Credit Card Eligibility - Low to No Income, High Net Worth (Advice Please)

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monaco
 
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Credit Card Eligibility - Low to No Income, High Net Worth (Advice Please)

Postby monaco » Sun Apr 12, 2015 3:22 am

Hi everyone,

First off, I am aware that each country's credit card eligibility / criteria varies hence why I need somewhat of a generalised answer - and despite the username, I am not in Monaco.

Due to an illness approximately a year ago, I have been unable to work. So on a credit card application - no income tends to be a major factor - especially on higher tiered cards.

However, I do have a high net worth with an unblemished credit history / loan history. I turned 24 not long ago and am concerned my age with play a factor too?

Considering all the accounts I have with banks as well as possessions like 5 cars, it not hard for me to pay back anything I owe.

The fact of the matter is, I want at the very least a platinum card, but like the old saying goes you have to prove you don't need a loan in order to get one.

Secured cards are but a distant memory here and because you get 55 days interest free on purchases, as well as the rewards systems in place, it works out better for me.

Any ideas, again paying of credit cards even on time is not an issue, that fact that my income is low is game changer, what routes can I take?


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CarefulBuilder14
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Postby CarefulBuilder14 » Sun Apr 12, 2015 10:46 am

I'm not sure what your options in NZ are with local banks, or how widely cards on the different networks (Visa, MC, Amex, Discover) are accepted.

American Express is often open to customers with a low income and high net worth, so I'd try there.

I don't think they will care about the cars, though. It will be cash, stocks, bonds, etc. that matter to them.
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whit
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Postby whit » Sun Apr 12, 2015 11:34 am

Five cars doesn't mean much unless you're telling us its five Maseratis or Martins or something along those lines versus Toyotas, lexuses and beamers.

Whichever they are, since you're out of work due to personal, you can always rent out the cars to show income. Or if you have properties you can rent off and show as income, I would, rather than keep using your savings as income (I'm guessing someone with your assets would not be relying on family or friends income)

Unless you have dividends that pay greatly

Either way, it would help more if you define whats considered income in your country and, where you are supporting yourself to pay electric/water/phone bills, food, the basics

amex007
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Postby amex007 » Sun Apr 12, 2015 3:25 pm

You can say you're a student. you don't need an income to get a cc
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JamesMS
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Postby JamesMS » Tue Apr 14, 2015 6:26 pm

My first instinct would be to tell you to find a way to start showing income. That could be something along the lines of renting out your "cars" like whit said or going out and getting a job. When you say that you have a high net worth, what are you including in this?
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MemberSince99
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Postby MemberSince99 » Sun Apr 19, 2015 5:21 am

I like to say I have a high net worth too - following the "new math" used by Congress, I can just point to the third world and say gee look my assets are worth more than their entire country - I'm rich! But sadly, NOT rich enough to get the tax cuts they want to dole out, actually, I'm poor enough I'll get to pay for those!


It's all relative I guess.

JamesMS
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Postby JamesMS » Sun Apr 19, 2015 9:05 pm

MemberSince99 wrote:I like to say I have a high net worth too - following the "new math" used by Congress, I can just point to the third world and say gee look my assets are worth more than their entire country - I'm rich! But sadly, NOT rich enough to get the tax cuts they want to dole out, actually, I'm poor enough I'll get to pay for those!


I wish it were like that.
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Amex BCE
Amex Everyday
Bank of America Cash Rewards
Chase Freedom
Capital One Quicksilver
Citi Thank You Preferred

Spark Cash Back (Business), Amex Plum (Business)



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