topic Re: Prime Cards? in Credit Cards

Prime Cards?

Anonymous — Tue, 08 Mar 2016 02:35:16 GMT

Hi all

What are the best prime cards one can expect to get with very low income, I am on disability and i just trying to figure out if i could ever qualify for some of the best prime cards out there if i brought my score up high enough even though my income is low. Would really like a blue cash preferred card from american express.

Re: Prime Cards?

Anonymous — Tue, 08 Mar 2016 02:49:19 GMT

Income is only a small factor in the equation for approvals. More important questions-what are your current scores? Any negative information? How's your payment history? What's your AAoA look like? Payment history alone accounts for 35% of your fico score. Most would agree that payment history is more important than income itself. Which cards are you interested in? Figure out what you want to achieve with your cards and why. Otherwise, veterans will ignore or chew your post up for missing a bit of info to make an informed opinion. Good luck

Re: Prime Cards?

Anonymous — Tue, 08 Mar 2016 02:59:01 GMT

naw no one will chew this up (and if they do then find something else to do this evening) but, realistically, lets determine your real need. just because you can get, let's say a ritz, doesn't mean it does you any good and a QS can be of more use. how about informing us of 1-4 cards you really want (and why) and let's go from there

Re: Prime Cards?

myjourney — Tue, 08 Mar 2016 02:59:46 GMT

BCP can be achieved at any income level

You just need to have a complete looking profile when you apply

Re: Prime Cards?

Anonymous — Tue, 08 Mar 2016 03:02:29 GMT

OP, we need more information before we can give you some suggestions.

Re: Prime Cards?

Anonymous — Tue, 08 Mar 2016 03:03:57 GMT

i apologize for the limited information, i was just looking for information in general. Is it possbile to get approved for prime cards when your income is low, assuming you have no other major problems with your credit report and your credit score i good. My main interest is amex blue preferred for the 6% rewards at supermarkets and the hilton honours amex.

Re: Prime Cards?

myjourney — Tue, 08 Mar 2016 03:06:15 GMT

@Anonymous wrote:
i apologize for the limited information, i was just looking for information in general. Is it possbile to get approved for prime cards when your income is low, assuming you have no other major problems with your credit report and your credit score i good. My main interest is amex blue preferred for the 6% rewards at supermarkets and the hilton honours amex.

Yes its possible but income will still play a factor in the decision

If income is to low with any lender chances of approval decrease

In your case the card you would like to have comes in all size limits

Re: Prime Cards?

Anonymous — Tue, 08 Mar 2016 03:06:44 GMT

As of right now i know i still have some work to do, still have a couple of baddies on my report and my scores are only in the low 600's. I just want to make sure my income wont be a limiting factor even if i was able to repair all my other issues on my report.

Re: Prime Cards?

Anonymous — Tue, 08 Mar 2016 03:07:13 GMT

simple answer: 100%. MJ kinda touched that area. i bet my income is beneath yours and i have a pretty respectable lineup. don't expect a $20k starting limit but hell, if they offer you $3k with "low income" then you really haven't lost.

Re: Prime Cards?

Anonymous — Tue, 08 Mar 2016 03:07:54 GMT

@Anonymous wrote:
i apologize for the limited information, i was just looking for information in general. Is it possbile to get approved for prime cards when your income is low, assuming you have no other major problems with your credit report and your credit score i good. My main interest is amex blue preferred for the 6% rewards at supermarkets and the hilton honours amex.

6% is a nice chunk. In terms of fico "good" is subjective. Since you know exactly what card you want I'd recommend going over to Amex and running their pre-qual. That's about as good a sign you'll get for approval odds without actually app'ing for it.

Re: Prime Cards?

Anonymous — Tue, 08 Mar 2016 03:08:06 GMT

i posted that before i saw your last post. your last post kind of was contradictory to the post before it.

Re: Prime Cards?

Anonymous — Tue, 08 Mar 2016 03:08:58 GMT

low 600s i would wait. please just tell us your current situation and not a "if i have something i don't have what do you think"

that helps no one, including (but not limited to just) you.

Re: Prime Cards?

Anonymous — Tue, 08 Mar 2016 03:16:43 GMT

Scores are low 600's. About 5 cards are showing as charged off. Walmart, chase, capital one, barclays, and a citibank. I have a couple of other items that are medical related. I currently have a secured capital one and also a secured discover and FNBO. I have had 2 of them for about a year and i just got the discover it secured this month.

