Live rent free, Chances of getting card?

For just about anything you want to get off your chest about credit cards.
11 posts
nydisneykid
Green Member
Green Member
 
Posts: 5
Joined: Sun Oct 18, 2015 7:01 am

Live rent free, Chances of getting card?

Postby nydisneykid » Sun Oct 18, 2015 8:35 am

Hello, I am new to this forum. I have 3 credit cards now all in good standing with low balances, Scores are EX-752 TU-750 EQ-746. I bought an RV in 2013. A 4 year loan and paid it off in 2 years. I now live rent free but use a friends physical address because you now cannot have a PO Box on your license. I get all my mail at my PO Box and it also is the only address that shows on all 3 credit reports. The so-called "rent" I pay is only $36 a year for tha Box lol. So if I apply for another card and the place it asks for rent says $0 would that be a problem getting approved? Thanks.


flan
Centurion Member
Centurion Member
 
Posts: 387
Joined: Tue Apr 09, 2013 10:16 pm
Location: chicago

Re: Live rent free, Chances of getting card?

Postby flan » Sun Oct 18, 2015 1:54 pm

nydisneykid wrote:Hello, I am new to this forum. I have 3 credit cards now all in good standing with low balances, Scores are EX-752 TU-750 EQ-746. I bought an RV in 2013. A 4 year loan and paid it off in 2 years. I now live rent free but use a friends physical address because you now cannot have a PO Box on your license. I get all my mail at my PO Box and it also is the only address that shows on all 3 credit reports. The so-called "rent" I pay is only $36 a year for tha Box lol. So if I apply for another card and the place it asks for rent says $0 would that be a problem getting approved? Thanks.


They're asking for housing expense, as measure of how much disposable income ou have. Tell them you own, and pay zero in mortgage.

nydisneykid
Green Member
Green Member
 
Posts: 5
Joined: Sun Oct 18, 2015 7:01 am

Re: Live rent free, Chances of getting card?

Postby nydisneykid » Sun Oct 18, 2015 3:31 pm

flan wrote:
nydisneykid wrote:Hello, I am new to this forum. I have 3 credit cards now all in good standing with low balances, Scores are EX-752 TU-750 EQ-746. I bought an RV in 2013. A 4 year loan and paid it off in 2 years. I now live rent free but use a friends physical address because you now cannot have a PO Box on your license. I get all my mail at my PO Box and it also is the only address that shows on all 3 credit reports. The so-called "rent" I pay is only $36 a year for tha Box lol. So if I apply for another card and the place it asks for rent says $0 would that be a problem getting approved? Thanks.


They're asking for housing expense, as measure of how much disposable income ou have. Tell them you own, and pay zero in mortgage.


But if for some reason they asked for a copy of a deed all I have is title for the $10,000 RV I bought. That's not a mortgage per-say is it?

Kevin86475391
Centurion Member
Centurion Member
 
Posts: 237
Joined: Wed Feb 18, 2015 9:04 pm
Location: Texas

Re: Live rent free, Chances of getting card?

Postby Kevin86475391 » Sun Oct 18, 2015 7:22 pm

Yes, exactly. The question is primarily to determine how much of your income is committed to housing expenses, so a small amount is preferable anyway. For example if you make $X a month, but spend 75% of it a month in rent then you'd look really over-extended to creditors because you'd have to come up with utilities, groceries, gas, insurance, etc. all on only the remaining 25% a month.

I'd probably look for an "other" box if one exists and mark $0. Or yeah, check rent and put $0 or own and put $0. You're definitely not the only person in the world who doesn't have to worry about housing expenses so I'm sure the concept won't be completely unfathomable to the credit card companies.

Anyway, welcome to the forum and good luck with any future applications :D

ingramjuan
Centurion Member
Centurion Member
 
Posts: 265
Joined: Thu Nov 20, 2014 5:32 pm
Location: EARTH

Re: Live rent free, Chances of getting card?

Postby ingramjuan » Sun Oct 18, 2015 11:58 pm

nydisneykid wrote:So if I apply for another card and the place it asks for rent says $0 would that be a problem getting approved? Thanks.



