Judge My Chances

[Jungook]

Before I start. When CC companies ask for income does that mean the amount of income received in the last tax year? I got my first job July of last year so my 2013 income doesn't represent a whole year of income. If I make $1000 a month, would I put down $12000 annual income even though I haven't completed a full year yet? I don't want to commit fraud or anything.

Anyway, I am currently a student with a part time job during school and a full time job during summer. I started my credit journey last August when I had to open a few student loans. I received my first credit card, the Discover IT for Students, last September. I was given a starting CL of $500 and since then I received an auto CLI to $750.

I plan on applying for three cards in July. The AMEX Everyday, Chase Freedom, and Sallie Mae MC. By then my AAoA should be 9 months old with no baddies or lates. My UTL will be 3% when I apply. I'm fairly confident in my approval odds for the Chase Freedom but I'm not so sure about the AMEX and I can't seem to find solid information about the Sallie Mae. July is the prime time for me to apply since I'll be taking more student loans in August for the fall semester and my AAoA would take a hit so its either July or next year to apply.

Judging by the information given, could anyone give me a rough idea of where I would fall in approval? Also in which order should I apply for these cards as I know INQs are instant.

Thanks everyone.

[gdale6]

No, its not what you made the last tax year, you would put down what you can reasonably expect to get your hands on in the next 12 months, so if its 1K/month then you put down 12K for the year.

[takeshi74]

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@Jungook wrote:

Before I start. When CC companies ask for income does that mean the amount of income received in the last tax year?

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It means what you can reasonably expect.  However, keep in mind what a given creditor uses for income verification.  With AmEx it's the 4506-T and tax transcripts so what's on your tax return matters with them.  Not only that but they currently are not accepting transcripts for 2013 so if they perform an income verification it will be based off of 2012 until 2013 is accepted around August of this year.  I can't verify what every other creditor does.  If in doubt, last year's reported income on your tax return can be a handy guideline but that may exclude other qualifying income in some cases.

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@Jungook wrote:

Judging by the information given, could anyone give me a rough idea of where I would fall in approval? Also in which order should I apply for these cards as I know INQs are instant.

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We can only guess at approval odds and guesses aren't going to be of much use really.  Apply in your order of priority.  If you want to app AmEx I'd suggest putting them first.

[MoreRewards]

Put down annual income.

My experience has been Amex pulls EX, Chase EX & TU as a 2nd if double pull, Barclays TU. So keep that in mind when thinking about inquiries thru won't all be on the same report.

I can't tell you your chances but you can give it a shot if denied recon. I've seen people with limited history obtain Sallie Mae. I know I've heard different things on it too though. I think you have a chance & possibly for the Freedom too. If you get denials & can't get approved on recon & you can always try again next year with longer history.