topic Re: Minimum Income Requirements for Chase?? in Credit Card Approvals

Minimum Income Requirements for Chase?? UPDATED: APPROVED

mirachi — Fri, 11 Jan 2013 16:35:03 GMT

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!

Re: Minimum Income Requirements for Chase??

CreditScholar — Wed, 09 Jan 2013 02:06:39 GMT

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?

Re: Minimum Income Requirements for Chase??

E150GT — Wed, 09 Jan 2013 02:08:28 GMT

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

Re: Minimum Income Requirements for Chase??

BearsAndTurtlesRtheBest — Wed, 09 Jan 2013 02:14:40 GMT

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

Re: Minimum Income Requirements for Chase??

mirachi — Wed, 09 Jan 2013 02:19:57 GMT

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...

Re: Minimum Income Requirements for Chase??

Anonymous — Wed, 09 Jan 2013 02:27:03 GMT

@BearsAndTurtlesRtheBest wrote:
IVE BEEN TOLD THAT INCOME DOESNT MATTER WHEN APPLYING. IS THAT TRUE

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.

Re: Minimum Income Requirements for Chase??

creditnocash — Wed, 09 Jan 2013 02:29:48 GMT

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.

Re: Minimum Income Requirements for Chase??

nickn86 — Wed, 09 Jan 2013 02:33:15 GMT

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.

Re: Minimum Income Requirements for Chase??

Anonymous — Wed, 09 Jan 2013 02:36:01 GMT

@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.

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.

Re: Minimum Income Requirements for Chase??

Anonymous — Wed, 09 Jan 2013 02:38:24 GMT

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.

Re: Minimum Income Requirements for Chase??

BearsAndTurtlesRtheBest — Wed, 09 Jan 2013 02:41:45 GMT

@McArthur Yes it would seem illogical. Now I know. Bigger income bigger cl because they can handle it. BAM!!! Thank you. i learned today!

p.s more like they can manage it.

Re: Minimum Income Requirements for Chase??

mirachi — Wed, 09 Jan 2013 03:42:58 GMT

Forgot to ask before but how sensitive is Chase to new account inquiries? I was thinking of applying for the Freedom sometime at the end of June (currently just opened 7 new accounts so most will be 6 months old by then; one will be ~8 months). Suggestions to wait a full year?

(If it helps, I do have an older Chase cc that's ~8 years old now & 2 HSBC accounts that are 3 each; AAoA is 2.5 according to Experian)

EDIT: sentence flow & added another question

Re: Minimum Income Requirements for Chase??

emptypockets — Wed, 09 Jan 2013 03:48:59 GMT

I have not heard of them being Inq sensitive. I think they really consider income compared to what they see on your report for debt (debt to income ratio). If you have many lines of credit, with a low(ish) income in comparison, they may not approve. If they see anything they don't like, they seem to deny, or give lower limits. But 7 new accounts is a lot, LOL. I think you have to wait 60 days to reapply after a denial with chase, but I'm not positive.

Re: Minimum Income Requirements for Chase??

Revelate — Wed, 09 Jan 2013 03:59:52 GMT

Student underwriting criteria is somewhat different, marketing considerations .

Re: Minimum Income Requirements for Chase??

mirachi — Wed, 09 Jan 2013 04:10:29 GMT

@Revelate wrote:
Student underwriting criteria is somewhat different, marketing considerations .

LOL I am a full time student tho? Is there any benefit to applying as a student vs regular? I thought there wasn't a student version of the card? (Although, I'm not sure if I would qualify...experience with Discover suggests I can't - applied for the Student version, instantly denied, but got an email the next day saying they were sending out my [regular] card )

(and yes, I only applied once...)

Re: Minimum Income Requirements for Chase??

Revelate — Wed, 09 Jan 2013 04:26:13 GMT

There's no student card that Chase offers; just making the point that while there still has to be the ability to repay, any lender is more likely to take a chance at building a long-term relationship over someone like me as an example at 37.

CS/CSP as a student without real income isn't really feasible unless serious financial backing; Freedom is likely where you want to be anyway from Chase's perspective and likely yours as well.

