Question when applying for a CC, Own or Rent

[Anonymous]

$50 a yr for rent with $1,000,000 annual salary would be 0.00005 according to my math.That poster said rent was 0.0053 of annual salary.Not that any of it has anything to do with the op's question

[takeshi74]

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@adamkingadam wrote:

If you own a home but no mortgage (not on the mortgage or paid off) If you apply for a credit card, should you be checking the box for own or rent? If you check "own" but they pull the CR and show no mortgage on the CR, would that auto deny? Should you be applying as a "renter" instead?

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The question is own or rent, not mortgage or no mortgage.  If you own the home you're not renting it.  Answer as is appropriate for your situation -- not what you think may or may not lead to a denial.

[Anonymous]

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@Anonymous wrote:
$50 a yr for rent with $1,000,000 annual salary would be 0.00005 according to my math.That poster said rent was 0.0053 of annual salary.Not that any of it has anything to do with the op's question

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They said 0.0053%, not 0.0053. And the OP's question is absurd anyway.

[bdhu2001]

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@takeshi74 wrote:

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@adamkingadam wrote:

If you own a home but no mortgage (not on the mortgage or paid off) If you apply for a credit card, should you be checking the box for own or rent? If you check "own" but they pull the CR and show no mortgage on the CR, would that auto deny? Should you be applying as a "renter" instead?

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The question is own or rent, not mortgage or no mortgage.  If you own the home you're not renting it.  Answer as is appropriate for your situation -- not what you think may or may not lead to a denial.

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+1

Be honest.  The creditor only cares about your monthly expenses and your honesty (i.e. you aren't trying to commit fraud).

[Anonymous]

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@Anonymous wrote:

If you click own and no mortgage shows up on your report. Flags may be raised. 

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Well, there are cash sales to consider.

[adamkingadam]

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@Anonymous wrote:

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@Anonymous wrote:
$50 a yr for rent with $1,000,000 annual salary would be 0.00005 according to my math.That poster said rent was 0.0053 of annual salary.Not that any of it has anything to do with the op's question

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They said 0.0053%, not 0.0053. And the OP's question is absurd anyway.

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Absurd? Its a logical question. If you own a home but paid it off and thus have no mortgage and you apply for credit and they ask if you own but no mortgage shows up on your CR, logically it might throw up a red flag. I don't see how the question is absurd. 

[Anonymous]

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@adamkingadam wrote:

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@Anonymous wrote:

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@Anonymous wrote:
$50 a yr for rent with $1,000,000 annual salary would be 0.00005 according to my math.That poster said rent was 0.0053 of annual salary.Not that any of it has anything to do with the op's question

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They said 0.0053%, not 0.0053. And the OP's question is absurd anyway.

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Absurd? Its a logical question. If you own a home but paid it off and thus have no mortgage and you apply for credit and they ask if you own but no mortgage shows up on your CR, logically it might throw up a red flag. I don't see how the question is absurd. 

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Yes, absurd. The question is do you own or rent. Owning a home does not imply you have a mortgage. Don't overthink things and start questioning whether you should lie. 

[Involver]

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@Anonymous wrote:

If you click own and no mortgage shows up on your report. Flags may be raised. 

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No they wouldn't.  

[JcT21]

i own my home with no mortgage.  when i applied for my discover card i had to fax in  proof of my identity and speak with an account specialist about my home ownership.  they had to verify that i owned my home without a mortgage.  they didnt need any documents, just my verbal confirmation.  so in my experience, if you check own, and a mortgage dont show up on your report, the lender might want some sort of clarification.  im sure it varies lender to lender because discover was the only one so far that has even brought that up.

[Gunnar419]

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@Anonymous wrote:

If you click own and no mortgage shows up on your report. Flags may be raised. 

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Never raises any flags for me. Plenty of people, especially the older crowd, own but have no mortgage.