- Centurion Member
- Posts: 257
- Joined: Sun Oct 14, 2012 10:22 pm
- Location: California
shhyfz wrote:I don't really know FDIC cause I am in Canada. I do have all my money invested in term deposit(we call them GIC). That gives me around 1.5% APR. I don't see how "additional sources relating to being a student and paying for school" could help me in my application?
Okay, Im just suggesting that your level of assets calls for more diversification which should increase your return. The credit card companies count all income, not just employment income, so instead of putting down 12k for income, you would currently put down (600k at 1.5% = $9k per year + 12k per year) $21k income, plus any other income. What I mean by that is that since you say you're a student, if you're getting sponsored by a parent, relative, friend, employer, etc to go to school, receive financial aid from the school and/or government (which is decided based on income and parent's income I think, not assets), or have any scholarships that can be counted as income, even if its being paid directly to the school for tuition and fees. If you put down a lower income than you need to, it may hurt your chances on the application since you have little CRA history and they may not ask about assets, or rule you out for low income in the computer before seeing your assets.
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012