The CARD act requires banks to consider ability to repay. This must include income and/or assets.If his friend is indeed "very rich" then he could well be acceptable even with no income though likely he has income from his wealth. You don't need to work to have income.
@Anonymous wrote:
@eviLution wrote:
Your credit score, income, and length of history.+1
I'd like to add assests to that mix as well.
+100... But you asked a pretty general question. Without knowing what was on his app, it's difficult to explain AMEX's decision..did he use his parents income? Was he an AU on an account once? There are many variables...
Starting Score: TU 595 EX 600 EQ 585
@JonStur wrote:
@Anonymous wrote:
@eviLution wrote:
Your credit score, income, and length of history.+1
I'd like to add assests to that mix as well.
+100... But you asked a pretty general question. Without knowing what was on his app, it's difficult to explain AMEX's decision..did he use his parents income? Was he an AU on an account once? There are many variables...
All of those plus a number of other random variables (specifics in the credit report such as negative types) and the almighty Oujia board Amex uses.
That said, a small limit in Amex's case with their near absurd generosity with CLI's on their revolvers, it's simply not worth worrying over.