Re: Prime Cards?

Anonymous — Tue, 08 Mar 2016 03:24:43 GMT

yeah then i would wait a whole hot lotta minutes (months)

Re: Prime Cards?

Anonymous — Tue, 08 Mar 2016 03:28:03 GMT

At low income you probably want to avoid points/miles cards. Their redemption thresholds are too high for you to meet them anytime soon.

That leaves cashback cards. The usual suspects are Citi Double Cash or CapOne Quicksilver with Chase Freedom and Discover It. If you can stomach an annual fee, then AmEx Blue Cash Preferred is a good supplement too.

Low 600s may not be enough for these cards though. I would say minimum 680.

Re: Prime Cards?

Anonymous — Tue, 08 Mar 2016 03:44:46 GMT

Def waiting and also treating my current secured cards like gold. Just glad to know that its possible and my income wont always limit me. Thanks

Re: Prime Cards?

driftless — Tue, 08 Mar 2016 13:22:27 GMT

Since you are back in with Cap One, I would suggest applying for their Platinum and QS1 cards and growing them. A lot of us have taken that route, it works.

Re: Prime Cards?

Anonymous — Tue, 08 Mar 2016 13:28:12 GMT

Even though i have been with cap one for about a year, they stll wont give me a unsecured card. So i continue to wait. I am really fortunate that discover has given me their secured card and have now made them my daily card. Hoping they will unsecure with time.

Re: Prime Cards?

takeshi74 — Tue, 08 Mar 2016 16:56:28 GMT

@Anonymous wrote:
What are the best prime cards one can expect to get with very low income, I am on disability and i just trying to figure out if i could ever qualify for some of the best prime cards out there if i brought my score up high enough even though my income is low. Would really like a blue cash preferred card from american express.

Prime isn't relevant to cards it is relevant to consumers despite how it tends to be misused. Even with the way people tend to use it "prime" is fairly meaningless since it is so subjective. Don't use "prime" as a crtierion. Sort out your needs/wants and use that to select cards that suit you.

Income is a consideration but it's just part of the equation. Your credit profile is the other important part. We can't tell you what you'd qualify for. We can't provide feedback on what might be best suited to you if you don't clarify exactly what you need/want. "Best" is always high subjective regardless of topic so be specific and don't just assume that "best" means the same thing for everyone.

If you're looking for rewards on spend then look at where the majority of your spend is going and find cards that maximize rewards on that spend. Do you have sufficent grocery and other catagory spend to benefit from the Blue Cash Preferred? Make sure you running the numbers for your spend and accounting for the annual fee.

@Anonymous wrote:
i apologize for the limited information, i was just looking for information in general. Is it possbile to get approved for prime cards when your income is low, assuming you have no other major problems with your credit report and your credit score i good. My main interest is amex blue preferred for the 6% rewards at supermarkets and the hilton honours amex.

Still too vague and even with more details we really couldn't answer yuor question with certainty.

As stated above, income is just one consideration and credit profile definitely matters. What are you considering a "good" score? Give us number and let us know which specific scoring model(s) generated the score(s). It's never just about score but you can refer to the Credit Pulls Database. Use Google to find it as it is not on the myFICO site.

Not haaving "major problems" helps but age and thickness of a credit profile matter as well. One can have a clean file yet get denied for having a relatively new credit profile and/or a profile with little to no accounts (a thin profile). If you want use to try to assess your credit profile you need to give us a better idea of what it is like. While scores can help we really need to know how many credit accounts, what types of credit accounts, revolving utilization, average age of accounts, any recent credit seeking activity, etc. Even then we are only providing a best guess. We do not know the specifics of any creditor/product's underwriting requirements.

tl;dr -- It's possible to get approved. It's also possible to get denied. We would need to know a lot more details to even begin to guess.

@Anonymous wrote:
As of right now i know i still have some work to do, still have a couple of baddies on my report and my scores are only in the low 600's. I just want to make sure my income wont be a limiting factor even if i was able to repair all my other issues on my report.

Income is going to be more of a limiting factor with regard to limit. That is, unless your income is too far under the minimum required for a given product. There's really no way for you to make sure. You're going to have to work on your issues, apply and see what happens. We can't guarantee anything.