07-28-2012 03:23 PM
My income is 25k and I am a student, look at my signature for my CCs. Do you still think your income is low for 5k limit?!
Sutdent, 24k income, 3 years and some change AAoA, 21 years old, highest limit was a 3k Freedom card and I was approved.
Oh and I had only been at my job for 3 months.
07-28-2012 05:19 PM
This was their original target customer profile, that is someone making 120k a year. Obviously approval standards for the CSP aren't always that strict, but when the card was originally designed and introduced their ideal cardholder would make about 120k. Not everyone fits into the ideal.
I was just reading about the CSP card today on about.com, and it said there was an income limit of $120K to qualify for the card.
I was shocked as I did not realize the Sapphire cards had such a high income limit. Maybe that card review is outdated?
07-29-2012 12:15 PM
There is a big difference between 2 months at your current job and 2 months at any job (or a radically different job). If you were doing the exact same thing for 10 years at a different company, I doubt it will have any effect whatsoever. If this is your first job post college, most high limit cards are going to want to see more than 2 months of work history. What the job is also can matter. It certainly did for me during my Chase recon. The credit analyst specifically mentioned that being university faculty would help (presumably he recognizes how hard it is to get rid of us). I don't know if total income matters for every card, but since the csp is an NPSL card (or whatever the technical term is for the ability to exceed your limit with visa sig), it will presumably play a role with this one. Finally, hard to tell without knowing debt to income. 50k/year for someone who owes nothing is probably fine. Someone with 200k of student loans leaving deferral in 4 mos is a different story.
You know that's an interesting point, though payment history on other tradelines typically can demonstrate income vis a vis employment over time.
I do wonder though about the processes and how much control either a CSR or individual underwriter has on things for making more judgement calls; I know back in the day my having worked at Microsoft meant something to potention employers at least, and when I was talking to a BOFA CSR recently about what was probably a gimme CLI on a secured card, when I mentioned my current employer (that everyone in the US has heard of, and statistically 62% by a semi-recent poll might think favorably on) the entire tone of the conversation changed for the better... even though I told them straight out that I'd "just started!" my employment with them.
Then again, they could see my utilization on the card over the last 9 months, and could also see my main checking account activity over the last 15 years, but every little bit helps I guess when it comes to credit approvals.
07-29-2012 09:33 PM
I think income plays a large part in the decision ... at least it did in my application (presumably)
When I applied last month I had a EQ score of 675 (the score they pulled) and 4 late pays over the past 3 years. My largest credit limit at the time was $3,900.00 (Discover)
Ordinarily, you would think instant denial, right?
Income is $150,000/yr. Instant approval with a $22,500.00 credit limit.
The lesson from my experience? Income matters. A lot.
07-30-2012 07:58 AM
I make $35k a year and have the CSP. Its a great card, especially if you travel.... and gotta love that 1:1 point transfer.
Take a look at my thread from April: http://ficoforums.myfico.com/t5/Credit-Cards/Chase
I really do think YMMV, and if you get denied... its all in how you talk to the Recon Agent. Good luck!
07-30-2012 08:08 AM
I made a payment on my freedom and now it has a balance of $800. My statemnt closing date was 27th, when will tis payment be updated? i want to make sure that its there before I apply.
I am glad to hear that fols under 50K are also getting approved.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.