Income requirement for Citi Premier

[Anonymous]

Agreed with the above - my understanding (admittedly only as a Citi card carrier with Home Depot) was that the Premier is one of their top line cards and as such, may have more stringent requirements for approval. If so, income is likely to be one of those, especially if it’s seen as a travel card, since travel often denotes surplus income.

[Anonymous]

On $10K income, that's ~$834 a month and $300 would make ~36% DTI and would be a good reason to deny a credit card. Depending on how many of your cards were reporting a balance at the time, you would have even higher DTI. Just one $35 minimum payment pushes you beyond 40% which is where lenders start to get worried with much higher incomes. Those of us who have lower incomes run into problems much easier. A lot of banks and credit unions will jump at the opportunity to get us stuck paying interest but with the annual fee cards, I suspect they are a lot more selective. I have $10K cards and I highly doubt Chase would give me a CSR with my $18K income, for example. 

[Meanmchine]

Years ago, Citi denied me based on income -vs- current obligations. ( To be fair, my filed suxed at the time ) Im stiil gun shy when it comes to Citi and havnt apped for any Citi card since

[Anonymous]

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@Anonymous wrote:

On $10K income, that's ~$834 a month and $300 would make ~36% DTI and would be a good reason to deny a credit card. Depending on how many of your cards were reporting a balance at the time, you would have even higher DTI. Just one $35 minimum payment pushes you beyond 40% which is where lenders start to get worried with much higher incomes. Those of us who have lower incomes run into problems much easier. A lot of banks and credit unions will jump at the opportunity to get us stuck paying interest but with the annual fee cards, I suspect they are a lot more selective. I have $10K cards and I highly doubt Chase would give me a CSR with my $18K income, for example. 

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You have a 10k CL with 18k income Wow! didn't think that was possible. 

I just got denied for a CL from $1500 to $3000 at WF depsite paying in full each month with similar income. 

[Aim_High]

@credit-user-19 wrote:
You have a 10k CL with 18k income Wow! didn't think that was possible.

I just got denied for a CL from $1500 to $3000 at WF depsite paying in full each month with similar income.
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It’s difficult to fully compare two profiles and situations on MyFico because there are so many variables we don’t have room or time to disclose. There is a LOT more than income than goes into the underwriting on a CLI.

For starters, that would include credit scores, age and depth of credit history, derogatories and baddies, payment history with ALL lenders, debt-to-income (credit cards plus all other including student loans, car loans, mortgages).

Individual lenders have much different standards. For example, it appears @Saeren has highest limits with Discover and Navy Federal, which are both known to be very generous lenders. Your comparison to a Wells Fargo Card isn’t equal because they are known for being a more conservative lender.

You have two cards while @Saeren has shown the ability to manage more credit successfully. That is part of the depth of file.

Spending history has an effect. If someone has concentrated spending on a card, used much of their limit in the past and paid it off responsibly, it increases the chance of a CLI.

Finally, relationship may matter, especially with some lenders. If @Saeren has a checking account and a $5k CD with Bank X and has used them responsibly, that bank may sometimes give more leeway to requests for credit cards or CLIs.

When you try to make comparisons on MyFico, realize there are many factors at play besides what we see on the surface.

[Anonymous]

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@Aim_High wrote:
@credit-user-19 wrote:
You have a 10k CL with 18k income Wow! didn't think that was possible.

I just got denied for a CL from $1500 to $3000 at WF depsite paying in full each month with similar income.
———————————-


It’s difficult to fully compare two profiles and situations on MyFico because there are so many variables we don’t have room or time to disclose. There is a LOT more than income than goes into the underwriting on a CLI.

For starters, that would include credit scores, age and depth of credit history, derogatories and baddies, payment history with ALL lenders, debt-to-income (credit cards plus all other including student loans, car loans, mortgages).

Individual lenders have much different standards. For example, it appears @Saeren has highest limits with Discover and Navy Federal, which are both known to be very generous lenders. Your comparison to a Wells Fargo Card isn’t equal because they are known for being a more conservative lender.

You have two cards while @Saeren has shown the ability to manage more credit successfully. That is part of the depth of file.

Spending history has an effect. If someone has concentrated spending on a card, used much of their limit in the past and paid it off responsibly, it increases the chance of a CLI.

Finally, relationship may matter, especially with some lenders. If @Saeren has a checking account and a $5k CD with Bank X and has used them responsibly, that bank may sometimes give more leeway to requests for credit cards or CLIs.

When you try to make comparisons on MyFico, realize there are many factors at play besides what we see on the surface.

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All very good and valid points. It's just surprising that level of credit with that income. Wouldn't think it's possible and you'd be cut off at some point well before that regardless of credit history based purely on income. Guess some lenders are extremely lax. 

