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How much are credit card approvals based on income? Or is it based more on the credit score?

Moderator Emerita

Re: How much are credit card approvals based on income? Or is it based more on the credit score?

The bk filing really must have ticked them off. 😒
Message 11 of 25
Valued Contributor

Re: How much are credit card approvals based on income? Or is it based more on the credit score?

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. 

 

 

http://www.fbi.gov/buffalo/press-releases/2012/rochester-man-sentenced-for-loan-application-fraud

 

 

So.... maybe for some dream card, worth the risk!   (Your lawyer has not approved this advice).

Message 12 of 25
Moderator Emerita

Re: How much are credit card approvals based on income? Or is it based more on the credit score?

And a nice big felony conviction to add to his résumé

Message 13 of 25
Frequent Contributor

Re: How much are credit card approvals based on income? Or is it based more on the credit score?

What are you looking as a decent card?



|| Barclaycard Rewards Visa $5500 || AMEX BCE $2000 || Discover IT $3000 || Amazon Rewards Visa $1800 ||
|| Chase Freedom $2700 || CSP $5000 || Chase Marriott Premier $7500 || Sallie Mae MC $3800 ||

FICO Scores: EX 752 (3/13/13) || EQ 782 (10/4/13) || TU 724 (1/18/13)

In the garden as of 10/12/2013
Message 14 of 25
Highlighted
Valued Contributor

Re: How much are credit card approvals based on income? Or is it based more on the credit score?


09Lexie wrote:
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.


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Message 15 of 25
Frequent Contributor

Re: How much are credit card approvals based on income? Or is it based more on the credit score?


b_seeker wrote:

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.

Message 16 of 25
Frequent Contributor

Re: How much are credit card approvals based on income? Or is it based more on the credit score?

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.



|| Barclaycard Rewards Visa $5500 || AMEX BCE $2000 || Discover IT $3000 || Amazon Rewards Visa $1800 ||
|| Chase Freedom $2700 || CSP $5000 || Chase Marriott Premier $7500 || Sallie Mae MC $3800 ||

FICO Scores: EX 752 (3/13/13) || EQ 782 (10/4/13) || TU 724 (1/18/13)

In the garden as of 10/12/2013
Message 17 of 25
Super Contributor

Re: How much are credit card approvals based on income? Or is it based more on the credit score?

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. 

Message 18 of 25
Frequent Contributor

Re: How much are credit card approvals based on income? Or is it based more on the credit score?

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?

Message 19 of 25
Established Contributor

Re: How much are credit card approvals based on income? Or is it based more on the credit score?

Income 30k, total CL 101K 500 outstanding debit, even though I make crap money I have enough credit.
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Message 20 of 25