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Regular Contributor
Posts: 123
Registered: ‎07-22-2012
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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 :smileywink:
Valued Contributor
Posts: 1,990
Registered: ‎09-16-2011
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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 & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Sally Mae5k Sams Club MC 10k, Paypal Extras MC 6k, CapOne QS 2.5k, QS 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 12/15/2014
Frequent Contributor
Posts: 470
Registered: ‎08-14-2012
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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.
Established Contributor
Posts: 657
Registered: ‎06-27-2012
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Re: Chance of Amex approval?

For sure that's a no.

 

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