Perhaps someday it's possible for me  

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

On $10K income, that's ~$834 a month and $300 would make ~36% DTI and would be a good reason to deny a credit card. Depending on how many of your cards were reporting a balance at the time, you would have even higher DTI. Just one $35 minimum payment pushes you beyond 40% which is where lenders start to get worried with much higher incomes. Those of us who have lower incomes run into problems much easier. A lot of banks and credit unions will jump at the opportunity to get us stuck paying interest but with the annual fee cards, I suspect they are a lot more selective. I have $10K cards and I highly doubt Chase would give me a CSR with my $18K income, for example. 

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You have a 10k CL with 18k income Wow! didn't think that was possible. 

I just got denied for a CL from $1500 to $3000 at WF depsite paying in full each month with similar income. 

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My success is nothing. AJC has a $25K and $20K card with around the same income. 

Some lenders are very comfortable with high exposure. 

$33,500 - Sync ($6K Amazon, $8K PayPal CB, $7500 B&H Payboo, $10K CareCredit, $2K Marvel)
$18,250 - Capital One ($8250 QS, $10K SavorOne)

$15,700 - Discover ($12,700 IT, $3K IT Miles)

$15,200 - NFCU ($2K cashRewards, $12,700 Platinum, $500 CLOC)

Nobody else has me at $10K+ exposure with them and I doubt that I'll get there for a few more years except with AMEX. 

Keep in mind that high limits are certainly possible but Synchrony and Disco can and will CLD if you're using too much. NFCU and Capital One don't care if you max out your limits though. 

[Anonymous]

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@Aim_High wrote:
@credit-user-19 wrote:
You have a 10k CL with 18k income Wow! didn't think that was possible.

I just got denied for a CL from $1500 to $3000 at WF depsite paying in full each month with similar income.
———————————-


It’s difficult to fully compare two profiles and situations on MyFico because there are so many variables we don’t have room or time to disclose. There is a LOT more than income than goes into the underwriting on a CLI.

For starters, that would include credit scores, age and depth of credit history, derogatories and baddies, payment history with ALL lenders, debt-to-income (credit cards plus all other including student loans, car loans, mortgages).

Individual lenders have much different standards. For example, it appears @Saeren has highest limits with Discover and Navy Federal, which are both known to be very generous lenders. Your comparison to a Wells Fargo Card isn’t equal because they are known for being a more conservative lender.

You have two cards while @Saeren has shown the ability to manage more credit successfully. That is part of the depth of file.

Spending history has an effect. If someone has concentrated spending on a card, used much of their limit in the past and paid it off responsibly, it increases the chance of a CLI.

Finally, relationship may matter, especially with some lenders. If @Saeren has a checking account and a $5k CD with Bank X and has used them responsibly, that bank may sometimes give more leeway to requests for credit cards or CLIs.

When you try to make comparisons on MyFico, realize there are many factors at play besides what we see on the surface.

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Yeah I don't have any assets with any bank. Not allowed to. I have $200 in my primary bank (who I have no credit with) and about $100 spread around NFCU, BBVA, and DCU. It's certainly not that. 😂 

[Anonymous]

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@Anonymous wrote:

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@Aim_High wrote:
@credit-user-19 wrote:
You have a 10k CL with 18k income Wow! didn't think that was possible.

I just got denied for a CL from $1500 to $3000 at WF depsite paying in full each month with similar income.
———————————-


It’s difficult to fully compare two profiles and situations on MyFico because there are so many variables we don’t have room or time to disclose. There is a LOT more than income than goes into the underwriting on a CLI.

For starters, that would include credit scores, age and depth of credit history, derogatories and baddies, payment history with ALL lenders, debt-to-income (credit cards plus all other including student loans, car loans, mortgages).

Individual lenders have much different standards. For example, it appears @Saeren has highest limits with Discover and Navy Federal, which are both known to be very generous lenders. Your comparison to a Wells Fargo Card isn’t equal because they are known for being a more conservative lender.

You have two cards while @Saeren has shown the ability to manage more credit successfully. That is part of the depth of file.

Spending history has an effect. If someone has concentrated spending on a card, used much of their limit in the past and paid it off responsibly, it increases the chance of a CLI.

Finally, relationship may matter, especially with some lenders. If @Saeren has a checking account and a $5k CD with Bank X and has used them responsibly, that bank may sometimes give more leeway to requests for credit cards or CLIs.

When you try to make comparisons on MyFico, realize there are many factors at play besides what we see on the surface.

---

Yeah I don't have any assets with any bank. Not allowed to. I have $200 in my primary bank (who I have no credit with) and about $100 spread around NFCU, BBVA, and DCU. It's certainly not that. 😂 

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I keep a decent chunk with WF. Never once had a bounced check a returned depoit in the years i've been with them. Maybe the only reason they've extended me any credit at all. 

[Anonymous]

WF definitely likes a good depository relationship, especially with young files.