How income vs checking account balance affects CC application

[LearningAboutCredit1]

I am wondering if a high account balance can negate a low income in regards to a credit card application. I make below 15k annual, but my chase checking is linked with my mother's, who has a very, very high balance. I was approved for a chase freedom about 5 months ago, and today my banker told me I'm preapproved for the Chase Sapphire preffered. That really threw me off since it's a top tier card and I have a really low income. So I'm wondering if her balance is factored in when lenders check to see if they should approve me or not. I am wondering this both for chase and really for any other lender I hypothetically apply with.

I wasn't able to find anything helpful with a google search. Maybe I'm not searching the right thing. Anyway, thank you. Any help is appreciated.

[bobebob]

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@LearningAboutCredit1 wrote:

I am wondering if a high account balance can negate a low income in regards to a credit card application. I make below 15k annual, but my chase checking is linked with my mother's, who has a very, very high balance. I was approved for a chase freedom about 5 months ago, and today my banker told me I'm preapproved for the Chase Sapphire preffered. That really threw me off since it's a top tier card and I have a really low income. So I'm wondering if her balance is factored in when lenders check to see if they should approve me or not. I am wondering this both for chase and really for any other lender I hypothetically apply with.

I wasn't able to find anything helpful with a google search. Maybe I'm not searching the right thing. Anyway, thank you. Any help is appreciated.

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I'm sure that other's more knowledgeable will correct me if I'm wrong but I don't think that there is a way for a CCC to see your back accounts whether they are yours or linked.  Perhaps that is different since the accounts are in-house with the CCC.  I don't like the idea of my creditors having ready access to my bank accounts.

Could it be that your mother also put you on as an AU on one or more of her CC's and that is giving you a very high FICO? (making you eligible for the CSP) 

Just a thought.

[jsucool76]

Even if pre-approved for the csp, I dont think you would get approved if you applied with only a 15k income.

[LearningAboutCredit1]

Thanks. I don't think I could get approved either.. However I am more interested in if the money you do have affects anything or not.

@bobebob. I was thinking the same. But say some guy has no job but has 10 million dollars sitting in an account. So 0 income. Does that mean lenders would see him as unable to handle credit? Seems weird to me.

[john398]

Intreasting, I know Chase has a preapproval site as well and it will not affect your score, might try that too just to see what it says withouty applying

[Anonymous]

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@LearningAboutCredit1 wrote:

Thanks. I don't think I could get approved either.. However I am more interested in if the money you do have affects anything or not.

@bobebob. I was thinking the same. But say some guy has no job but has 10 million dollars sitting in an account. So 0 income. Does that mean lenders would see him as unable to handle credit? Seems weird to me.

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I'm making a brash assumption here, but if "some guy" had 10 million dollars in an account, but didn't have a "job," I'm thinking they (more than likely) have a personal wealth management person managing their money, and when that's the case, they essentially secure accounts for their clients.

[BearOSO]

I am going to go on a limb and say no. 

I have my checking and  savings account with them and other various investments with them. If they do have the capability to see my account activity when I apply for a CC, they would see a steady stream of direct deposits and a consistent percentage going into savings for rainy days.

On that note, I think I make a good amount of $ for myself but was given a toy limit for my Freedom. USAA gave me a monstrous CL. Go figure. Oh well.  

[john398]

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@BearOSO wrote:

I am going to go on a limb and say no. 

I have my checking and  savings account with them and other various investments with them. If they do have the capability to see my account activity when I apply for a CC, they would see a steady stream of direct deposits and a consistent percentage going into savings for rainy days.

On that note, I think I make a good amount of $ for myself but was given a toy limit for my Freedom. USAA gave me a monstrous CL. Go figure. Oh well.  

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@BearOSO wrote:

I am going to go on a limb and say no. 

I have my checking and  savings account with them and other various investments with them. If they do have the capability to see my account activity when I apply for a CC, they would see a steady stream of direct deposits and a consistent percentage going into savings for rainy days.

On that note, I think I make a good amount of $ for myself but was given a toy limit for my Freedom. USAA gave me a monstrous CL. Go figure. Oh well.  

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@BearOSO wrote:

I am going to go on a limb and say no. 

I have my checking and  savings account with them and other various investments with them. If they do have the capability to see my account activity when I apply for a CC, they would see a steady stream of direct deposits and a consistent percentage going into savings for rainy days.

On that note, I think I make a good amount of $ for myself but was given a toy limit for my Freedom. USAA gave me a monstrous CL. Go figure. Oh well.  

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Chase can look at your accounts, I have had it done on a recon for a Disney Credit Card since they gave you a Toy Limit on Freedom, if I were you I would talk to a credit analyst, if you have good standing with Chase that is

[LearningAboutCredit1]

@john398 That's interseting. On the chase preapproval site it doesn't list me as being preapproved for anything.

Also @bobebob I am not an AU nor do I have a joint account with my mother.

[09Lexie]

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@john398 wrote:

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@BearOSO wrote:

I am going to go on a limb and say no. 

I have my checking and  savings account with them and other various investments with them. If they do have the capability to see my account activity when I apply for a CC, they would see a steady stream of direct deposits and a consistent percentage going into savings for rainy days.

On that note, I think I make a good amount of $ for myself but was given a toy limit for my Freedom. USAA gave me a monstrous CL. Go figure. Oh well.  

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@BearOSO wrote:

I am going to go on a limb and say no. 

I have my checking and  savings account with them and other various investments with them. If they do have the capability to see my account activity when I apply for a CC, they would see a steady stream of direct deposits and a consistent percentage going into savings for rainy days.

On that note, I think I make a good amount of $ for myself but was given a toy limit for my Freedom. USAA gave me a monstrous CL. Go figure. Oh well.  

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@BearOSO wrote:

I am going to go on a limb and say no. 

I have my checking and  savings account with them and other various investments with them. If they do have the capability to see my account activity when I apply for a CC, they would see a steady stream of direct deposits and a consistent percentage going into savings for rainy days.

On that note, I think I make a good amount of $ for myself but was given a toy limit for my Freedom. USAA gave me a monstrous CL. Go figure. Oh well.  

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Chase can look at your accounts, I have had it done on a recon for a Disney Credit Card since they gave you a Toy Limit on Freedom, if I were you I would talk to a credit analyst, if you have good standing with Chase that is

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They definitely  can look at your accounts. When I applied last year the CSR mentioned my new account ( I had just opened - Friday of Labor Day Weekend) in referenced my low balance  I told her it was a new account - direct deposits hadn't started yet and I was migrating from my primary bank - a cu. 

In case my recon was denied - lack of revolving history. 

YMMV