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Approved with 0 Income?

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Skye12329
Valued Contributor

Approved with 0 Income?

So i work retail and we offer our card but who doesnt Smiley Tongue When we get an older person to apply they say they dont want to state how much they get from retirement so they put 0 down even though we tell them to put at least 10k down so they dont get declined. Usually they get confused when they have a good report but put down a 0 income and get declined.

 

My question: Occasionally we see some people approved for a 0 income or they will get a limit like 10k even when they put down 10k for income. I was wondering can you still be approved if you have no income for like a prime card? I mean what if you have enough in savings where you just retired? What do you put down in the income section? Because obviously a lender whats to make sure you can repay it and cant just rely on a report with no income, can you?

BK7 - 2/21
Cap1 QS - 2k (4/21)
Mission Lane - 4k (11/21)
Venmo - 900 (11/21)
SavorOne - 2500 (12/21)
VentureOne - 2000 (7/22)
Message 1 of 5
4 REPLIES 4
FixMyCredit1992
Established Contributor

Re: Approved with 0 Income?

That's really odd...I thought in the "card act" of 2009, they count individual income, and not household, and won't approve if you make nothing?

 

A lot of stay at home moms are complaining they can't get a credit card, their husband/so might make 250k a year, but they make zero, and they go by individual income.

 

Interestingly enough, my mom got approved for a $3,000 farm and fleet card this spring with no income, but got declined for a BOA rewards card a couple months ago due to not having any.

 

Anyone here with some knowledge to elaborate further? 

 

Farm and Fleet $3,000 (AU) Paypal Extras MC $1,500
Barclay's Apple Visa $1,200 QVC Qcard $800
Amazon Store Card $600 Discover $500
Walmart MC $400 Victoria's Secret $350
Credit One $300 Fingerhut $200
TU Fico 626



Message 2 of 5
FixMyCredit1992
Established Contributor

Re: Approved with 0 Income?

Bump

Farm and Fleet $3,000 (AU) Paypal Extras MC $1,500
Barclay's Apple Visa $1,200 QVC Qcard $800
Amazon Store Card $600 Discover $500
Walmart MC $400 Victoria's Secret $350
Credit One $300 Fingerhut $200
TU Fico 626



Message 3 of 5
Anonymous
Not applicable

Re: Approved with 0 Income?

 

Two things, first, what banks are concerned about is if you have the resources to pay them.  Whatever those resources are.  However, they do specifically do ask for income because that is something standard that can be put into a logarithm; and also covers their ass in case you default and the government asks why the CL was given in the first place...

 

Second, yes, you can get plenty of credit with zero income.  BUT, not much with zero REPORTED income, if you get my drift.

 

Message 4 of 5
mjnierva23
New Contributor

Re: Approved with 0 Income?

I have some experience with this. Here's my background

 

I am currently 21 year old full time college student. Since freshman year i have been interning mostly unpiad. Because of this, when i apply for cards i put down 0 for income. I have excellent credit around 770 arcoss the three bureaus. I have only been declined for 1 card CSP but recon and gotten it approved no problem. 

 

I have no debt 

 

My current Cards are:

Amex Platinum 

CSP - 5000

Discover It - 4300 (originally 4000 than auto CLI)

Chase Freedom - 1500

 

I always wondered how I've gotten approved for these cards with no income 

Any insight would be appreciated

Message 5 of 5
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