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Is my income holding me back?

New Contributor

Is my income holding me back?

I'm making about $20,000 a year, and looking to apply for a couple of cards next month (Chase Freedom and US Bank's REI Visa). But I noticed I was turned down for CLI for my Walmart card and my Amazon.com Store Card after being asked my income. It's month four, do they think my income is too low?

 

I also have ~$5500 in student loans in deferment, are they holding that against me?

Walmart Store Card: $600 & Amazon Store Card: $1200
Amazon.com Visa: $500 & Chase Freedom: $3000
US Bank REI Visa Signature: $5500
Discover It: $100

TU-654 [03/18/2014]
12 REPLIES
Frequent Contributor

Re: Is my income holding me back?

What is your current util? On the cli for GE sometimes you have to wait until after the 4th statement to cut. It took me sometime to get a cli from GE when I had first requested them. It wasn't because of my income, but more of my experience with the cards. Have you received the letters from GE on the reasons for not getting the cli?
MyFico 3B Scores: EQ: 3/22/16 (727), EX (710) TU (714)

New Contributor

Re: Is my income holding me back?

My current (overall) util is at 29%. Is that too high? I've had the GE cards for five months, maybe I just have to wait for that statement to cut.

Walmart Store Card: $600 & Amazon Store Card: $1200
Amazon.com Visa: $500 & Chase Freedom: $3000
US Bank REI Visa Signature: $5500
Discover It: $100

TU-654 [03/18/2014]
Valued Contributor

Re: Is my income holding me back?

Did you call GE Credit Solutions?
New Contributor

Re: Is my income holding me back?

I haven't called a generic GE line. I did call the Amazon.com Store Card line to ask for the CLI.

Walmart Store Card: $600 & Amazon Store Card: $1200
Amazon.com Visa: $500 & Chase Freedom: $3000
US Bank REI Visa Signature: $5500
Discover It: $100

TU-654 [03/18/2014]
Frequent Contributor

Re: Is my income holding me back?

Not necessarily, GE is funny at times and then when you least expect it bam there is the increase. In regards to the other cards you want to apply for I don't have either so not sure someone can chime in. Are the GE cards your only credit cards? What are your scores? I think income is important to make sure you can pay the debt back.
MyFico 3B Scores: EQ: 3/22/16 (727), EX (710) TU (714)

New Contributor

Re: Is my income holding me back?

My cards are:

 

Walmart Store Card: $600
Amazon Store Card: $1200
Amazon.com Visa: $500
Discover It: $650

My TU score from last month is 709.

 

Thanks for the help. I run a little bit more than my annual income suggests, because my parents don't have credit cards, and with reimbursed school expenses and things.

Walmart Store Card: $600 & Amazon Store Card: $1200
Amazon.com Visa: $500 & Chase Freedom: $3000
US Bank REI Visa Signature: $5500
Discover It: $100

TU-654 [03/18/2014]
Frequent Contributor

Re: Is my income holding me back?

Great, you already have a Chase and Discover card. How long have you had those? I would let those cards grow. Unless you currently don't have any inquiries, and have your heart set on another card for the rewards?
MyFico 3B Scores: EQ: 3/22/16 (727), EX (710) TU (714)

Established Contributor

Re: Is my income holding me back?

I applied for my Walmart CC on 1/26/13 and it's at 5k now. I only make 18-20k a year.

DCU Platinum: 4000 - Discover IT: 11000 - Walmart: 5000 - AMEX BCP: 18000 - Chase Freedom VS: 5000
in the garden since 1/24/14 - #GARDENSTRONG
Established Contributor

Re: Is my income holding me back?

I don't think your income is an issue.  I have the cards in my sig at 12k/year.

   
FICO Scores 800+