The content is accurate at the time of publication and is subject to change.

For sure, credit card issuers consider many factors when approving applicants for cards, including credit score, current available credit, average age of accounts, credit utilization, payment history, and more, to determine a general idea of your creditworthiness. Income is one of many factors considered not only in getting approved for a card, but also in determining your credit limit.

According to an amendment to the Card Act, your annual income is what you earn or reasonably expect to earn. This includes full-time, part-time, internships or seasonal jobs, self-employment, interests or dividends, investments, retirement, Social Security benefits, and public assistance. It can include money that someone else deposits regularly into your account and income that you or your tax advisor have decided isn't subject to income tax.

Typical examples of nontaxable income include money received from disability, worker's compensation, child support, housing allowance, Social Security, or public assistance.

Most card issuers use a consumer's stated income on applications when issuing a card. Anyway, you should report only income that can be verified. Always fill out credit card applications honestly, but don't worry if your stated income isn't right down to the dollar.

Keep in mind that if you already have a credit card or account with a card issuer, they may already know what income you've stated in the past, so don't be inconsistent there.

Additionally, keep in mind that credit card issuers may look at both your overall credit utilization and utilization on individual lines of credit when determining your credit card limit on a new account. If you have too much debt and spend more than 50% of your monthly income on debt payments, you may get denied for any new loans or credit cards you apply for, since you come with more of a risk in the eyes of lenders.

So, if you plan on applying for a new card, for instance, the Wells Fargo Active Cash® Card, in a few months, paying down some existing balances could help raise your credit limit. The Wells Fargo Active Cash® Card is an excellent cash rewards option for people looking for a no-annual-fee card with a simple rewards structure, intro APR and welcome offers.

When filling out an application for the Wells Fargo card, you should: "Include all income before taxes. You don't need to include alimony, child support, or separate maintenance income if you don't want it considered. If you're 21 or older and regularly use income from others to pay your bills, you may include that income."