topic Re: Rent or own? in Credit Card Applications

Rent or own?

Anonymous — Fri, 27 Nov 2015 23:13:44 GMT

When it comes to applying for a credit card, and they ask "rent or own," does your answer actually have anything to do with being approved or denied? Someone told me that owning is a big plus but I figured I'd ask here.

Re: Rent or own?

Anonymous — Fri, 27 Nov 2015 23:29:19 GMT

If you own, put own. If you rent, put rent. Never put anything in an application that you are not prepared to prove. Also, consider that most people who claim to own actually have a mortgage and the lender is going to look for it on your CR.

Re: Rent or own?

Anonymous — Fri, 27 Nov 2015 23:50:45 GMT

It is what it is. It doesn't matter, just don't lie on your apps. I rent and my credit game is pretty good. Think about all those people that live an work in cities like NYC, most people there rent.

Re: Rent or own?

Anonymous — Sat, 28 Nov 2015 00:24:06 GMT

if you put "rent" and you have a mortgage they'll think your rent amount is the amount you stated PLUS you're responsible for the mortgage amount on your CR and it may cause delays, questions or denials. just put what is the truth.

Re: Rent or own?

Anonymous — Sat, 28 Nov 2015 00:34:42 GMT

Yeah I put the truth on the applications. But I just bought my house but it hasn't showed up yet. I was just wondering if they were more likely to approve or deny someone based on homeownership. Like you said, don't put anything you aren't prepared to prove. I don't have proof of payments yet but I have all the dang paperwork from my closing if they ever wanted to torture themselves with it.

Re: Rent or own?

Gmood1 — Sat, 28 Nov 2015 00:53:17 GMT

@Anonymous wrote:
Yeah I put the truth on the applications. But I just bought my house but it hasn't showed up yet. I was just wondering if they were more likely to approve or deny someone based on homeownership. Like you said, don't put anything you aren't prepared to prove. I don't have proof of payments yet but I have all the dang paperwork from my closing if they ever wanted to torture themselves with it.

LMAO..mine shows a closed or transferred. I still put it down as well, since I'm still paying for it. Mortgage company sold it off to another company..now my payment history starts over again...great!

Don't be surprised if it happens to you. Seems like a normal thing for these mortgage companies to do these days.

My guess is the mortgage won't hurt your approvals. In some ways I think it may have helped me.

Congrats on the new home!

Re: Rent or own?

Anonymous — Sat, 28 Nov 2015 02:49:18 GMT

It is true that creditors do indeed like to see "own" as residence status. I can tell you this from working in retail AND at the ripe age of 18 and still living with my parents at the time, I selected "own" on my American Express Premiere Rewards Gold application and it was an instant approval. I've been doing this on all my past 5 credit apps since then (although I actually rent) and have not yet had any problems or concerns from CC companies.

Re: Rent or own?

Anonymous — Sat, 28 Nov 2015 15:59:13 GMT

My denial excuses on my BCP app were length of time as amex cistomer, and no real estate. Don't lie, buy.

Re: Rent or own?

Anonymous — Mon, 30 Nov 2015 04:04:50 GMT

@Anonymous wrote:
It is what it is. It doesn't matter, just don't lie on your apps. I rent and my credit game is pretty good. Think about all those people that live an work in cities like NYC, most people there rent.

Amen! The amount of renters in big cities, Southern California here, is disgustingly huge irregardless of age group. The amount of geriatric rentals, lemme tell ya.