If its zero i would report zero
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes

Kevin86475391
Centurion Member
Centurion Member
 
Posts: 237
Joined: Wed Feb 18, 2015 9:04 pm
Location: Texas

Re: Live rent free, Chances of getting card?

Postby Kevin86475391 » Mon Oct 19, 2015 2:44 pm

nydisneykid wrote:But if for some reason they asked for a copy of a deed all I have is title for the $10,000 RV I bought. That's not a mortgage per-say is it?

That's definitely not a mortgage. That's one of the reasons I'd probably select "Rent" rather than "Own" but then report a $0 monthly payment.

Do you contribute to household bills, groceries, or other expenses? If so you could consider that a kind of 'informal rent' and estimate that monthly amount to report.

I really don't think just reporting $0 per month for housing expenses should be a problem though. It's possible they'll flag it and request that you call to speak with an analyst, but I don't think that would present a problem either. Just clarify your situation. Anyone would be happy to live rent-free with a S/O, family member, or friend - or in a home they already own outright. I'm sure they'll understand. The main thing to emphasize would just be your responsible payment history on other recurring bills and your ability to afford and manage the expenses you do have.

Vermonster
Centurion Member
Centurion Member
 
Posts: 725
Joined: Mon Oct 01, 2012 11:09 pm
Location: NJ

Re: Live rent free, Chances of getting card?

Postby Vermonster » Tue Oct 20, 2015 8:31 am

I think $0 and owning looks better than $0 and renting, but that might be less honest than $0 and renting. Either way I think you will be fine. You might have to explain a bit, but the situation is not unusual.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

flan
Centurion Member
Centurion Member
 
Posts: 387
Joined: Tue Apr 09, 2013 10:16 pm
Location: chicago

Re: Live rent free, Chances of getting card?

Postby flan » Tue Oct 20, 2015 10:13 pm

nydisneykid wrote:
flan wrote:
nydisneykid wrote:Hello, I am new to this forum. I have 3 credit cards now all in good standing with low balances, Scores are EX-752 TU-750 EQ-746. I bought an RV in 2013. A 4 year loan and paid it off in 2 years. I now live rent free but use a friends physical address because you now cannot have a PO Box on your license. I get all my mail at my PO Box and it also is the only address that shows on all 3 credit reports. The so-called "rent" I pay is only $36 a year for tha Box lol. So if I apply for another card and the place it asks for rent says $0 would that be a problem getting approved? Thanks.


They're asking for housing expense, as measure of how much disposable income ou have. Tell them you own, and pay zero in mortgage.


But if for some reason they asked for a copy of a deed all I have is title for the $10,000 RV I bought. That's not a mortgage per-say is it?


They won't. If they ask, you tell them "I live in an RV I own free and clear". You won't be the first person they've had who said that, trust me.

beef.stu
Centurion Member
Centurion Member
 
Posts: 122
Joined: Wed Dec 26, 2012 12:03 am
Location: Bay Area

Re: Live rent free, Chances of getting card?

Postby beef.stu » Wed Oct 21, 2015 3:00 am

I always put zero since I still live with my parents and have had no problems. We will see how long that lasts after i finish school this year though :eek:
(01/10) - Wells Fargo VISA Platinum
(05/10) - Techron Advantage
(10/12) - Amex BCE
(02/13) - Chase Freedom VISA
(09/13) - Discover It
(03/14) - Sallie Mae WMC
(09/15) - Citi Double Cash WEMC
(09/16) - US Bank Cash+ VISA Signature

nydisneykid
Green Member
Green Member
 
Posts: 5
Joined: Sun Oct 18, 2015 7:01 am

Re: Live rent free, Chances of getting card?

Postby nydisneykid » Mon Oct 26, 2015 9:34 am

UPDATE:

I went to a local Chase bank here on 10/20/15 and applied for the Southwest Rapid Rewards card and was instantly approved for $2000. I no problem using my PO Box and live in RV info. Then today 10/26/15 applied over the phone for a Frontier Airlines card from Barclay and was approved for $5000. $3000 higher than the Southwest card.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 0 guests