation of your side hustle income, even if you were applying at a credit union.

So as a word of warning to anyone applying for any type of credit - don't apply based on income that you can't document.

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