applying income?

Discussion in 'Credit Talk' started by ericch, Aug 25, 2000.

  1. ericch

    ericch Guest

    Hi. I am a student and am wondering if it's possible to apply for any of these credit cards when my income changes all the time. I do not want to apply for a college card unless it's absolutely the only way. I am in the consulting business and my income differs depending on if I have work or not. Since my parent's support me mostly, I do not have any other form of income. How should I apply?

    I just tried nextcard, but they rejected me saying my income is too low. I estimated around 5000, but guess that's still too low? Thanks for your help.

  2. Momof3

    Momof3 Well-Known Member

    Most cards I have seen require atleast 18K a year I believe
  3. Jim

    Jim Well-Known Member

    All credit card companies have their own internal standards for income requirements. Since your income always varies and is on a lower level than most of the companies will require, you are better off not to apply for a card that you are not sure you will get.

    Your adding inquiries to your credit report, and this can hurt you in the credit building stages.

    You do want to try Citibank and Capital One. They have exclusive College Student Credit Cards and have minimal standards for these cards. I received my first Citibank card while in college based on zero income.

    If you insist on trying to get a non student card, I would not apply on the internet, but I would call the Credit Card company and discuss your situation on the phone. You should reveive a definate answer as to if they can help you, without sacrificing an inquiry on your credit report.

    A good point on the college cards, is that alot of the programs they offer, have lower interest rates and fees than most regular cards offer.

    You may also want to try a secured card. Most of these banks do not have the income standards that regular cards carry and this is a great way to build credit, while earning some interest on your money.

    Good Luck !
  4. BarryN - C

    BarryN - C Guest

    I hope I am not being repetitive here. Our experience with my son says credit is bountiful out there for college students. What seemed to really help was he took a Stafford Loan with Bank One last year. It wasn't long before he was being mailed preapprovals. He now has Discover, Amex, Citibank, and Chase. His income was less than yours in 1999 and 2000. He just bought a GateWay Computer using the MBNA financing... and they upped his limit to 10k after he used up his orginal 3k.

    Try those student cards listed on our site, and if you can, apply for a Stafford Loan.


  5. CardReport

    CardReport Guest

    What is wrong with a student card? They seem to be *ridiculously* easy to get (if you are a student, that is.)

    The criteria for regular cards is based upon *your* sole ability/willingness to pay. Your income is definitely too low - don't even bother with "prime" cards.

    But the criteria for student cards includes the idea that, if you get in over your head, your parents will "bail you out," and pay the bill for you, even if they have *not* actually co-signed.

    (Of course, some young Adults can *not* rely on Mommy and Daddy...)

    Everybody starts their credit journey with humble beginnings. Take the opportunity for an easy student card, and you can probably keep/convert it after you graduate - that is what they are there for.

    Good Luck.

    CardReport.Com - Credit Tools, News, And Reference
  6. RichGuy

    RichGuy Guest

    The lowest I've seen recently is $12,000, which I've seen several times.

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