Income affect credit score

Discussion in 'Credit Talk' started by ar, Feb 6, 2001.

  1. ar

    ar Guest

    Does anyone have any suggestions for me?
    I've had a secured card from Sterling (by the way, other than their stingy increases, I have been very happy with them) since August 1999, limit $590. Last summer I opened a Providian Gold, started at $500, now up to $1800 and a Macy's account. All three accounts have a perfect payment history.
    My question is- what do I do now?
    I'm very anxious to enter the "prime" market. I get about 3-4 offers a week but haven't applied for any, not wanting to waste an inquiry on my CR. I'm concerned because I have only $19,000 income. How much does that affect my score? Could I still qualify for a Citibank platinum, AT&T platinum or Discover platinum (three offers I received today!)
    Thanks!
     
  2. GEORGE

    GEORGE Well-Known Member

    AS FAR AS I KNOW...income has NO effect on score...
     
  3. the other

    the other Well-Known Member

    Each creditor has a different minimum income requirement for different cards.

    Sometimes they will list the min. income in the fine print that follows the grid showing the terms and conditions.
     
  4. Momof3

    Momof3 Well-Known Member

    Your income DOES not effect your actual fico scores, but it DOES effect what cards you are eligible to get, credit card companies decide your intial credit acceptance from your reports, but they decide which card and what limits from your income. On your applications it should state what the min income is for those type of cards.
     
  5. Shantel

    Shantel Well-Known Member

    As far as I can tell, you can't get a platinum ANYTHING without earning $45,000/yr. I'm not expert so don't quote me on that. But turn the offer over and read that itty bitty print that says what the requirements are...that should tell ya.
     
  6. Erik

    Erik Well-Known Member

    Can't you just lie on the application? How are they ever going to know?
     
  7. GEORGE

    GEORGE Well-Known Member

    Of course you can lie, but what if they ask for proof of income?

    They can also tell by your credit limit on your credit cards. If you have credit limits totaling $5,000 on five cards, you probably don't make $50,000/year...
     
  8. on the go

    on the go Well-Known Member

    not true I make over 75,ooo. and have lots of those itty bitty.... your just considered a risk just starting out.
     
  9. jz

    jz Guest

    My First Bankcard Center (Now First National) Visa and MC are both platinum. My Citibank Visa says "Platinum Select." Several months ago, my Sears card turned into a Gold Mastercard. I've never broken the $20,000/year barrier. So, apparently income is not a factor. But, I've had each of these cards for a very long time.
     
  10. jamie

    jamie Well-Known Member

    Apply for cards requiring "annual household income from all sources". Thats one way to boost your income and get higher limits. BTW my husbands annual income is over 60K and he was awarded with one gold card with a limit of $200.
     
  11. ble103

    ble103 Guest

    Lenders can tell what you are getting income wise by your credit record.They can tell if you are really lying on the application.If their scoring detects anything unusaul when you have applied for credit,that is when they would ask for proof of income.Also having a credit score of less then 650 may require proof of income.When i started building my credit any lender back in 1991,and 1992 have required me to prove my income,but now that is a thing of the past.I can apply for any kind of credit other then a mortgage,and i get it without proof of income.
     
  12. GEORGE

    GEORGE Well-Known Member

    I HEAR YA...$70,000+

    Never late
    No BK
    No collections
    No over limit
    Oldest credit line 1978

    ONE CARD TRIED TO GIVE ME A CREDIT LINE OF $500...I LAUGHED SO HARD I CRIED.
    I SENT IT BACK TO THEM THE SAME DAY AND TOLD THEM WHAT THEY COULD DO WITH THE 100 PIECES
    OF CREDIT CARD...
     

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