How much does your credit line depend on your Income vs History?

[mitchblue]

Disabled, don't make a whole lot of money - credit lines are good and scores are good. Take it fwiw.

[Cmikul]

I think it makes a difference but it is ONLY a component.

Many of the cards I've recently opened wouldn't even give me the time of day when I was in the 720 range but only made $40k/yr.

my scores aren't as good now but my income has increased substantially in the same field of business.

my SL's now are humongous compared to anything I've ever received in the past 20yrs.

Also....my DW and I work toghether at the same employer, same bank acct.  same mortgage reports and her income is half of mine......but still six figures...and her SL's are not even close to mine with higher scores.   This leads me to believe that income plays a bigger part than most think.

Her scores are easily 30points higher on all CB's.  She's never recieved a $5k SL.

or maybe they're sexist!

[Anonymous]

I always wondered if listing myself as "Self Employed" on the credit applications and accounts made me seem riskier and less likely to get approved, my scores are still quite low but I'm thinking I can probably hit the 700 mark within a year but hoping more like 6 months, maybe that's optimistic we shall see.

Thanks for all the great input though, tons of good info in here!

[Anonymous]

My sister has excellent credit with a fico score of 785.  She's 66 years old and has had pristine credit from day one.  Has owned homes and other things in the past, but as of last year, she has been living in a senior citizen's retirement facility.  Her annual income is $15,400, which she receives from Social Security.  Went on the Cap One prequalify site and she was prequalifed for Venture, Venture One and Quicksilver with APR of 12.99% for the Venture and Quicksilver.  She app'd for the Quicksilver and was approved for $15,000 with an APR of 12.99.  They look at much more than your yearly salary. 

[vanillabean]

As I noted, there are lenders who prefer low-risk clients and there are lenders who thrive on high-risk clients. The way these two conduct business is very different from each other.

[Anonymous]

I'm not sure I'd want to deal personally with a creditor that loans out 100 percent of income on a credit line.  That's way too risky.  Since Chase and AMEX aren't known to do that, I'll stick with them when the time comes to apply again. 

[Anonymous]

i like NFCU. them and discover are my favorite to deal with overall

[Anonymous]

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@Anonymous wrote:

My sister has excellent credit with a fico score of 785.  She's 66 years old and has had pristine credit from day one.  Has owned homes and other things in the past, but as of last year, she has been living in a senior citizen's retirement facility.  Her annual income is $15,400, which she receives from Social Security.  Went on the Cap One prequalify site and she was prequalifed for Venture, Venture One and Quicksilver with APR of 12.99% for the Venture and Quicksilver.  She app'd for the Quicksilver and was approved for $15,000 with an APR of 12.99.  They look at much more than your yearly salary. 

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Yea it does cuz if she have an income of 120k her limit would be in the 30-45k which each of them. The only reason she even got if with those is cuz of her 30-40ish year of stellar credit??