Re: Minimum Income Requirements for Chase??

jake619 — Wed, 09 Jan 2013 05:15:59 GMT

FWIW, if you look at the Sapphire application source code there is a script that validates the income input fields - this is a snippet from the income section:

{ isremoveHousehold = true; //update the error message
if ( null != document.getElementById("errorsAnnualIncome.required")) document.getElementById("errorsAnnualIncome.required").innerHTML = "Gross Annual Income is required. Please enter.";
if ( null != document.getElementById("errorsAnnualIncome.invalidInput")) document.getElementById("errorsAnnualIncome.invalidInput").innerHTML = "Gross Annual Income must be numeric characters. Please reenter.";
if ( null != document.getElementById("errorsAnnualIncome.invalidIncome")) document.getElementById("errorsAnnualIncome.invalidIncome").innerHTML = "Gross Annual Income must be a minimum of $14,400.";
if ( null != document.getElementById("errorsAnnualIncome.invalidLength")) document.getElementById("errorsAnnualIncome.invalidLength").innerHTML = "Gross Annual Income must be less than 7 digits in length.";
if ( null != document.getElementById("sAnnualIncome")&& (document.getElementById("sAnnualIncome").title !="")) document.getElementById("sAnnualIncome").title = "Required Field. Enter Gross Annual Income in field and please do not use commas.";

Basically, Can't leave it blank, Must be numeric, Must be greater than $14,400, Must be less than $1 million and can't contain commas. The page is generic for all Chase apps and the app URL passes codes to tell the page which card app you clicked on. I didn't trace it out but there was bit of code that changes the wording from Gross Income to Gross Household income. I thought that was interesting. Maybe I'll look at it some more.

Re: Minimum Income Requirements for Chase??

GlocksAndCredit — Wed, 09 Jan 2013 05:20:14 GMT

I reported 21K and was approved for 3K, Chase Freedom, highest limit yet!!

Re: Minimum Income Requirements for Chase??

mirachi — Wed, 09 Jan 2013 05:23:42 GMT

@jake619 wrote:
FWIW, if you look at the Sapphire application source code there is a script that validates the income input fields - this is a snippet from the income section:

{ isremoveHousehold = true; //update the error message
if ( null != document.getElementById("errorsAnnualIncome.required")) document.getElementById("errorsAnnualIncome.required").innerHTML = "Gross Annual Income is required. Please enter.";
if ( null != document.getElementById("errorsAnnualIncome.invalidInput")) document.getElementById("errorsAnnualIncome.invalidInput").innerHTML = "Gross Annual Income must be numeric characters. Please reenter.";
if ( null != document.getElementById("errorsAnnualIncome.invalidIncome")) document.getElementById("errorsAnnualIncome.invalidIncome").innerHTML = "Gross Annual Income must be a minimum of $14,400.";
if ( null != document.getElementById("errorsAnnualIncome.invalidLength")) document.getElementById("errorsAnnualIncome.invalidLength").innerHTML = "Gross Annual Income must be less than 7 digits in length.";
if ( null != document.getElementById("sAnnualIncome")&& (document.getElementById("sAnnualIncome").title !="")) document.getElementById("sAnnualIncome").title = "Required Field. Enter Gross Annual Income in field and please do not use commas.";
Basically, Can't leave it blank, Must be numeric, Must be greater than $14,400, Must be less than $1 million and can't contain commas. The page is generic for all Chase apps and the app URL passes codes to tell the page which card app you clicked on. I didn't trace it out but there was bit of code that changes the wording from Gross Income to Gross Household income. I thought that was interesting. Maybe I'll look at it some more.

woah ok that reminds me of my programming class....bad memories there

hmmm but this just means that Chase won't process/you can't submit the application if income is below $14.4K no?

Re: Minimum Income Requirements for Chase??

jake619 — Wed, 09 Jan 2013 05:29:13 GMT

@mirachi wrote:
woah ok that reminds me of my programming class....bad memories there

hmmm but this just means that Chase won't process/you can't submit the application if income is below $14.4K no?

Yea, and there are other elements that pop up text to "coach" the applicant. What's funny is the popup coach when I entered 13000 told me "If you entered $15,000 or less, please confirm that the total amount of your income is correct and re-enter."

Yes, I think it would prevent the form from posting as the script validation would stop it.

topic Re: Minimum Income Requirements for Chase?? in Credit Card Approvals

Minimum Income Requirements for Chase?? *UPDATED: APPROVED*

Re: Minimum Income Requirements for Chase??

Re: Minimum Income Requirements for Chase??

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Re: Minimum Income Requirements for Chase??

Re: Minimum Income Requirements for Chase??

Re: Minimum Income Requirements for Chase??

Re: Minimum Income Requirements for Chase??

Re: Minimum Income Requirements for Chase??

Re: Minimum Income Requirements for Chase??

Re: Minimum Income Requirements for Chase??

Re: Minimum Income Requirements for Chase??

Re: Minimum Income Requirements for Chase??

Re: Minimum Income Requirements for Chase??

Re: Minimum Income Requirements for Chase??

Re: Minimum Income Requirements for Chase??

Re: Minimum Income Requirements for Chase??

Re: Minimum Income Requirements for Chase??

Re: Minimum Income Requirements for Chase??

Minimum Income Requirements for Chase?? UPDATED: APPROVED