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Why don't credit card companies list minimum income?

Contributor

Why don't credit card companies list minimum income?

So at the end of my spree, I got denied a card I was really looking forawrd too. 

 

So I called for a recon.

At first she didn't really see why I was denied, since I have a decent history and scores with no bad marks whatsoever not even a missed payment.

 

But then she noticed my income wasn't high enough. They require a minimum of 30k...

 

So why would there system do a HP when there is such requirements? Or atleast mention it on the website (so you can still apply in special cases)

 

Idk, I'm just pissed that I wasted a HP..... And I was looking forward to the card.

My ultimate credit wish,
a JP Morgan Palladium card
Message 1 of 21
20 REPLIES
Regular Contributor

Re: Why don't credit card companies list minimum income?

I think if they did list all of the requirements that *had* to be met, it would bring up a lot of problems, like people not be honest about their current income.

Jun 2012 FICO® ~ 734 EQ
Sep 2012 FICO® ~ 684 EQ; 734 TU
Oct 2012 FICO® ~ TBA

Goal for 2014 ~760+

Trying to stay in the garden...but also trying to get as many apps as possible for now Smiley Wink
Message 2 of 21
Moderator Emeritus

Re: Why don't credit card companies list minimum income?

Honesty in the financial world.  What a concept.  But I have to give him a +1.  

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 3 of 21
Valued Contributor

Re: Why don't credit card companies list minimum income?

Citi did this when I applied for a business card with 35000 income. No hard pull was done and I think it was a fake response because 35000 seems like enough for me.

 

Anyway, I think companies do not reveal requirements because of privacy. If they put all the requirements then you would know all about the person that has the card. Like if a card required 2 million in assessts and you saw your neighbor had it, then you would know s/he had that much in assests.

Message 4 of 21
Valued Contributor

Re: Why don't credit card companies list minimum income?

It probably would not serve their purpose (or ours) to list all minimum requirements. Even if certain things (i.e. BK, income, assets) were listed, people would still try to apply and re-con if denied. There seems to be a thread a day on here by people wanting to know if we think they can get approved for this card, or that one (AMEX, CSP, Citi, Freedom) with a BK, or a CO, or various other issues. Many people apply, even if the consensus is they do not meet the criteria. Chase's first question is whether your credit history is clear of BK. Some people take this to mean they are not BK friendly, however there are reports of people getting Chase cards, with BK's reporting (don't get me started on AMEX).

 

If they listed the minimum income as 30k (or 50k, or 100k) , it doesn't definitely mean you will be approved because you make that much. You could still get denied for INQ's, Util, debt to income ratio, too many new accounts....

 

Not to mention people getting approved on re-con, who do not make the minimum amount. There are just too many variables on peoples reports. You cannot necessarily trust a CSR who tells you that you don't make the minimum amount either. They often are the last people to know exactly what is needed to get a card, or are not able to clearly articulate why you were denied.


CC's: AMEX (4), Alliant Visa, PenFed AMEX, Pen Fed Promise, Citi (3), Chase (5), US Bank Cash+, Huntington Voice, UMB Visa, Nasa Plat Cash Visa, Barclay's Visa, Discover IT, Cap One QS, BOA (2), BMW Visa, 5/3 Real Life Rewards MC; FNBO Amex; Comenity Visa/MC (4), Ebates Visa Siggy, Nordstrom Visa, Walmart MC, Sam's Club MC; A few assorted store cards.

Current Scores (09/2017): EQ My Fico: 801; TU MyFico: 799; EX (My Fico): 797
Message 5 of 21
Regular Contributor

Re: Why don't credit card companies list minimum income?

Mind sharing what card this was?

In My Wallet: Amazon (5/2011) $2200 -- CareCredit (9/11) $4200 -- Capital One Green Cash Rewards (01/12) $3000 -- Citi Forward (1/12) $2500 -- Walmart Store Card (1/12) $1100 -- Maurices (8/12) $200

Starting Score: EX 567 9/13/2010
Current Score: EX(FAKO) 639 EQ(FAKO) 628 TU(FAKO) 662 11/13/2012
Goal Score: 750
Message 6 of 21
Contributor

Re: Why don't credit card companies list minimum income?


roxy382 wrote:

Mind sharing what card this was?


 U.S. Bank Cash+ Visa Signature® Card

 

 

 

 

 

And I just don't see what the point of a HP, if either way it would be declined because of income. Instead they could just tell me why I didn't get approved and not HP...

My ultimate credit wish,
a JP Morgan Palladium card
Message 7 of 21
Frequent Contributor

Re: Why don't credit card companies list minimum income?

This makes more sense now. Us Bank Cash + is a visa signature card with a minimum starting cl of 5,000. 

EQ 778 | TU 776
Barclay US Airways WMC 7.5k | BCE 5.8k | BofA Travel Rewards 9.1k | Chase Marriott Premier 13k | Citi TYP WMC 6.5k | Freedom Visa Sig 8k| Discover it 10k
Message 8 of 21
Regular Contributor

Re: Why don't credit card companies list minimum income?


OptimasPrime wrote:

This makes more sense now. Us Bank Cash + is a visa signature card with a minimum starting cl of 5,000. 


 

so in order to get a 5k CL (or a visa signature) you have to have 30k+ salary?

In My Wallet: Amazon (5/2011) $2200 -- CareCredit (9/11) $4200 -- Capital One Green Cash Rewards (01/12) $3000 -- Citi Forward (1/12) $2500 -- Walmart Store Card (1/12) $1100 -- Maurices (8/12) $200

Starting Score: EX 567 9/13/2010
Current Score: EX(FAKO) 639 EQ(FAKO) 628 TU(FAKO) 662 11/13/2012
Goal Score: 750
Message 9 of 21
Frequent Contributor

Re: Why don't credit card companies list minimum income?

Not necessarily. I think it's more of a ymmv thing depending on the lender. However,I know from experience that if you make less than 30k it is very difficult to find a lender that would give you 5k on one card.

 

Another thing is that It would certainly help to have existing tradelines that are 5k plus. Chase for example often cites lack of experience with a 5 k cl as a denial reason for the sapphire preferred even if the applicant is otherwise qualified. 

EQ 778 | TU 776
Barclay US Airways WMC 7.5k | BCE 5.8k | BofA Travel Rewards 9.1k | Chase Marriott Premier 13k | Citi TYP WMC 6.5k | Freedom Visa Sig 8k| Discover it 10k
Message 10 of 21