AMEX PROBLEM...

[Crashem]

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@azguy13 wrote:

I absolutely think it's deceitful if they ask for annual income and you lie. They are not asking for last years annual income (although we all know that it is what is used for verification). How does the OP know what his/her estimated annual income is for the year if they do not have a job? Being positive about getting another job doesn't mean you have a job until you are in-processed and getting paychecks. 

It doesn't matter how much money the OP has in the bank, unemployed is unemployed. I am not saying to call AMEX and tell them, but if they ask for income verification it is not right to lie about it. Advice like this is what got a lot of people into credit trouble in the first place. 

OP, I really do hope you get a new job soon. 

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Azguy,

I completely disagree with you.  When they ask you annual income, a completely truthful answer would be to quote what you made to this point.  The fact is NO ONE can give a completely accurate estimated income.  Just because you have a job, doesn't mean you will have it the rest of the year.  If unemployed person who has never been out of work more than a month for last 10 years wants to estimate remaining salary for year assuming only one month unemployment, I think that is more accurate than the employed person who has never held a job more than 6 months giving their estimated salary assuming year round employment.

It is not lying to give a best guess if that is what they are asking for.  For example, I was recently asked my salary by CC.  I asked if they wanted me to estimate this year or what I made last year.  I ended up giving both and telling them to use either one.

[azguy13]

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@Crashem wrote:

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@azguy13 wrote:

I absolutely think it's deceitful if they ask for annual income and you lie. They are not asking for last years annual income (although we all know that it is what is used for verification). How does the OP know what his/her estimated annual income is for the year if they do not have a job? Being positive about getting another job doesn't mean you have a job until you are in-processed and getting paychecks. 

It doesn't matter how much money the OP has in the bank, unemployed is unemployed. I am not saying to call AMEX and tell them, but if they ask for income verification it is not right to lie about it. Advice like this is what got a lot of people into credit trouble in the first place. 

OP, I really do hope you get a new job soon. 

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Azguy,

I completely disagree with you.  When they ask you annual income, a completely truthful answer would be to quote what you made to this point.  The fact is NO ONE can give a completely accurate estimated income.  Just because you have a job, doesn't mean you will have it the rest of the year.  If unemployed person who has never been out of work more than a month for last 10 years wants to estimate remaining salary for year assuming only one month unemployment, I think that is more accurate than the employed person who has never held a job more than 6 months giving their estimated salary assuming year round employment.

It is not lying to give a best guess if that is what they are asking for.  For example, I was recently asked my salary by CC.  I asked if they wanted me to estimate this year or what I made last year.  I ended up giving both and telling them to use either one.

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I understand what you are saying. All I am saying is if they ask for empoyment info and salary you tell them the truth. Honestly, nobody should try for a CLI until they get a new job anyways. 

How are you to estimate a salary if you don't have a job? I can understand giving them what you have made so far this year, but you can't estimate income when you do not have a position elsewhere. 

You cannot give a "best guess" if you are missing a key part of the equation for income (Job) you cannot give a ballpark guess on income, its that simple. How would you feel as a creditor if someone requested more money from you and didn't tell you they were unemployed?

[Crashem]

AZ,

I agree with you about being truthful.  If they ask if you are employed, you answer truthfully.  If they ask annual salary, I have no problem with someone putting the best face on things.  It's like an interview.  It's not your job to expose all your weaknesses.  You should try to put things in the best light without lying.

[azguy13]

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@Crashem wrote:

AZ,

I agree with you about being truthful.  If they ask if you are employed, you answer truthfully.  If they ask annual salary, I have no problem with someone putting the best face on things.  It's like an interview.  It's not your job to expose all your weaknesses.  You should try to put things in the best light without lying.

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I think that is a fair compromise. 

[mikey78]

it's wrong to lie for annual income when applying for CC?

when i applied for bofa cash back card i went to the bank and spoke with the credit card guy

he asked me how much is my annual income i told him 38k (started new job field with no exp) and he asked me my rent i told him 895/monthly
he said if the bank calls you and asks you for your income and rent say it's 45k annual and 800 montly rent

I didn't lie for my card the bank of america employee did

so in a way when i applied for CLI i went with what he did 45k >.<

[plasticcards]

Now I don't know what to do! I only have $1.5k limit. That's nothing!! I have no problem paying what I charge. Im responsible with my cards and ALWAYS PIF every month. But them basing everything over employment. Is ridiculous. I mean what happens if I was rich and had millions in the bank. I couldnt get a CC because I  did not work!? So if you dont work but have tons of money in accounts your not allowed to get a CC? 

[Tsucchi]

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@plasticcards wrote:

Now I don't know what to do! I only have $1.5k limit. That's nothing!! I have no problem paying what I charge. Im responsible with my cards and ALWAYS PIF every month. But them basing everything over employment. Is ridiculous. I mean what happens if I was rich and had millions in the bank. I couldnt get a CC because I  did not work!? So if you dont work but have tons of money in accounts your not allowed to get a CC? 

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You can have a lot of money in the saving accounts, but without income, it will eventually deplete. Plus, it will be about debit cards vs credit cards...

[azguy13]

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@plasticcards wrote:

Now I don't know what to do! I only have $1.5k limit. That's nothing!! I have no problem paying what I charge. Im responsible with my cards and ALWAYS PIF every month. But them basing everything over employment. Is ridiculous. I mean what happens if I was rich and had millions in the bank. I couldnt get a CC because I  did not work!? So if you dont work but have tons of money in accounts your not allowed to get a CC? 

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It is not ridiculous at all. I'm betting that those rich people you speak of have income in one way or another. Whether is be royalties, company assets, etc. From a risk standpoint, what is to say that you do not go out and spend $100,000 on a new Land Rover leaving very little in your bank accounts without income? You have to remember that this is a business, not a friendship between you and the lender. 

[azguy13]

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@Tsucchi wrote:

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@plasticcards wrote:

Now I don't know what to do! I only have $1.5k limit. That's nothing!! I have no problem paying what I charge. Im responsible with my cards and ALWAYS PIF every month. But them basing everything over employment. Is ridiculous. I mean what happens if I was rich and had millions in the bank. I couldnt get a CC because I  did not work!? So if you dont work but have tons of money in accounts your not allowed to get a CC? 

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You can have a lot of money in the saving accounts, but without income, it will eventually deplete. Plus, it will be about debit cards vs credit cards...

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I second teh Debit card argument! 

[Crashem]

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@plasticcards wrote:

Now I don't know what to do! I only have $1.5k limit. That's nothing!! I have no problem paying what I charge. Im responsible with my cards and ALWAYS PIF every month. But them basing everything over employment. Is ridiculous. I mean what happens if I was rich and had millions in the bank. I couldnt get a CC because I  did not work!? So if you dont work but have tons of money in accounts your not allowed to get a CC? 

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I think you are okay given that you have income this year.

As for those without work and lots of cash, no one is saying CC issuers won't give you a card.  FICO scores don't look at incomes.  However, it is likely that many issuers will take income into account at some point.  However, there are issuers who will service this market.  At the very least, there are some secured cards that will work.  Also, if you have tons in the bank, you earn interest/capital gains/etc. which is income.  If you don't earn that much interest, why not just put it in lets say a SDFCU account paying some bank like interest rate and use that to secure a 100k credit card.