topic Minimum income to get accepted for certain cards? in Credit Cards

Minimum income to get accepted for certain cards?

Anonymous — Sat, 31 Dec 2016 23:29:53 GMT

So I've been reading all the credit(card) related forums/recently and have been addicted to learning more about it. As a 20 year old with a not so great job/income I had a question. Do certain cards require a minimum income to get accepted? I believe I read the csr has a minimum 10k credit limit so someone with a 20k income probably wouldn't get accepted for example. Is there a list with the info I'm looking for?

Thanks!

Re: Minimum income to get accepted for certain cards?

mitchblue — Sat, 31 Dec 2016 23:47:42 GMT

Probably not a list but there are those who have total CL far exceeding their income. And I suspect there are CCC who will only approve with a minimum income..

Re: Minimum income to get accepted for certain cards?

Anonymous — Sun, 01 Jan 2017 00:44:16 GMT

I'm sure minimum incomes are required for all cards, but no one knows for sure what that is. I will say that if you're making $20K a year, I just simply can't see how a CSR at $450AF can make any sense for you. So a realistic individual will app for cards that are on par with their income.

Re: Minimum income to get accepted for certain cards?

wasCB14 — Sun, 01 Jan 2017 00:52:52 GMT

CSR on $20k would be pushing it, but keep in mind that any decent card bonus at that income level can give someone's travel budget a big boost. Bonuses mean relatively less as income rises.

So maybe avoid CSR, but do consider AF travel cards if they make sense.

Re: Minimum income to get accepted for certain cards?

Anonymous — Sun, 01 Jan 2017 01:03:40 GMT

Yea the CSR was just an example. That card wouldn't really do much for me right now even if I wanted to invest the $450.

Re: Minimum income to get accepted for certain cards?

washpadude — Sun, 01 Jan 2017 01:39:13 GMT

It's no CSR but I got my Cap One Venture a year ago SL 15k with a reported 30k income. Got a 3k increase three months in and have since combined with another Cap One card for a 26k limit.

Re: Minimum income to get accepted for certain cards?

Anonymous — Sun, 01 Jan 2017 01:48:15 GMT

While I'm sure income plays a part, I think credit worthiness plays a bigger part. I don't make a ton but I have substantial CL's on my cards. And I feel I'm getting those CL's because I am successfully working on my credit worthiness. Obviously a card with a high AF is not an option, nor would I want it (my PRG has a high enough AF, but my spend makes it worth it, on the other hand my BCP also has a AF and I will PC to the BCE bc that AF is just not worth it to me). Do you have certain cards you are interested in?

Re: Minimum income to get accepted for certain cards?

Anonymous — Sun, 01 Jan 2017 01:54:49 GMT

Not super intersted in any cards as of right now. My credit history is just a bit over a year old with my first card being a quicksilver one @ 500 limit and I just got approved for a chase freedom @ 1500 limit. I'm not sure that I could use or even get any higher tier cards as of right now but I'm always open to suggestions on what I should look at getting next.

Re: Minimum income to get accepted for certain cards?

Anonymous — Sun, 01 Jan 2017 01:59:05 GMT

I personally have an intense love for Discover and Amex. Check out their pre-quals and see if anything pops up

Re: Minimum income to get accepted for certain cards?

Anonymous — Sun, 01 Jan 2017 02:03:27 GMT

@Anonymous wrote:
I'm sure minimum incomes are required for all cards, but no one knows for sure what that is. I will say that if you're making $20K a year, I just simply can't see how a CSR at $450AF can make any sense for you. So a realistic individual will app for cards that are on par with their income.

Love this! One should always evaluate what is best for their income... For example, I would not have applied for my banks American Express Cash rewards card if I had known one had to have 2,500pts or $2,500 in spend before one can redeem their cash back points which, for me, is insane because I am lucky to spend that much on things in 5 months across all of my cards! Although, it did provide me with my highest credit limit for a while.

Re: Minimum income to get accepted for certain cards?

Anonymous — Sun, 01 Jan 2017 03:51:32 GMT

@Anonymous wrote:
I personally have an intense love for Discover and Amex. Check out their pre-quals and see if anything pops up

Looks like I may? have been pre-qualified for the Discover It Cash Card. I put my info in to check and thats what popped up. Nothing for Amex sadly but I wasn't really surprised.

Re: Minimum income to get accepted for certain cards?

Revelate — Sun, 01 Jan 2017 06:38:07 GMT

@Anonymous wrote:
While I'm sure income plays a part, I think credit worthiness plays a bigger part. I don't make a ton but I have substantial CL's on my cards. And I feel I'm getting those CL's because I am successfully working on my credit worthiness. Obviously a card with a high AF is not an option, nor would I want it (my PRG has a high enough AF, but my spend makes it worth it, on the other hand my BCP also has a AF and I will PC to the BCE bc that AF is just not worth it to me). Do you have certain cards you are interested in?

I think income has the larger role in getting initially decent/large sized limits (depending what your opinion is of that); once there there's a strong pattern of limits beget limits for a lot of lenders and ultimately spend matters in the equation, and I can spend non-trivially more than someone making minimum wage and I'm nowhere close to the 1% even.

When we're talking income in the margins, like 35k vs 40k yeah credit worthiness dominates, but 35k vs. 350K as some people (not me) have on this forum, said 35K person doesn't have chance other than right out the gate of getting similarly sized limits as quickly in my opinion if we exclude some of the CU's who often post large lines for not quite sure why reason, probably demand and standard fractional reserve banking... got to show they're pushing their money into the field!

If we restrict the dataset to Chase, Amex, Citi, think it's even more clear, maybe less so with BOFA and Cap 1 out of the big 5 or so.

Re: Minimum income to get accepted for certain cards?

wasCB14 — Sun, 01 Jan 2017 14:28:17 GMT

Last I checked, Discover prequalified was meaningless. Test it with a fake name and address