topic Re: Why don't credit card companies list minimum income? in Credit Cards

Why don't credit card companies list minimum income?

firesoul453 — Mon, 10 Sep 2012 18:47:57 GMT

So at the end of my spree, I got denied a card I was really looking forawrd too.

So I called for a recon.

At first she didn't really see why I was denied, since I have a decent history and scores with no bad marks whatsoever not even a missed payment.

But then she noticed my income wasn't high enough. They require a minimum of 30k...

So why would there system do a HP when there is such requirements? Or atleast mention it on the website (so you can still apply in special cases)

Idk, I'm just pissed that I wasted a HP..... And I was looking forward to the card.

Re: Why don't credit card companies list minimum income?

SportBike4Life — Mon, 10 Sep 2012 18:50:53 GMT

I think if they did list all of the requirements that *had* to be met, it would bring up a lot of problems, like people not be honest about their current income.

Re: Why don't credit card companies list minimum income?

Shogun — Mon, 10 Sep 2012 18:54:07 GMT

Honesty in the financial world. What a concept. But I have to give him a +1.

Re: Why don't credit card companies list minimum income?

navigatethis12 — Mon, 10 Sep 2012 20:09:11 GMT

Citi did this when I applied for a business card with 35000 income. No hard pull was done and I think it was a fake response because 35000 seems like enough for me.

Anyway, I think companies do not reveal requirements because of privacy. If they put all the requirements then you would know all about the person that has the card. Like if a card required 2 million in assessts and you saw your neighbor had it, then you would know s/he had that much in assests.

Re: Why don't credit card companies list minimum income?

emptypockets — Mon, 10 Sep 2012 20:19:32 GMT

It probably would not serve their purpose (or ours) to list all minimum requirements. Even if certain things (i.e. BK, income, assets) were listed, people would still try to apply and re-con if denied. There seems to be a thread a day on here by people wanting to know if we think they can get approved for this card, or that one (AMEX, CSP, Citi, Freedom) with a BK, or a CO, or various other issues. Many people apply, even if the consensus is they do not meet the criteria. Chase's first question is whether your credit history is clear of BK. Some people take this to mean they are not BK friendly, however there are reports of people getting Chase cards, with BK's reporting (don't get me started on AMEX).

If they listed the minimum income as 30k (or 50k, or 100k) , it doesn't definitely mean you will be approved because you make that much. You could still get denied for INQ's, Util, debt to income ratio, too many new accounts....

Not to mention people getting approved on re-con, who do not make the minimum amount. There are just too many variables on peoples reports. You cannot necessarily trust a CSR who tells you that you don't make the minimum amount either. They often are the last people to know exactly what is needed to get a card, or are not able to clearly articulate why you were denied.

Re: Why don't credit card companies list minimum income?

Anonymous — Mon, 10 Sep 2012 20:25:53 GMT

Mind sharing what card this was?

Re: Why don't credit card companies list minimum income?

firesoul453 — Mon, 10 Sep 2012 20:49:12 GMT

@Anonymous wrote:
Mind sharing what card this was?

U.S. Bank Cash+ Visa Signature® Card

And I just don't see what the point of a HP, if either way it would be declined because of income. Instead they could just tell me why I didn't get approved and not HP...

Re: Why don't credit card companies list minimum income?

Anonymous — Mon, 10 Sep 2012 21:00:35 GMT

This makes more sense now. Us Bank Cash + is a visa signature card with a minimum starting cl of 5,000.

Re: Why don't credit card companies list minimum income?

Anonymous — Mon, 10 Sep 2012 21:08:01 GMT

@Anonymous wrote:
This makes more sense now. Us Bank Cash + is a visa signature card with a minimum starting cl of 5,000.

so in order to get a 5k CL (or a visa signature) you have to have 30k+ salary?

Re: Why don't credit card companies list minimum income?

Anonymous — Mon, 10 Sep 2012 21:17:36 GMT

Not necessarily. I think it's more of a ymmv thing depending on the lender. However,I know from experience that if you make less than 30k it is very difficult to find a lender that would give you 5k on one card.

Another thing is that It would certainly help to have existing tradelines that are 5k plus. Chase for example often cites lack of experience with a 5 k cl as a denial reason for the sapphire preferred even if the applicant is otherwise qualified.

