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03-25-2013 06:30 PM
03-25-2013 07:19 PM
Turns out he didn't feel the full force of the law, he pleaded guilty, sentenced to time served and 5 years probation, and fined $47K.
So.... maybe for some dream card, worth the risk! (Your lawyer has not approved this advice).
03-25-2013 07:23 PM
03-25-2013 07:29 PM
What are you looking as a decent card?
03-25-2013 09:03 PM
First of all, lying about your income is wrong. You may fudge it a bit depending on how you are paid (commission, bonuses etc) but putting down $100,000 when you make $10k is just wrong.
Second, yes the lenders are not asking the question just because they are nosy. They are looking at your ability to repay your debt.
Finally, your income, credit score, baddies, inq's length of credit etc are just some of the things lenders take into account when approving cc.
I was declined a few years ago for a pre-screened Amex Gold. My FICO was 707 and stated income 100k. YMMV.
03-26-2013 05:51 AM
What are you looking as a decent card?
When my credit improves I just want a "real" card. Right now I have a capital one secured with a $300 limit and I was recently denied a BOA secured card due to recent medical collections. When my credit improves in 2015, I want to be able to start out with maybe a Chase or Citi card that I want to hold on to for a long time. Maybe one day get an AMEX too.
I just want to know how important income is when applying for a real card.
03-26-2013 05:58 AM - edited 03-26-2013 06:05 AM
Last four cards in my sig where obtained with a listed income of $15,000 and utilization of 2%.
Edit - Keep in mind I do not have a mortgage or car loans, which obviously factor into it. My fiancee had a bit more trouble getting cards then me, likely due to a car loan with a slightly higher salary. I did report rent and have student loans currently still in grace period for a few more months.
03-26-2013 07:06 AM
CLs are somehwat based on income, while initial approvals are based on score, in my view.
The only exception may be Amex, who if they have data on your income, it may matter to them more than score. But, even with Amex, there's a minimum score regardless.
03-26-2013 11:01 AM
So if the CL is based on income, don't you have the urge to list a higher income?
In all fairness though, my first CC back in 2001 when I was a student was for $500 and within three years, the CL became $10000.
I don't mind doing it the right way but what difference is it to them whether you tell them you make 50 or 100K?
03-26-2013 11:09 AM
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