Getting a Citi DC as a student?

[kdm31091]

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@Anonymous wrote:

Monoglot, I believe you once mentioned you are 18 years old. If you are 18 years old (and probably any age, for that matter), and enter 400k on an application, I would expect it to trigger a major review and verification, and most likely a 4506-T request from the IRS, as it should.

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Exactly. Entering that as an income will not just cause the lender to say "OK!" and give you whatever card you want.

Some people have a lot to learn about applying for credit and just how things work in general. I'm not saying that to be rude, it's just the truth. Someone just starting out doesn't need to be chasing after every card nor do they need to be "fudging" with income figures. However, this particular person has made it clear they have no intention of listening to my advice so I stopped wasting my time.

An 18 year old with 3 good cards has a great FOUNDATION to build from, and they need to leave that be for at least 6 months if not a year, not be worrying about chasing more cards to get more rewards. Putting 400k as income is a bad idea also. But if they don't want to listen, there's nothing I can do.

[Anonymous]

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@kdm31091 wrote:

However, this particular person has made it clear they have no intention of listening to my advice so i stopped wasting my time.

An 18 year old with 3 good cards has a great FOUNDATION to build from, and they need to leave that be for at least 6 months if not a year, not be worrying about chasing more cards to get more rewards. Putting 400k as income is a bad idea also. But if they don't want to listen, there's nothing I can do.

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 I'm not sure where you're getting the impression that Monoglot's not listening to your advice...for that matter, he/she's only asked questions on this thread and has said nothing about applying for more cards (even the sig says gardening!).  I think you might be reading too much into this 

EDIT: agreed that entering savings as income could potentially raise some flags.  If that's really your money to spend, you plan on using it as income (the expectation here I think would be withdrawing consistent amounts at consistent intervals) and you don't mind CCC's asking you a lot of questions about your possible mob affiliations  then you can include it; just be prepared for a lot of skepticism and possibly getting a lot of unwanted attention!

[kdm31091]

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@Anonymous wrote:

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@kdm31091 wrote:

However, this particular person has made it clear they have no intention of listening to my advice so i stopped wasting my time.

An 18 year old with 3 good cards has a great FOUNDATION to build from, and they need to leave that be for at least 6 months if not a year, not be worrying about chasing more cards to get more rewards. Putting 400k as income is a bad idea also. But if they don't want to listen, there's nothing I can do.

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 I'm not sure where you're getting the impression that Monoglot's not listening to your advice...for that matter, he/she's only asked questions on this thread and has said nothing about applying for more cards (even the sig says gardening!).  I think you might be reading too much into this 

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They more or less told me to stop trying to give them advice in a previous thread.

Also, under applications, they're trying to go for the golden CU card so yes, it appears they are still chasing after cards.

[Anonymous]

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@kdm31091 wrote:

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@Anonymous wrote:

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@kdm31091 wrote:

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They more or less told me to stop trying to give them advice in a previous thread.

Also, under applications, they're trying to go for the golden CU card so yes, it appears they are still chasing after cards.

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 Fair enough!  I guess Monoglot is confident in his/her recent 850 to carry him/her through to the next round then 

[Anonymous]

Since when did ASKING about a card ever correlate to APPLYING for a card?
I've told you more than three times already kdm, I'm not apping until a year has passed.

[Anonymous]

Personally, in my case, I would not list my savings as a source of income as well. I keep my savings as exactly that, savings/emergency funds, and do not draw from that for everyday expenses, as I have a regular and dependable income.

However, my GF was willing to take the risk since she was concerned with a lower income due to being in graduate school. She wanted to use that to supplement the amount of financial aid. Plus, in her case, she IS drawing on her savings for everyday living expenses as a graduate student.

That being said, the majority of the income was from her financial aid, plus she already does have established credit as she (and I) are in our mid twenties and she has worked for a few years before grad school and had a good credit score from good credit usage.

[Anonymous]

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@Anonymous wrote:

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@kdm31091 wrote:

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@Anonymous wrote:

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@kdm31091 wrote:

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They more or less told me to stop trying to give them advice in a previous thread.

Also, under applications, they're trying to go for the golden CU card so yes, it appears they are still chasing after cards.

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 Fair enough!  I guess Monoglot is confident in his/her recent 850 to carry him/her through to the next round then 

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That isn't their score.

[Anonymous]

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@Anonymous wrote:

That isn't their score.

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 Fair enough, but that wasn't known yet at the time of my post! 

P.S. when I saw you posted on this thread I was totally expecting a "Did you app yet" (yes I know they already got approved)

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

That isn't their score.

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 Fair enough, but that wasn't known yet at the time of my post! 

P.S. when I saw you posted on this thread I was totally expecting a "Did you app yet" (yes I know they already got approved)

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I would have, but the OP updated to note that the card had been approved.

[Anonymous]

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@kdm31091 wrote:

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@Anonymous wrote:

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@axlm wrote:

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@Anonymous wrote:

Okay. I have access to $400k in savings and CDs.

Do I have the right to enter that into my annual income field? 

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While I don't know wheter it's acceptable or not from a legal standpoint, my feeling is that you can. I mean, if it is yours, and you really can take the money out of those savings and pay your balances, why not? Now, if you only have access to them, but they are not under your name, I wouldn't do it.

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They are mine, and I can legally withdraw money from them.

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Savings is not (IMO) income, nor are CDs. As Heavenly mentioned you could blow through all of that money tomorrow, so the creditor may not really consider it as income.

Even so, someone putting "400k" as their income is probably going to raise some eyebrows.

Bad idea IMO...be honest and provide your income from employment, even investment income...but just savings accounts or CDs? To me no, that's not income.

It's for your protection really, because if you provide all that as income, you may be given a higher limit and you could overextend yourself. Since the "income" you provided isn't really "income", you could be in over your head. Then the cycle of "just taking a little bit" from the savings/CD begins, and before you know it, the 400k is gone. It's an extreme example, but I just want you to know why I'm advising against this.

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That's the answer I was looking for.

That's why I think savings and financial aid should not qualify as income because money does not come at a steady stream.