4. Be Accurate To Your Responsibility. As noted before, if you have a mortgage the banks will see it, so list the number accurately. If you're a renter, be sure only to list the portion of the monthly payment that you make. There's no reason to artificially increase that obligation. And if you have no personal housing payment (for example, living at home with parents), you may ultimately need to follow up with the bank directly. So many applications come through without a housing figure that some banks will estimate your housing payment if you don't provide one- resulting in ATP credit declines that should have been approved.
5. Rental Income. Many customers have rental mortgages on their credit reports yet forget to include that rental income on their credit applications. When applying, list the gross amount of money paid by the tenants instead of the net amount your profit from the property. The banks will be looking at the mortgage figure and you will need to show income to offset it. Similarly, if you have other credit obligations that you (or your spouse) are not paying for, you may want to consider including that towards the Gross Annual Income figure you list on the application.
6. Always Call In. If you apply for a card and receive a decline letter stating it was in relation to your obligations and income, call into the bank itself. Most credit card issuers have a credit department that will re-review your application and their number is often on the decline letter. The credit department's primary goal is to find ways to approve credit applications as more loans/lines equal more growth. In talking to a credit representative you will find out which obligations caused the decline and potentially be able to address them.
7. Remember, Gross Or Net. When filling out your credit application, read carefully whether the bank is asking for your gross income (before any taxes or deductions are taken out) or your net income (the actual amount on your paycheck). The bank's internal income and expense models will be based on which type of income they're asking for. If you provide net instead of gross you could potentially be declined for credit you otherwise are eligible for. When in doubt, list the gross figure.