Low Income Cards?

[Anonymous]

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@Anonymous wrote:

Money given to you by family members is household income

I wouldn't ask anyone to outright lie about their income, only to consider legitimate sources of "considerable" income that might help your case, if that makes any sense.

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That's a really good point about net income vs. gross.

Thing is, if money given by family members is substantial or consistent enough to be counted as income, then it is substantial/consistent enough that it is mandated by law you report it to SSI and they decrease your income accordingly.

Roomates can be a good solution, except of course it decreases your food stamps and approval for a caregiver, if needed.

It's specifically designed to not be enough to live on, and specifically designed to decrease with pracically any amount of assistance whatsoever. Receiving assistance under the radar can land you in jail. It sucks. I got on SSI because I was thoroughly deemed too disabled to work, heck I was deemed too disabled to even care for my own daily essentials. Yet I've got to figure out a way to make life work on this much. It's supposed to be so uncomfortable to get by that you're clawing for any way to get out. But the moment you make any progress, your safety net shrinks. It's so freakin' messed up and depressing to navigate.

Apologies for the tangent...

[Anonymous]

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@Anonymous wrote:

Here is a problem with SS or Disability income: It is net. Most applications ask for annual income and most of us who are still working go to our gross income, not the amount we take home. Gross income before the taxes are taken out. Because of this, when I worked in auto lending, I used allow one to gross their income up. What I mean by that is to add 30% to the net figure you actually take home, to consider that most folks have state, federal and social security taken out of their checks.

Room mates are household income

Money given to you by family members is household income

I wouldn't ask anyone to outright lie about their income, only to consider legitimate sources of "considerable" income that might help your case, if that makes any sense.

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Agreed -

[Imperfectfuture]

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@Anonymous wrote:

Here is a problem with SS or Disability income: It is net. Most applications ask for annual income and most of us who are still working go to our gross income, not the amount we take home. Gross income before the taxes are taken out. Because of this, when I worked in auto lending, I used allow one to gross their income up. What I mean by that is to add 30% to the net figure you actually take home, to consider that most folks have state, federal and social security taken out of their checks.

Room mates are household income

Money given to you by family members is household income

I wouldn't ask anyone to outright lie about their income, only to consider legitimate sources of "considerable" income that might help your case, if that makes any sense.

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Actually, it is gross. However, you are allowed to claim additional government benefits, such as help with electrical and food stamps.  Plus the money you spoke of.  I would not gross up, but I have additional income.  By the time I qualified for prime, no help with electric bills, etc.  Just be honest with the amount you have available (including other benefits), liquid assets are considered (some I forgot about), and money folks give you on "regular" basis.  Occasional gifts should not be included.  If someone helps with those medical or funeral costs, then yes, but for that year only.

[Anonymous]

All cards i've applied for over the years don't verify income -- Cap One, Discover, Synchrony Cards, Chase etc. I use whatever number i wish.

[OmarGB9]

^Just because they haven't, doesn't mean they can't/won't verify.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I'm on the exact same $733/month income and got approved for an AmEx BCE card with a 15K starting limit from a 744 Ex score. That was a bit of a shocker! And yes, they do have it in their system correctly, I triple-checked!

I also have an REI card which is through U.S. Bank. They don't seem to mind the low income.

BECU is my other card, I had a lifelong history with them beforehand though so I don't know how they might be towards someone new, and they're still a bit restrictive so not everyone can join.

Before apping for the AmEx card I did a huge amount of research. CreditKarma has lots of user reviews available on cards, and by reading those experiences I narrowed down the cards until there was only two remaining. It helped me rule out the ones i was unlikely to get, such as people reporting being turned down for less than 2 years of history. For you, it might be looking up which cards reveiwers report being denied for a similar record or approved. Anyway, after narrowing it all down I began apping for one, but their process informed me they don't accept that low of an income, so that kindly saved me from submitting it. Then apped for the Amex and got it.

If you're going to shoot for AmEx, you might want to aim for a different card; I hear they want higher scores for their rewards cards. Others could probalby advise you better on that. But AmEx definitely doesn't take issue with the low income, and neither, it seems, does U.S. bank.

Also, credit unions tend to be nicer in general, if I were you I just might look up local ones and if I found one that looked nice, visit them in person and talk to someone about setting something up.

Hope this helps and good luck!

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With a 733/month income they gave you 15k SL? You max that out will take you 2 years to pay it off with no interest.

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Considering general living expenses it would probably take over a decade. I wonder at what point of utilization Amex would start to decline the charges?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I'm on the exact same $733/month income and got approved for an AmEx BCE card with a 15K starting limit from a 744 Ex score. That was a bit of a shocker! And yes, they do have it in their system correctly, I triple-checked!

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With a 733/month income they gave you 15k SL? You max that out will take you 2 years to pay it off with no interest.

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Considering general living expenses it would probably take over a decade. I wonder at what point of utilization Amex would start to decline the charges?

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The thought is academic at this point; I live within my means.

[Aprile421]

I have had Capital One ask for income verification for CLI. The increase wasn't much back then either like $1000 which would have put my CL back then at $2500. I have also seen Nordstrom ask for income verfication before approval. 

[gdale6]

Lying on a credit application about anything isnt smart and it could come back on you if you end up having to file a BK or something else happens in ones life. The truth is the best thing to put on your apps.

[ojefferyo]

False information on an application can result in an immediate decline or termination of account.