Credit Cards

[mirachi]

Does anyone know if there are minimum income requirements for Chase (specifically for their Freedom & Sapphire cards)? I tried applying for their Sapphire (regular one) and was denied due to low income (reported $25K).

Update: was approved for $5K!

[CreditScholar]

There have been reports of people getting approved with incomes as low as 40k, but I haven't seen anything in the 30s or below. Maybe others can chime in here?

[E150GT]

you probably wont want it anyway as I make about 55k and they only gave me a $500 limit!

[BearsAndTurtlesRtheBest]

IVE BEEN TOLD THAT INCOME DOESNT MATTER WHEN APPLYING. IS THAT TRUE

[mirachi]

That's what I thought too (at least for Sapphire - regular) but that was the only reason why they denied me?

Haven't tried applying for the Freedom (but planning/want to in a couple months) which is why I'm also asking about that...

[McArthur]

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BearsAndTurtlesRtheBest wrote:

IVE BEEN TOLD THAT INCOME DOESNT MATTER WHEN APPLYING. IS THAT TRUE

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That would seem highly illogical, wouldn't it?  Isn't it reasonable to only offer credit when there is an ability to repay? 

I think some credit card companies might not care too much because they grant toy limits or their business model allows them to grant credit to people statistically likely to overextend themselves financially.  Many other lenders, though, probably would care.

[creditnocash]

on my app for freedom i put 25k in july.

i only got approved for 500

since then i have gotten an auto cli to 1k. 

what they told me was that they only approved me for 500 because at the time i had no cc lines reporting(only store cards reporting) (wich were 2k and 2.5k)

from what ive been told chase does not consider store cards in their criteria. 

[nickn86]

GF got approved for CSP with 35K.

But she also had around 100k in the bank (Chase Savings and other i-banks).  Not sure if that played into it.

[McArthur]

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nickn86 wrote:

GF got approved for CSP with 35K.

But she also had around 100k in the bank (Chase Savings and other i-banks).  Not sure if that played into it.

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I know that they do like it when you have a total relationship with them.  Now what I don't know is if that relationship outweighs someone having a derogatory or other credit issues. 

[OptimasPrime]

Just another data point- I was a full time grad student when I apped for freedom. 12.5k income from part time internship. Instant approval for 2.1k. 

Scores and credit profile were fairly similar to what's in my sig now.