topic Re: Income requirement for Citi Premier in Credit Card Applications

Income requirement for Citi Premier

villemiami — Sun, 13 Oct 2019 01:48:33 GMT

I just got denied for a Citi Premier card because I didn't meet the income requirement. I put $10,000 as my income. I put $300 under "rent, monthly payment". In fact, I'm a condo owner and I have no mortgage, my monthly maintenance fee is $300. Should have I put $0 instead under "rent, monthly payment"?

They told me that I can reapply later. Can I reapply later and put $0 under rent? If yes, when can I reapply?

I already have a Citi Costco card. Here are my scores:

FICO 8
equifax: 773
experian: 767
transunion: 747

I am disappointed because I wanted to buy a new car, so I was looking for a card that would give me a good signup bonus if I spend a minimum of money in a few months (with the Premier, it's $4000 in the first 3 months of opening).

So if I don't reapply later, which other card requires a minimum of money spent in the first months and give a good bonus?

Re: Income requirement for Citi Premier

Anonymous — Sun, 13 Oct 2019 02:48:13 GMT

What is your annual income?

10K - 3600/yr - taxes if any = not much to spend or be able to pay

Most cards IIRC have a minimum annual gross of 15K or higher.

I would suggest at least 30 days between apps for your reports to update at a minimum.

The minimum would probably fall under 1/8 which is 1 card per 8 day period

Re: Income requirement for Citi Premier

villemiami — Sun, 13 Oct 2019 21:32:11 GMT

I'm a single father of 2 kids, my annual income (self employed) is $10,000. But I don't have a rent or mortgage to pay, I pay $300 of maintenance fee for my condo.

I will wait 1 month before reapplying, and this time, I will put $0 under "rent/monthly payment".

Re: Income requirement for Citi Premier

Anonymous — Mon, 14 Oct 2019 06:13:25 GMT

I don't think 10K is really going to cut it for an approval here.

Re: Income requirement for Citi Premier

villemiami — Mon, 14 Oct 2019 16:19:19 GMT

It worked for my other cards, why not for this one?

I think this time it didn't work because I forgot that I should have put $0 under monthly payment.

Re: Income requirement for Citi Premier

Anonymous — Mon, 14 Oct 2019 16:27:56 GMT

It doesn't hurt to try but, Citi minimum income requirements may rule it out. Now that you put the $300 on there they'll still have a record of that info when you apply again. Apps in general are a gamble anyway....

What does your current use look like on the cards you have listed?

Are you PIF or carrying balances?

Looks like you picked up 4 cards in 2018 and the youngest is just shy of a year now.

Re: Income requirement for Citi Premier

villemiami — Mon, 14 Oct 2019 17:01:00 GMT

I have a Citi Costco card. Are requirements different for the Citi Premier?

I am PIF.

Here are the latest statement balances:

Barclays Aadvantage: $210

American Express Delta: $9.95

Chase United: $10

Citi Costco: $8.55

Bank of America Air France: $161.72

Re: Income requirement for Citi Premier

Anonymous — Mon, 14 Oct 2019 17:06:53 GMT

Premier and Costco are different in that one is a Legacy product and the other is a co-brand. co-brand cards tend to have lower requirements depending on the deal the lender makes with the brand.

As to carrying a balance each month on ALL of your cards you're shooting yourself in the foot when it comes to points. Ideally you would only have 1 card reporting any balances. Also, you want the reportable balance under 8.9% to make the most points each month.

With this in mind I would bring the balances down to $0 on all but 1 card and then let them cycle through and update on your reports. This will also look better if you have to call Citi for a recon showing even with a 10K income you're keeping things to a minimum and not struggling to pay them each month.

Dropping the ratio of cards being used out of total cards will put you in the best possible light when it comes to apps. You might even hit 800's across the board as well. You have good scores but, that's not the only thing they're looking at on apps.

Re: Income requirement for Citi Premier

villemiami — Mon, 14 Oct 2019 17:42:40 GMT

On the Barclays card, statement balance is on the 24th of the month, and I pay the full balance every 15th of the month. Should I change my payment date? If yes, to when?

Re: Income requirement for Citi Premier

CreditCuriosity — Mon, 14 Oct 2019 17:45:28 GMT

actually they are both legacy cards being costco and premier.. Citi has two sides legacy and retail and costco falls under retail. Costco is a co-branded relationship, but still a legacy card when it comes to how they seperate their portfolio. Where-as a card like Best Buy visa or Macy's etc would be on their retail side. Granted costco isn't a core card such as DC, Simplicity, premiere, etc.. but it is a legacy card side of their business

whether 10k income is enough to get past their UW on the premier card is another story though as meant to be a travel card and might have a bit of different UW that costco, but unless we work for citi we don't know their UW difference if any.

Re: Income requirement for Citi Premier

Anonymous — Mon, 14 Oct 2019 18:20:43 GMT

Agreed with the above - my understanding (admittedly only as a Citi card carrier with Home Depot) was that the Premier is one of their top line cards and as such, may have more stringent requirements for approval. If so, income is likely to be one of those, especially if it’s seen as a travel card, since travel often denotes surplus income.

