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Amex FRs

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Valued Contributor

Re: Amex FRs

Anyone that wants to supply "household income" had better be ready and able to back it up should the need arrise. In the event the Lender wants POI, you will need to furnish whoever's Income was include with yours. If that person is okay with this then go right ahead.

 

At a young age there's nothing wrong with only reporting your sole income whatever it may be. Earning $15-20K annually, yet telling a CC Lender you make twice that hoping for a bigger SL is only asking for trouble. 90% of the time it will not garner the results people are after, because high income doesn't guarantee a high SL. The info in your CR does. $2-5K CL is just fine for 20somethings, you've literally got the rest of your life to grow that CL.  Handing out a $20K card to someone without any credit experience is irrisponsible.






Message 11 of 12
Community Leader
Super Contributor

Re: Amex FRs


@Janus wrote:

Anyone that wants to supply "household income" had better be ready and able to back it up should the need arrise. In the event the Lender wants POI, you will need to furnish whoever's Income was include with yours. If that person is okay with this then go right ahead.

 

At a young age there's nothing wrong with only reporting your sole income whatever it may be. Earning $15-20K annually, yet telling a CC Lender you make twice that hoping for a bigger SL is only asking for trouble. 90% of the time it will not garner the results people are after, because high income doesn't guarantee a high SL. The info in your CR does. $2-5K CL is just fine for 20somethings, you've literally got the rest of your life to grow that CL.  Handing out a $20K card to someone without any credit experience is irrisponsible.


Humpf! $500-1K is just fine for 20-something who doesn't pay rent, a car note, car insurance, utilities, or any other everyday expenses that a lot of us pay and many can't even get a $2-5K CL. And, yes--note to 20-somethings--you have the rest of your life to create a great credit profile that will garner you those $20K SLs.

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Message 12 of 12
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