Re: Why don't credit card companies list minimum income?

firesoul453 — Mon, 10 Sep 2012 21:28:42 GMT

@Anonymous wrote:
This makes more sense now. Us Bank Cash + is a visa signature card with a minimum starting cl of 5,000.

Hmm, that interesting to know.

But I'd consider my Citi Diamond prefered card to be equivilant to a Visa signature. It has all the same benefits, including It has early access to certain events and concierge. (and they gave me a $5900 limit, Which I believe has a lot to do wtih never missing a payment)

But whatever, i'll get over it.. I really just wanted a cash back card where I get to choose categories so I can fill in the gaps for max cash back.

Re: Why don't credit card companies list minimum income?

trumpet-205 — Mon, 10 Sep 2012 21:34:19 GMT

Citi Diamond Preferred's concierge service is actually provided by Citi, not MasterCard. It can have CL as low as $500. It is not the same as a Visa Signature CC.

If we look at perks, Visa Signature has more perks than World MC. To be honest World MC is not that much different than Platinum MC. World Elite MC however, is more similar to Visa Signature.

Even then, US Bank has more rigorous underwriting requirement than Citi.

Re: Why don't credit card companies list minimum income?

Anonymous — Mon, 10 Sep 2012 21:34:25 GMT

Depending on how long ago you apped for the diamond preferred, it may not be reporting to the credit bureaus yet. Thus, when you apped with us bank they may not have seen that you had a 5k+ tradeline, which certainly wouldn't have helped your chances.

I would suggest that you try to recon with someone else at us bank after citi reports and see if you get lucky and speak with a rep that might not be familiar with the 30k income policy. It can't hurt to try.

Re: Why don't credit card companies list minimum income?

CreditScholar — Tue, 11 Sep 2012 01:29:35 GMT

That card is actually fairly difficult to get, so its not surprising that you were denied. The point that others are making about having existing 5k CLs is valid as well. If you want a decent chance at better cards (not just this one but others like the CSP as well), you'll need to work on increasing your income. 30k is frankly pretty low, and if it doesn't go up this won't be the last card you'll be denied under the premise of low income.

Re: Why don't credit card companies list minimum income?

Mike360 — Tue, 11 Sep 2012 02:08:27 GMT

Wow that sucks they wasted a hard pull because you don't meet req. I'm have to make a note to stay away from applying for that card in the future.

Re: Why don't credit card companies list minimum income?

Mailak — Tue, 11 Sep 2012 04:15:56 GMT

I was just looking at the WF Rewards card invite I got today - they do list a minimum income of $12k.

Re: Why don't credit card companies list minimum income?

firesoul453 — Tue, 11 Sep 2012 04:19:53 GMT

@CreditScholar wrote:
That card is actually fairly difficult to get, so its not surprising that you were denied. The point that others are making about having existing 5k CLs is valid as well. If you want a decent chance at better cards (not just this one but others like the CSP as well), you'll need to work on increasing your income. 30k is frankly pretty low, and if it doesn't go up this won't be the last card you'll be denied under the premise of low income.

Ya I know.. But in college I have to limit my hours working. (Tried more and it didn't work out so well...)

I definetly got ahead of myself when applying, just really annoys me I got a HP from it.

Its not the end of the world, just wanted to cover more areas in cash back.

Lesson leared...

Re: Why don't credit card companies list minimum income?

Duncanrr — Tue, 11 Sep 2012 04:41:26 GMT

I believe sharing the specific requirements is illegal. They are not allowed, by law, to discourage you from applying for their product. If they said you must have an income of x dollars then that would discourage some from not applying.

Re: Why don't credit card companies list minimum income?

n777ua — Tue, 11 Sep 2012 05:03:31 GMT

Boy how things have changed...in college I apped for a BankOne United Visa Signature and listed my income as $10,500(my actual PT income)...instantly approved with a $7500CL. Those times are gone forever....

Re: Why don't credit card companies list minimum income?

CreditScholar — Tue, 11 Sep 2012 05:09:18 GMT

@n777ua wrote:
Boy how things have changed...in college I apped for a BankOne United Visa Signature and listed my income as $10,500(my actual PT income)...instantly approved with a $7500CL. Those times are gone forever....

Yes they are, but for good reason. Credit was far too easy to get back in those days and had obvious repercussions associated with it. I'm glad they tightened the requirements since then. They've been relaxed somewhat since 2008, but if things don't go very well in the EU we may see credit tighten again in the next 6-12 months.