So I've been reading all the credit(card) related forums/recently and have been addicted to learning more about it. As a 20 year old with a not so great job/income I had a question. Do certain cards require a minimum income to get accepted? I believe I read the csr has a minimum 10k credit limit so someone with a 20k income probably wouldn't get accepted for example. Is there a list with the info I'm looking for?
Probably not a list but there are those who have total CL far exceeding their income. And I suspect there are CCC who will only approve with a minimum income..
Yea the CSR was just an example. That card wouldn't really do much for me right now even if I wanted to invest the $450.
It's no CSR but I got my Cap One Venture a year ago SL 15k with a reported 30k income. Got a 3k increase three months in and have since combined with another Cap One card for a 26k limit.
While I'm sure income plays a part, I think credit worthiness plays a bigger part. I don't make a ton but I have substantial CL's on my cards. And I feel I'm getting those CL's because I am successfully working on my credit worthiness. Obviously a card with a high AF is not an option, nor would I want it (my PRG has a high enough AF, but my spend makes it worth it, on the other hand my BCP also has a AF and I will PC to the BCE bc that AF is just not worth it to me). Do you have certain cards you are interested in?
Not super intersted in any cards as of right now. My credit history is just a bit over a year old with my first card being a quicksilver one @ 500 limit and I just got approved for a chase freedom @ 1500 limit. I'm not sure that I could use or even get any higher tier cards as of right now but I'm always open to suggestions on what I should look at getting next.
I personally have an intense love for Discover and Amex. Check out their pre-quals and see if anything pops up
I'm sure minimum incomes are required for all cards, but no one knows for sure what that is. I will say that if you're making $20K a year, I just simply can't see how a CSR at $450AF can make any sense for you. So a realistic individual will app for cards that are on par with their income.
Love this! One should always evaluate what is best for their income... For example, I would not have applied for my banks American Express Cash rewards card if I had known one had to have 2,500pts or $2,500 in spend before one can redeem their cash back points which, for me, is insane because I am lucky to spend that much on things in 5 months across all of my cards! Although, it did provide me with my highest credit limit for a while.