Re: Income requirement for Citi Premier

Anonymous — Mon, 14 Oct 2019 20:17:51 GMT

On $10K income, that's ~$834 a month and $300 would make ~36% DTI and would be a good reason to deny a credit card. Depending on how many of your cards were reporting a balance at the time, you would have even higher DTI. Just one $35 minimum payment pushes you beyond 40% which is where lenders start to get worried with much higher incomes. Those of us who have lower incomes run into problems much easier. A lot of banks and credit unions will jump at the opportunity to get us stuck paying interest but with the annual fee cards, I suspect they are a lot more selective. I have $10K cards and I highly doubt Chase would give me a CSR with my $18K income, for example.

Re: Income requirement for Citi Premier

Meanmchine — Tue, 15 Oct 2019 03:04:06 GMT

Years ago, Citi denied me based on income -vs- current obligations. ( To be fair, my filed suxed at the time ) Im stiil gun shy when it comes to Citi and havnt apped for any Citi card since

Re: Income requirement for Citi Premier

Anonymous — Tue, 15 Oct 2019 13:17:56 GMT

@Anonymous wrote:
On $10K income, that's ~$834 a month and $300 would make ~36% DTI and would be a good reason to deny a credit card. Depending on how many of your cards were reporting a balance at the time, you would have even higher DTI. Just one $35 minimum payment pushes you beyond 40% which is where lenders start to get worried with much higher incomes. Those of us who have lower incomes run into problems much easier. A lot of banks and credit unions will jump at the opportunity to get us stuck paying interest but with the annual fee cards, I suspect they are a lot more selective. I have $10K cards and I highly doubt Chase would give me a CSR with my $18K income, for example.

You have a 10k CL with 18k income Wow! didn't think that was possible.

I just got denied for a CL from $1500 to $3000 at WF depsite paying in full each month with similar income.

Re: Income requirement for Citi Premier

Aim_High — Tue, 15 Oct 2019 15:55:46 GMT

@credit-user-19 wrote:
You have a 10k CL with 18k income Wow! didn't think that was possible.

I just got denied for a CL from $1500 to $3000 at WF depsite paying in full each month with similar income.
———————————-

It’s difficult to fully compare two profiles and situations on MyFico because there are so many variables we don’t have room or time to disclose. There is a LOT more than income than goes into the underwriting on a CLI.

For starters, that would include credit scores, age and depth of credit history, derogatories and baddies, payment history with ALL lenders, debt-to-income (credit cards plus all other including student loans, car loans, mortgages).

Individual lenders have much different standards. For example, it appears @Saeren has highest limits with Discover and Navy Federal, which are both known to be very generous lenders. Your comparison to a Wells Fargo Card isn’t equal because they are known for being a more conservative lender.

You have two cards while @Saeren has shown the ability to manage more credit successfully. That is part of the depth of file.

Spending history has an effect. If someone has concentrated spending on a card, used much of their limit in the past and paid it off responsibly, it increases the chance of a CLI.

Finally, relationship may matter, especially with some lenders. If @Saeren has a checking account and a $5k CD with Bank X and has used them responsibly, that bank may sometimes give more leeway to requests for credit cards or CLIs.

When you try to make comparisons on MyFico, realize there are many factors at play besides what we see on the surface.

Re: Income requirement for Citi Premier

Anonymous — Tue, 15 Oct 2019 16:58:48 GMT

@Aim_High wrote:
@credit-user-19 wrote:
You have a 10k CL with 18k income Wow! didn't think that was possible.

I just got denied for a CL from $1500 to $3000 at WF depsite paying in full each month with similar income.
———————————-

It’s difficult to fully compare two profiles and situations on MyFico because there are so many variables we don’t have room or time to disclose. There is a LOT more than income than goes into the underwriting on a CLI.

For starters, that would include credit scores, age and depth of credit history, derogatories and baddies, payment history with ALL lenders, debt-to-income (credit cards plus all other including student loans, car loans, mortgages).

Individual lenders have much different standards. For example, it appears @Saeren has highest limits with Discover and Navy Federal, which are both known to be very generous lenders. Your comparison to a Wells Fargo Card isn’t equal because they are known for being a more conservative lender.

You have two cards while @Saeren has shown the ability to manage more credit successfully. That is part of the depth of file.

Spending history has an effect. If someone has concentrated spending on a card, used much of their limit in the past and paid it off responsibly, it increases the chance of a CLI.

Finally, relationship may matter, especially with some lenders. If @Saeren has a checking account and a $5k CD with Bank X and has used them responsibly, that bank may sometimes give more leeway to requests for credit cards or CLIs.

When you try to make comparisons on MyFico, realize there are many factors at play besides what we see on the surface.

All very good and valid points. It's just surprising that level of credit with that income. Wouldn't think it's possible and you'd be cut off at some point well before that regardless of credit history based purely on income. Guess some lenders are extremely lax.

