cancel
Showing results for 
Search instead for 
Did you mean: 

Chance of Amex approval?

Regular Contributor

Re: Chance of Amex approval?


jamesdwi wrote:

The new credit law requires you to have income to make payments. So basicly its illegal to issue a person with no income a credit card. 

 

 


One of my friends was approved for a citicard with a 2k credit limit. He has no job and is only in community college. How was that possible with the new law?

 

Also, what if you derive your income from your parents (let's say $1,500 a month) who are well-off. Would a student like that have many credit card offers with high CLs, given that they have at least some credit history in good-standing?

Jun 2012 FICO® ~ 734 EQ
Sep 2012 FICO® ~ 684 EQ; 734 TU
Oct 2012 FICO® ~ TBA

Goal for 2014 ~760+

Trying to stay in the garden...but also trying to get as many apps as possible for now Smiley Wink
Valued Contributor

Re: Chance of Amex approval?

He listed income on the application? Credit card companies don't verify it unless its extremely high or the account is manually reviewed. 

 

Income is income, if he gets an allowance or has interest on investments/savings accounts it can be listed only becomes a problem if a creditor requests proof of income. 

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Frequent Contributor

Re: Chance of Amex approval?


SportBike4Life wrote:

jamesdwi wrote:

The new credit law requires you to have income to make payments. So basicly its illegal to issue a person with no income a credit card. 

 

 


One of my friends was approved for a citicard with a 2k credit limit. He has no job and is only in community college. How was that possible with the new law?

 

Also, what if you derive your income from your parents (let's say $1,500 a month) who are well-off. Would a student like that have many credit card offers with high CLs, given that they have at least some credit history in good-standing?


Did you see your friend's CC application? He would have had to state some level of income (whether or not he was lying about his income is a different story). I'm fairly certain he did not input $0, but it is up to the underwriters to decide if they want you to provide proof of income.

Even if parents support you with an allowance does not mean you will get high CL's either as many factors get considered when giving credit. For instance, student cards typically look at your monthly expenses as well. If your monthly expenses are almost equivalent to your income (allowance) they might not give high CL's either.

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.
Highlighted
Established Contributor

Re: Chance of Amex approval?

For sure that's a no.

 

BOA: 8.9k
CSP: 5k
Discover: 5k
Citi TY Preferd: 5k
Wally: 5k
JCP: 4.9k
citiForward: 4.7k
ChaseFreedom: 4.5k
DFS: 2k