Hi I am trying to get a cash back card. My FICO credit score is somewhere between 801 and 826, depends who you ask. So quite good. Issue is not credit score.
I have less than 1/3 of my available credit spent. Usually only 1/6.
But it is a fairly high percentage of my income since I put nearly all my expenses on credit card and then pay it off. There's some I could change to paying by EFT. I don't use cash/check/debit card hardly at all because I am homebound.
I have extremely low income, and I suspect this is the actual issue. They will tell me on the phone, either unpromted or because I ask, that they do have an income limit: people must have a certain yearly income. The lowest I have heard is $10,000, but most were higher. SSI (supplemental income for disabled people without other sources of income or whose other sources of income are less than SSI) is a maximum of $750/month, for reference (9k/ year). (An individual state might add $25 or something.)
They don't cite my income in the letters, however. They say "too few accounts currently paid as agreed" (all my accounts are paid in full every month, but I have two credit cards and no other loans).Or, "You do not have a sufficient number of established credit references."
They say "lack of recent installment load information." Well, yes. I have almost no income, and don't drive. This is a good thing. I don't have a mortgage, car payment, or school payment. I have no debt that I cannot pay.
One of them complained about many recent inquiries, but I thought multiple inquiries in the same space of time was meant to be treated as only one inquiry.
If no one will give me a credit because I haven't got enough accounts, how do I ever get more accounts? It's circular.
Is there anything I can do to change this?