Perhaps someday it's possible for me

Re: Income requirement for Citi Premier

Anonymous — Tue, 15 Oct 2019 17:05:41 GMT

@Anonymous wrote:
@Anonymous wrote:
On $10K income, that's ~$834 a month and $300 would make ~36% DTI and would be a good reason to deny a credit card. Depending on how many of your cards were reporting a balance at the time, you would have even higher DTI. Just one $35 minimum payment pushes you beyond 40% which is where lenders start to get worried with much higher incomes. Those of us who have lower incomes run into problems much easier. A lot of banks and credit unions will jump at the opportunity to get us stuck paying interest but with the annual fee cards, I suspect they are a lot more selective. I have $10K cards and I highly doubt Chase would give me a CSR with my $18K income, for example.
You have a 10k CL with 18k income Wow! didn't think that was possible.

I just got denied for a CL from $1500 to $3000 at WF depsite paying in full each month with similar income.

My success is nothing. AJC has a $25K and $20K card with around the same income.

Some lenders are very comfortable with high exposure.

$33,500 - Sync ($6K Amazon, $8K PayPal CB, $7500 B&H Payboo, $10K CareCredit, $2K Marvel)
$18,250 - Capital One ($8250 QS, $10K SavorOne)

$15,700 - Discover ($12,700 IT, $3K IT Miles)

$15,200 - NFCU ($2K cashRewards, $12,700 Platinum, $500 CLOC)

Nobody else has me at $10K+ exposure with them and I doubt that I'll get there for a few more years except with AMEX.

Keep in mind that high limits are certainly possible but Synchrony and Disco can and will CLD if you're using too much. NFCU and Capital One don't care if you max out your limits though.

Re: Income requirement for Citi Premier

Anonymous — Tue, 15 Oct 2019 17:07:06 GMT

@Aim_High wrote:
@credit-user-19 wrote:
You have a 10k CL with 18k income Wow! didn't think that was possible.

I just got denied for a CL from $1500 to $3000 at WF depsite paying in full each month with similar income.
———————————-

It’s difficult to fully compare two profiles and situations on MyFico because there are so many variables we don’t have room or time to disclose. There is a LOT more than income than goes into the underwriting on a CLI.

For starters, that would include credit scores, age and depth of credit history, derogatories and baddies, payment history with ALL lenders, debt-to-income (credit cards plus all other including student loans, car loans, mortgages).

Individual lenders have much different standards. For example, it appears @Saeren has highest limits with Discover and Navy Federal, which are both known to be very generous lenders. Your comparison to a Wells Fargo Card isn’t equal because they are known for being a more conservative lender.

You have two cards while @Saeren has shown the ability to manage more credit successfully. That is part of the depth of file.

Spending history has an effect. If someone has concentrated spending on a card, used much of their limit in the past and paid it off responsibly, it increases the chance of a CLI.

Finally, relationship may matter, especially with some lenders. If @Saeren has a checking account and a $5k CD with Bank X and has used them responsibly, that bank may sometimes give more leeway to requests for credit cards or CLIs.

When you try to make comparisons on MyFico, realize there are many factors at play besides what we see on the surface.

Yeah I don't have any assets with any bank. Not allowed to. I have $200 in my primary bank (who I have no credit with) and about $100 spread around NFCU, BBVA, and DCU. It's certainly not that. 😂

Re: Income requirement for Citi Premier

Anonymous — Tue, 15 Oct 2019 17:57:09 GMT

@Anonymous wrote:
@Aim_High wrote:
@credit-user-19 wrote:
You have a 10k CL with 18k income Wow! didn't think that was possible.

I just got denied for a CL from $1500 to $3000 at WF depsite paying in full each month with similar income.
———————————-

It’s difficult to fully compare two profiles and situations on MyFico because there are so many variables we don’t have room or time to disclose. There is a LOT more than income than goes into the underwriting on a CLI.

For starters, that would include credit scores, age and depth of credit history, derogatories and baddies, payment history with ALL lenders, debt-to-income (credit cards plus all other including student loans, car loans, mortgages).

Individual lenders have much different standards. For example, it appears @Saeren has highest limits with Discover and Navy Federal, which are both known to be very generous lenders. Your comparison to a Wells Fargo Card isn’t equal because they are known for being a more conservative lender.

You have two cards while @Saeren has shown the ability to manage more credit successfully. That is part of the depth of file.

Spending history has an effect. If someone has concentrated spending on a card, used much of their limit in the past and paid it off responsibly, it increases the chance of a CLI.

Finally, relationship may matter, especially with some lenders. If @Saeren has a checking account and a $5k CD with Bank X and has used them responsibly, that bank may sometimes give more leeway to requests for credit cards or CLIs.

When you try to make comparisons on MyFico, realize there are many factors at play besides what we see on the surface.
Yeah I don't have any assets with any bank. Not allowed to. I have $200 in my primary bank (who I have no credit with) and about $100 spread around NFCU, BBVA, and DCU. It's certainly not that. 😂

I keep a decent chunk with WF. Never once had a bounced check a returned depoit in the years i've been with them. Maybe the only reason they've extended me any credit at all.

Re: Income requirement for Citi Premier

Anonymous — Tue, 15 Oct 2019 17:56:43 GMT

WF definitely likes a good depository relationship, especially with young files.