X1 card, income limit?

[greatscott85]

Hello! 

Got lucky to receive an invite code for the X1 card. Researched the card a bit (who doesn't love a SP check?) and it got me wondering. The card is linked to income and limit is based on that. But is there a thing as too much income? Mine is 400k/year. I don't want to waste the invite code if they may not approve with a higher income. 

So, has anyone been approved with a similar or greater income? Thanks! 

[Guyatthebeach]

Sionkado,

I have seen approvals with incomes all over the place. In my case, I had to actually email them bank statements and paystubs, because they couldn't verify my income.  In my opinion it was due to the large deductions I have. I was approved with only a SP.  I've had not had a HP. Also I haven't heard of anyone having a HP yet.

As long you have verifiable income and meet their underwriting criteria, you should be fine.

Guyatthebeach

[greatscott85]

@Guyatthebeach Thanks for the response! 

Interesting! Yeah, I've definitely looked through some approval threads to gauge the thought process. My income is completely verifiable however, my deposits are spread among 10 different accounts. If there is a bank account "link" requirement, that could be interesting. NFCU is my primary FI and gets a decent amount. 

[coreyb80]

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@greatscott85 wrote:

@Guyatthebeach Thanks for the response! 

Interesting! Yeah, I've definitely looked through some approval threads to gauge the thought process. My income is completely verifiable however, my deposits are spread among 10 different accounts. If there is a bank account "link" requirement, that could be interesting. NFCU is my primary FI and gets a decent amount. 

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From what I've seen on the board is that use PLAID to verify your income via your bank account.  Some have said it works with some banks and flakey with others.   Best of luck to you!!

[805orbust]

Are there any  datapoints here on denials from any bank based on "too much income?"  Seems like an interesting concept.

[greatscott85]

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@805orbust wrote:

Are there any  datapoints here on denials from any bank based on "too much income?"  Seems like an interesting concept.

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Right! Got me. But you never know. I do wonder if they take your income and say they offer 10% of income for a SL. But that could be crazy for someone with say 1 million annual income. 100k limit? So that's kind of what I'm wondering. If they average it out at some % of income. Hence how some folks are getting very large limits. 

[practical1]

Well, don't know what to tell you.  A single DP is not a trend.

I self reported 300K in income.  Had about 42K in my checking account at the time I pulled the trgger, EX FICO 8 of 776.   Received an SL of 29K.

Is this helpful?  I'd say, give it a shot -- let us know how you do, please.

[greatscott85]

@practical1 This is great to hear! 

[DJRobbieD]

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@greatscott85 wrote:

Hello! 

Got lucky to receive an invite code for the X1 card. Researched the card a bit (who doesn't love a SP check?) and it got me wondering. The card is linked to income and limit is based on that. But is there a thing as too much income? Mine is 400k/year. I don't want to waste the invite code if they may not approve with a higher income. 

So, has anyone been approved with a similar or greater income? Thanks! 

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I got approved for $30k SL using $350k income, but only after providing paystubs since they couldn't verify all income via the Plaid-linked bank accounts I used during the application process (my wife and I have direct deposits spread across several banks). If you don't like the SL they quote you during the application process, email them at apply@x1.co asking for an income verification before you accept the new account.

I imagine they have an internal policy for max credit limit given to any one person, regardless of income.

[practical1]

So..... I'm guessing that after all the hoopla of a couple of months ago, when some reported SLs of as high as around $43K, probably the bank has settled down and likelyset some limits, perhaps in the neighborhood of $30K or thereabouts, which would seem to agree with most of the recent approvals noted, both in this thread and in other recent posts, scattered around the myFICO site.

Anyone also concur or dissent?  Have contrary DPs?