DoingHomework wrote:No one ever seems to talk about it but AMEX and other lenders actually care as much about income and assets as FICO score.
There is no debating Amex cares about income, because if a financial review is done and your income doesn't match your tax return, I hear that reportedly your accounts will be closed. But then on the other hand there is the Zync with no official income requirement and others that have a very low requirement- I don't recall the specific numbers but I believe the Blue and others have a requirement along the lines of 18k. What I think this means is that income is given little weight for initial approval but in order to get a high credit limit, income will be factored in.
I have what for most issuers consider "very good" FICO's (EQ 737, EX 742), and recently opened my two newest cards, a CITI Diamond ($8.7k) and a Blue Cash (8.3k), bringing my total CL's to $34.5k
During the crash there was someone posting on here with an 830 FICO only getting approved for the Blue with a 2k limit. I heard a lot of that during '09 so it's good to hear decent starting limits have returned.
I used to have a B of A card with a $55k limit, but that was before the crash. I now have about $28k of credit with FIA (which is B of A) spread over three cards.
How much do you charge per year on your B of A cards? My limit was slashed significantly in '09 because of claims I didn't use it enough. It's not a card I normally use but I would still consistently charge anywhere from 3 to 6k annually on it.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.
Current Cards: American Express:
Blue Cash, Simply Cash Bank of America:
WorldPoints Platinum Plus Chase:
Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi:
Thank You Premier, Dividend Platinum Select Discover:
MorePrimary Everyday Card: American Express Blue CashPrimary Travel Card: Chase Sapphire Preferred