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Established Contributor
cashnocredit
Posts: 1,030
Registered: ‎07-18-2009
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Re: Can i get Chase card w/ no job?

You are in an unusual situation. You have demonstrated excellent handling of credit so far. You have accumulated assets in part from student loan residuals, and you have excellent employment prospects with a reasonable income range.

 

You are, IMO, a nearly perfect, low risk, credit customer.

 

However, in spite of legislative encouragement to consider assets and not just income in granting credit there has been no significant effort for lenders to pursue considering assets. My future income could well be zero in any given year. It's entirely possible that I could decide to take a capital loss and not capital gains that would result in a negative net gross income. My assets are, aside from bank accounts which earn little these days, invested with a view towards capital appreciation and not dividends. As a result what I chose to liquidate can determine whether I have a large income or no income in a specific year. If asked, I put down a rolling 3 year average of my IRS 1040s under "other" income.  But is that really income according to Reg Z? Hell if I know. Worse, what If I chose to not take any capital appreciation for three years? How would I app for a CC then? I can live off the cash in my accounts for the next 20 years but is that income? No, it's not.

 

Oddly, the portion of your student loan proceeds that you saved now qualifies as "income" under the new Reg Z guidelines. That really seems fishy to me but it's actually the law.  OTOH, you have completed your work to become a dentist which has a predictably large employment base and fairly well established income. Since it's income you can reasonably expect to have access to it doesn't offend my sensibilities to include it under "other income" the way Reg Z now expansively reads.  I would not state that you employed since you are not and they may ask questions about your future expectations and how solid they are.

 

Another possibility is to request a product change. Banks generally just look at your history and if it's clean say ok. In my experience they just ask what card you would like to change to and nothing else. Chase already knows you are/were a student.

 

 

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k
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Creditaddict
Posts: 22,045
Registered: ‎10-23-2007
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Re: Can i get Chase card w/ no job?

I think I'm reading this as for the love of credit just apply already and you also answered some of these silly unethical posts towards income or investments, etc.
I live in California, actor gets used a lot and you areGOING to hit it much bigger than 99% of the "actors" that get credit cards every day!! (I'm really not insulting actors I'm simply trying to make a point towards the over conservative conversation we have had about applying for credit with no job.
You can pay... Apply for the credit you have a use for with the same confidence that got you through a college degree I couldn't dream of making it through!!
Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
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66 Cards and Counting :smileytongue:
Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009
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Re: Can i get Chase card w/ no job?

The problem I have with this thread is that there is only a casual nod to what the OP actually earns, and a suggestion that because others such as aspiring actors list questionable figures, the OP should list whatever he wants.  The question shouldn't be what income can be listed without raising red flags.  An appropriate inquiry would be how to properly account for assets/student loan income on a credit application.  If after accounting for that information properly, the number is below $12K or whatever the believed minimum threshhold is, so be it.  I don't think it is being ultra conservative or silly to tell people to claim their real income/assets on an application.

 

Anyway, I wish OP the best of luck.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
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Established Contributor
cashnocredit
Posts: 1,030
Registered: ‎07-18-2009
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Re: Can i get Chase card w/ no job?

It's worth mentioning from time to time that knowingly, materially lying on a financial app is a federal crime.

 

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k
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Creditaddict
Posts: 22,045
Registered: ‎10-23-2007
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Re: Can i get Chase card w/ no job?


cashnocredit wrote:

It's worth mentioning from time to time that knowingly, materially lying on a financial app is a federal crime.

 


A federal crime that banks got bailed out on for doing it with mortgages.

 

i havn't had my coffee yet... im deleting myself from this thread, it's gone silly.

Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
66 Cards and Counting :smileytongue:
Established Contributor
coterotie
Posts: 616
Registered: ‎11-30-2012
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Re: Can i get Chase card w/ no job?

Probably my last post here but I made these loans and CC decisions all the time as a Bank VP. 

Question to potential client:  You just graduated from law/medical school, got anything lined up?

Answer: Yeah have three offers all of them over 60K.

Question: When will you start?

Answer: About 90 days from today.

Question:  Will 5K do for now?

 

For doctors we'd even loan them money to buy a house on a 90 day note until they could get permanent mortgage financing. 

Never lost a nickel, made a ton of fee income.

Super Contributor
enharu
Posts: 7,132
Registered: ‎02-27-2013
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Re: Can i get Chase card w/ no job?

I haven't commented on this thread thus far because I myself don't know the answer on how you should really tackle this situation.

However, it does seems like the answers others have provided seem to be somewhat conflicted as well.

My advice is that your best bet is to head into a physical branch in person, and talk to a banker, or if possible, the branch manager. Bankers, and especially managers, often have workaround methods for people whom are not in "normal" circumstances, such as those who just migrated to US and have no credit history, etc. They should be able to help you work something out in your favor, and at the same time, you do not have to be worried about being potentially liable for fraud or any of those unnecessary concerns, which I am sure you want to avoid as well.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Established Contributor
cashnocredit
Posts: 1,030
Registered: ‎07-18-2009
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Re: Can i get Chase card w/ no job?


coterotie wrote:

Probably my last post here but I made these loans and CC decisions all the time as a Bank VP. 

Question to potential client:  You just graduated from law/medical school, got anything lined up?

Answer: Yeah have three offers all of them over 60K.

Question: When will you start?

Answer: About 90 days from today.

Question:  Will 5K do for now?

 

For doctors we'd even loan them money to buy a house on a 90 day note until they could get permanent mortgage financing. 

Never lost a nickel, made a ton of fee income.


Yep, he's an excellent potential customer but there is a trend in banking away from personal judgement which is always subjective, and an entirely metric and checkbox driven decisioning. Smaller, local banks have more flexibility if they are big enough to underwrite their own cards/loans.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k
Moderator
09Lexie
Posts: 26,585
Registered: ‎09-13-2012
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Re: Can i get Chase card w/ no job?

Hopefully, OP will do the correct thing when applying for the card.
Suggestions have been given and advice offered.

Established Contributor
sjt
Posts: 721
Registered: ‎05-05-2010
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Re: Can i get Chase card w/ no job?

You need to have an income, but it does not have to be from a job. In certain situations a lender can use a percentage of your liquid assets as a source of income.

 


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