Why don't credit card companies list minimum income?

[firesoul453]

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.

[SportBike4Life]

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.

[Shogun]

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

[navigatethis12]

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.

[emptypockets]

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.

[Anonymous]

Mind sharing what card this was?

[firesoul453]

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@Anonymous wrote:

Mind sharing what card this was?

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 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...

[OptimasPrime]

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

[Anonymous]

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@OptimasPrime wrote:

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

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

[OptimasPrime]

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.